Pros
- $200 initial bonus (online exclusive)
- Up to 2% on purchases
- No annual fee
- Low intro APRs
Cons
- Potential for a very high regular APR
- 3% foreign transaction fee
Bank of America® Unlimited Cash Rewards credit card
Transfer Fee: 3% for 60 days from account opening, then 4%
- Earn 2% cash back on purchases for the first year from account opening. Thereafter, you'll earn unlimited 1.5% cash back on all purchases.
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Rewards Details
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn 2% cash back on purchases for the first year from account opening. Thereafter, you'll earn unlimited 1.5% cash back on all purchases.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase.
- No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
Additional Info
- The Bank of America® Unlimited Cash Rewards credit card is no longer available through WalletHub.com but may be available on the Bank of America website. Info about the card has been collected by us, the financial institution did not provide the details.
- No annual fee.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 17.74% - 27.74% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- More Details & Reviews About Bank of America® Unlimited Cash Rewards credit card
Is the Bank of America Unlimited Cash Rewards credit card Worth It?
The Bank of America® Unlimited Cash Rewards credit card is worth considering if you have excellent credit because of its $0 annual fee, 1.5 - 2% cash back rewards rate, and low intro APRs. You get 0% for 15 billing cycles on purchases and 0% for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, a 17.74% - 27.74% Variable APR will apply.
The Bank of America Unlimited Cash Rewards credit card also has an initial bonus of $200 online cash rewards bonus for spending $1,000 in the first 90 days after opening the account. Plus, you can get up to 25% to 75% more cash back on every purchase if you’re a Bank of America Preferred Rewards® member.
What You Need to Do to Make the Bank of America Unlimited Cash Rewards credit card Worthwhile
To make the Bank of America Unlimited Cash Rewards credit card worthwhile, you should pay your monthly bill in full by each due date when the regular APR is in effect. That will prevent costly interest charges from outweighing the value you get in rewards.
You should also spend at least $1,000 in the first 90 days to earn the Bank of America Unlimited Cash Rewards credit card’s $200 initial bonus. Since the card has a $0 annual fee, you don't have to worry about spending a certain amount beyond that to make it worthwhile.
Bank of America Unlimited Cash Rewards credit card Highlights
$200 initial bonus for online applicants
If you’re going to spend $1,000 within the next 90 days anyway, you might as well get $200 back from the Bank of America Unlimited Cash Rewards credit card for doing it.
This card’s bonus is around average in dollar terms, compared to other credit card offers. But a lot of credit cards offering hundreds of dollars in initial bonuses require you to spend several thousand dollars to qualify. The Bank of America Unlimited Cash Rewards credit card makes things a bit easier.
1.5 - 2% cash back on purchases
During the first year of account opening, you will earn 2% cash back on purchases. After that, you will get 1% cash back on purchases. This rewards rate (1% cash back) is about 30% higher than the base rewards rate on the average credit card offer. Plus, cardholders can easily redeem their earnings for statement credits or deposits into other Bank of America accounts. The rewards you earn won’t expire, either.
0% for 15 billing cycles on new purchases
The combination of this interest-free introductory period and a credit card payoff calculator can help you save a lot of money on big-ticket purchases that will take months to repay. After the intro APR offer ends, a 17.74% - 27.74% Variable APR will apply.
For comparison purposes, the 0% purchase APRs available from new credit card offers last for an average of 11 months.
0% for 15 billing cycles for any balance transfers made in the first 60 days
The Bank of America Unlimited Cash Rewards credit card’s balance transfer intro offer is better than average. It’s not completely free, however, as the card charges a balance transfer fee of 3% for 60 days from account opening, then 4%.
Among credit cards available right now, the average balance transfer offer is 0% for 13 months, with a balance transfer fee of 3.34%.
$0 annual fee
The Bank of America Unlimited Cash Rewards credit card’s $0 annual fee saves cardholders $26.75 per year compared to the average credit card offer. It’s not much of a differentiating factor among elite cash back credit cards with flat-rate rewards, however.
Bank of America Unlimited Cash Rewards credit card Lowlights
3% foreign transaction fee
The Bank of America Unlimited Cash Rewards credit card is not the best credit card to use for purchases that get processed internationally, whether you’re shopping online or traveling abroad. The cost of all such purchases will be inflated by 3%.
The average credit card offer has a foreign transaction fee of just 1.58%. Furthermore, plenty of credit cards with no foreign fees are available.
17.74% - 27.74% Variable regular APR
You don’t want to carry a balance from month to month with this card when its regular APR is in effect. No matter what rate you’re assigned from the range of possibilities – 17.74% to 27.74% Variable, depending on your overall creditworthiness – it will be too high to be worth paying.
The average credit card offer has a regular APR of 22.76%.
Other Things to Consider About the Bank of America Unlimited Cash Rewards credit card
Rewards boost for eligible Bank of America customers
If you have a Bank of America deposit account or a Merrill Edge investment account, you could get extra rewards on every purchase you make with this card. Specifically, you’ll get 25% - 75% added to your earnings, depending on your balances in eligible accounts.
This is definitely a good thing for those who qualify, but it’s not unique to this particular offer. Several Bank of America rewards cards have the same deal for Preferred Rewards members.
Excellent credit needed for approval
You can check your credit score for free on WalletHub to see if you’re within range. We recommend a score of 750+ for good approval odds.
Bank of America Unlimited Cash Rewards credit card vs. Popular Competitors
annual fee$0 | annual fee$0 | annual fee$0 |
Purchase Intro APR0% for 15 billing cycles | Purchase Intro APR0% for 15 months | Purchase Intro APR0% for 12 months from account opening |
transfer intro apr0% for 15 billing cycles for any balance transfers made in the first 60 days Transfer Fee: 3% for 60 days from account opening, then 4% | transfer intro apr0% for 15 months Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after) | transfer intro apr0% for 12 months from account opening on qualifying balance transfers Transfer Fee: 3% intro for 120 days from account opening, then up to 5% (min $5) |
Regular APR17.74% - 27.74% Variable | Regular APR18.74% - 28.24% (V) | Regular APR18.74%, 24.74%, or 28.74% Variable |
rewards rate
| rewards rate
| rewards rate
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bonus offer $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. | bonus offer Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening | bonus offer Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. |
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Bank of America® Unlimited Cash Rewards credit card Review Methodology
This Bank of America® Unlimited Cash Rewards credit card review is based on WalletHub’s proprietary 100-point credit card rating system. By using a consistent methodology to evaluate the Bank of America® Unlimited Cash Rewards credit card and all other cards, WalletHub’s credit card experts make it easy for people to compare their options and find the best credit cards for their needs.
The WalletHub rating system uses 16 key metrics grouped into seven categories: Fees, Rewards, Two-year Cost, Interest Rates, Approval Requirements, Special Features, and Reviews. Each metric has a maximum number of points allocated to it, based on the metric’s importance as determined by our editors. The points are added up to create an overall rating for the Bank of America® Unlimited Cash Rewards credit card out of a maximum of 100 points, which is then converted to a 5-point scale.
Ratings for each category reflect how close Bank of America Unlimited Cash Rewards credit card is to WalletHub’s definition of a 5-star credit card, which is based on market conditions and what we believe are reasonable terms. We compare Bank of America Unlimited Cash Rewards credit card to that standard to give a numerical approximation of how reasonable and competitive its terms are compared to other cards.
To learn more about how WalletHub rates credit card offers, check out our full credit card review methodology.
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