The
Bank of America® Unlimited Cash Rewards credit card is a good credit card to apply for if you have a credit score of
750 or higher and you want to earn at least
1.5 - 2% cash back on purchases without paying an annual fee. You can also earn a
$200 initial bonus and enjoy low-interest introductory promotions.
If you apply and get approved for the
Bank of America Unlimited Cash Rewards credit card, you can avoid interest charges for up to
15 billing cycles, thanks to 0% introductory APRs for both new purchases and balance transfers made in the first 60 days. You do have to pay at least the minimum owed by each due date, however, and any balance remaining at the end of the intro period will accrue interest at the card’s high regular APR.
What I Like About the Bank of America Unlimited Cash Rewards Credit Card
$0 Annual Fee
The
Bank of America Unlimited Cash Rewards credit card annual fee is
$0. That makes it
$26.75 per year cheaper than the average credit card offer available right now, according to our latest
Credit Card Landscape Report. It also means the Unlimited Cash Rewards credit card is a good option for light-spenders, who might not earn enough rewards to offset an annual fee, as well as for people who want to use multiple credit card accounts but don’t have an unlimited budget.
$200 Initial Bonus
All you have to do to earn the
$200 cash rewards bonus is apply for the card online and then make at least
$1,000 in purchases during the first
90 days your account is open.
For context, the average cash back credit card offer our database of 1,500+ cards has an initial bonus of
$235. However, the biggest bonuses tend to have annual fees or higher spending requirements, so this still is a good deal.
0% Intro APRs
New cardholders get
0% for 15 billing cycles intro on new purchases. When it comes to balance transfers, the offer is
0% for 15 billing cycles for any balance transfers made in the first 60 days.
Both sides of the deal are better than average. Among new credit card offers, 0% introductory APRs last an average of
11 months for new purchases and
13 months for balance transfers, according to our research.
Very few cards offer such long 0% promotions in addition to great rewards. Just bear in mind that after the intro APR period ends, a
17.99% - 27.99% Variable APR will apply.
1.5% to 2% Back on Purchases
You will earn 2% cash back on all purchases during the first year your account is open. After that, you will get 1.5% cash back on purchases. That minimum rewards rate is about 30% higher than the base rewards rate on the average credit card offer.
Plus, unlike with many other rewards cards, there are no limits or hoops to jump through with the
Bank of America Unlimited Cash Rewards credit card. That’s what makes it so good for people who want simple, yet valuable rewards.
Extra Rewards for BofA Banking Customers
If you’re a Bank of America Preferred Rewards® member, you can get an extra 25% - 75% added to your rewards earnings. That could push your rewards rate as high as 2.62%. Preferred Rewards bonuses are not applied to the 0.5% first-year bonus rewards.
To
qualify for Preferred Rewards, you need at least $20,000 in a Bank of America checking or savings account, or a Merrill Edge investment account.
What I Don’t Like About the Bank of America Unlimited Cash Rewards Credit Card
3% Foreign Transaction Fee
The
3% foreign fee applies to purchases charged to the
Bank of America Unlimited Cash Rewards credit card while you're abroad or shopping online through foreign merchants. It’s best to use a
credit card with no foreign fee for those transactions.
750+ Credit Score Needed
The
Bank of America® Unlimited Cash Rewards credit card requires
excellent credit for approval, so we recommend applying if your score is
750 or higher. You can
check your latest credit score for free right here on WalletHub.
17.99% - 27.99% Variable APR
The
Bank of America® Unlimited Cash Rewards credit card interest rate can be anywhere from
17.99% to 27.99% Variable, depending on your overall creditworthiness, which includes both your credit standing and your ability to pay the bills. In any case, the rate you’re assigned will be higher than average compared to other credit card offers for people with excellent credit.
As a result, you should plan to pay your bill in full by the due date every month when the regular APR is in effect. This will prevent interest from being charged.
Balance Transfer Fee
If you transfer a balance to the
Bank of America® Unlimited Cash Rewards credit card, you will have to pay a fee equal to a certain percentage of that balance. The exact amount depends on when you perform the transaction. It’s
3% for 60 days from account opening, then 4%.
This isn’t a deal-breaker, as most balance transfer credit cards charge a similar transfer fee. But you do need to take it into account when you’re considering a transfer. You can use our
balance transfer calculator to do just that.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
