18.24% - 28.24% variable APR on purchases and balance transfers
Balance Transfer Fee
3% or $10 (the greater)
Good - Excellent
The Bank of America Unlimited Cash Rewards is a solid card for those who don’t want the hassle of dealing with spending categories and limits, you can simply earn a flat rate of cash back on all your purchases. The card also offers a generous 0% APR introductory offer
However, the card is geared towards Bank of America customers, as you can only redeem your cash back to Bank of America accounts. This is not a requirement with similar cards, such as the Chase Freedom Unlimited or Discover It Cash Back.
So, if you’re not already a Bank of America customer, you may find this a little restrictive. But, if you can qualify for BoFa Preferred Rewards status, you can receive a boost to the cash back rate, which makes it far more competitive.
- Introductory APR
- Preferred Rewards Rates
- Option for Paperless Statements
- Flat Cash Back On All Categories
- Overdraft Protection
- Account Alerts
- No Bonus Categories
- Foreign Transaction Fees
- Low Rewards Ratio
- No Third Party Credits
- Preferred Rewards Status Requirements
Does the card provide car rental insurance?
Although the card does not have a specific car rental cover, as a Visa Signature card, you can benefit from collision damage waiver insurance. You will need to book and pay for the entire rental with your card and decline the renal counter additional cover to activate the coverage.
What are card income requirements?
There are no specific income requirements for the Unlimited Cash Rewards card, but you do need to have good to excellent credit. While Bank of America will evaluate your income to ensure that you have sufficient disposable income to manage the card, it is not the only factor to determine if you qualify for the card.
Can I get pre-approved?
There is no option to get pre approval for the Unlimited Cash Rewards on the Bank of America website, but you may receive a mailer or other promotion offering pre approval.
In this Review
Estimating Your Rewards: A Practical Simulation
This table is a simulation of rewards that illustrates how using the Bank of America Unlimited Cash Rewards could potentially benefit you. It outlines the rewards you may earn based on your typical spending habits in different categories.
It's essential to note that these figures are estimates, and your actual rewards may differ based on your unique spending patterns and other factors. However, this table can provide you with insights into the potential benefits of the card.
Spend Per Category
Bank of America Unlimited Cash Rewards
$10,000 – U.S Supermarkets
$3,000 – Restaurants
$4,000 – Airline
$4,000 – Hotels
$4,000 – Gas
Estimated Annual Cash Back
Pros and Cons
Just like any other credit card, the Unlimited Cash Rewards Card has some advantages and disadvantages:
No Bonus Categories
Preferred Rewards Rates
Foreign Transaction Fees
Option for Paperless Statements
Low Rewards Ratio
Flat Cash Back On All Categories
No Third Party Credits
Preferred Rewards Status Requirements
The Bank of America Unlimited Cash Rewards offers a 0% APR for the first 18 billing cycles for purchases, 60 days on balance transfers. This is one of the longest 0% intro offers available.
Just bear in mind that if you do transfer a balance to this card, a 3% or $10 (the greater) balance transfer fee will apply. After the initial billing cycles, the variable rate will apply.
While the cashback rate is not among the highest in the market, it's simple and easy to calculate and it applies to all categories, unlike many other cards. Also, the number of exclusions is very low.
This is an optional service, but it can help to prevent declined purchases or returned checks. You can link your eligible B of A checking account to your card and if you are close to an overdraft situation, funds will be automatically transferred to cover the transaction with no transfer fees.
The card offers several types of SMS or email alerts, so you can stay on top of your card due dates and balances. You can receive an alert to let you know when your payments are due and when funds have been paid to your account.
You can opt for paperless statements for your Unlimited Cash Rewards credit card. This not only reduces paper consumption to reduce your environmental impact, but it can also increase your account security.
You can opt in to access your FICO score with no charge. FICO scores are updated each month and you can access them via the mobile banking app or online banking platform. This feature is essential for those who are working on building or rebuilding their credit.
While the unlimited cash back is great, there are no bonus categories or unique benefits, which would help this card to distinguish itself from other flat rate cash back cards.
If you want to use your card outside of the U.S, you will incur a 3% foreign transaction fee. This is a fairly standard rate, but the fees can add up significantly on a vacation or trip. For this reason, there are a number of cards which waive this fee.
While the cash back applies to all categories, it's quite low compared to other cards – only 1.5% . You can find higher rewards ratio on other BoFa cards.
Although you can accumulate cash back, it cannot be credited to a third party bank. This means that if you want the cash back as actual cash, you will need to credit it into a Bank of America account.
Although it is possible to get a higher rate of cash back with Preferred Rewards member status, this is difficult to achieve. Depending on the specific criteria, you would need to carry up to $100,000 across qualifying Bank of America accounts to qualify.
Who is the BoFa Unlimited Cash Rewards Card Best For?
The Unlimited Cash Rewards is a great option for those who want simplicity. Although it may be possible to earn higher rewards with tiered category cards, this does require some forward planning before you make purchases. If you simply want to earn cash back on all your purchases without needing to think about spending categories, this type of card is ideal for you.
This card is also best for those who already have or can qualify for Preferred Rewards member status. This increases the amount of potential cash by up to 75%, which is highly competitive compared to many other flat rate cash back cards on the market.
You may also want to consider this card if you’re planning a large purchase or you’re carrying a card balance. Since you’ll have 0% APR, it will provide some breathing space to pay down your balance without incurring interest charges.
If you would like to check more options for cards that offer 0% intro and rewards, here are some options:
15 months on purchases and balance transfers Go to APR after that will be 20.24%–28.99% variable
1.5% – 5% 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
15 months on purchases and balance transfers G o to APR after that will be 16.74% – 27.74% variable
1-5% 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases
15 months on purchases and balance transfers G o to APR after that will be 19.24% – 29.24% (Variable)
1-5% 5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
15 months on purchases and qualifying balance transfers G o to APR after that will be 20.24% to 29.99% variable APR
2% 2% cash rewards on purchases (unlimited)
15 months on purchases and balance transfers Go to APR after that will be 20.24%–28.99% variable
1-5% 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
15 months on purchases and balance transfers from the date of account opening Go to APR after that will be 19.24% – 29.99% Variable
1-3% 3% Cash Back at U.S. supermarkets / U.S. online retail purchases/ U.S. gas stations on up to $6,000 per year in purchases, then 1%
15 billing cycles on purchases Go to APR after that will be 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
1-3% 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
How To Maximize Card Benefits: Tips
Since this card is quite straightforward, there are not very many ways to maximize the benefits of your card. However, there are a couple of things that you can do. These include:
The Unlimited Cash Rewards card does have flexible reward redemptions, so it is important to assess which is the best one for you.
You can have your cash back deposited into a Bank of America bank account, receive statement credit or have a credit to Merrill accounts including a 529 account. So, you can pick which redemption method offers the best value for you.
Since the Unlimited Cash Rewards is a Visa Signature card, it offers the full suite of Visa Signature benefits.
These include travel and emergency assistance, extended warranty coverage and pay per use 24/7 Roadside Dispatch.
There are several redemption options including statement credit or a deposit into a qualifying Bank of America account. You can log into your account and you’ll see all the available redemption options.
You do need to have good to excellent credit to qualify for the Unlimited Cash Rewards card, but there are not typically any complicated requirements, so those with decent credit shouldn’t have any difficulty.
This card is not a good idea for those who are good at strategically planning their purchases. For that type of person, a tiered reward structure card would offer far higher reward potential. In some cases, it may be possible to earn up to 6% cash back, depending on the spending category.