Open Nav
Personal CardCash Card

Bank of America Unlimited Cash Rewards Credit Card

Lenny Pappano
Written by: Lenny Pappano
Bank of America Unlimited Cash RewardsApply Now

We don't recommend this card due to its minimal rewards and lack of valuable travel benefits. Better options exist that provide stronger incentives to continue with the points and miles hobby, even among no-annual-fee alternatives. Read More.

Bank of America Unlimited Cash RewardsApply Now

Bank of America Unlimited Cash Rewards Credit Card Review

Key Takeaways

We don't recommend this card. It offers a low sign-up bonus and lacks meaningful travel benefits or other valuable perks typically found in cards we recommend. While no-annual-fee cash back cards like this one might seem appealing to beginners due to their simplicity, we suggest choosing a higher-value card with more substantial rewards that will keep you motivated in the points and miles hobby. Using one of your 5/24 slots on this card isn't advisable.

Why This Card Could Be Right For You

This card offers simplicity and cash back rewards with minimal commitment. The main advantages include:

  • Easy sign-up bonus: Spend $1,000 in the first three months to earn $200 cash back — an immediate 20% return on purchases you would have made anyway.
  • Consistent cash back rate: Earn 1.5% cash back on all purchases with no rotating categories or spending caps to track.
  • No annual fee: Keep the card long-term without worrying about justifying a recurring cost.

Beyond these core features, the card offers few additional benefits, which is typical for no-annual-fee cash back cards. You can potentially increase your earnings through the Preferred Rewards program, but even with this enhancement, you'd likely benefit more from opening a different card with a higher welcome offer rather than continuing to use this card with its modest returns.

The Preferred Rewards Program requires an eligible Bank of America personal checking account and a three-month average balance of at least $20,000 across all Bank of America and Merrill Investment accounts. This qualifies you for Gold Tier status, providing a 25% earning bonus on your cash back. Higher tiers offer even greater bonuses, with Platinum Honors and Diamond tiers providing up to 75% more cash back.

When The Usual Advice Doesn't Apply

This card might not be suitable for you because:

  • It provides minimal rewards value with its low sign-up bonus and 1.5% cash back rate. Better options exist, even among no-annual-fee cards.

How The Bank of America Unlimited Cash Rewards Credit Card Fits In The Cash in Cents Ecosystem

Bank of America offers several cards that form a progression of increasing value and benefits. Understanding where the Unlimited Cash Rewards fits can help you determine if it's right for your needs:

Bank of America Customized Cash Rewards (No annual fee)

    • $200 welcome offer with more targeted rewards
    • Choose one category for 3% cash back
    • Earn 2% on groceries and wholesale clubs
    • Limited by a $2,500 combined quarterly spending cap (1% thereafter)

      For those ready to advance beyond basic cash back cards, Bank of America offers two premium options:

      Bank of America Premium Rewards ($95 annual fee)

      • Significantly higher value with a 60,000-point sign-up bonus after $4,000 spend in 90 days
      • Enhanced earning structure: 2x points on travel and dining, 1.5x points on everything else with no spending limits
      • Valuable travel benefits that justify the annual fee:
        • $100 Airline Incidental Statement Credits
        • $100 credit for TSA Precheck or Global Entry

      Bank of America Premium Rewards Elite ($550 annual fee)

      • 75,000-point sign-up bonus after $5,000 in purchases within 90 days
      • Same earning rates as the Premium Rewards card (2x on travel/dining, 1.5x on everything else)
      • Premium benefits package worth $550 in statement credits:
        • $300 for Airline Incidentals
        • $100 for TSA Precheck/Global Entry
        • $150 for lifestyle conveniences (streaming, food delivery, fitness subscriptions)
      • Additional luxury perks like 20% savings on airfare when paying with points and up to four complimentary Priority Pass Select Memberships

      With all Bank of America cards, participation in their Preferred Rewards program can significantly boost your earning potential based on your banking relationship, making even their premium cards potentially more valuable for existing Bank of America customers.

      Card Information

      Bonus Points Minimum Spend Point Value Annual Value Annual Fee
      1st Year Value
      20,000 $1,000 1.0 ¢ $0 $0
      $210
      Best ValueDifferentiating PerksRules
      Cash Backunlimited 1.5% cash back on all purchasesB of A 1/24 , B of A 2/3/4 , No 5/24

      Award System

      Bank

      Reconsideration Phone 800.732.9194

      Current Offer

      20,000 Bonus Points for
      $1,000 spend.

      Spend Categories

      All Other = »

      1.5X points
      1.5¢ Per Dollar Spent

      Card Benefits

      Point Transfer Options

      Transfer To Spouse/Partner Yes

      Transfer To Friends Yes

      Travel Partner Transfers

      Outside Point System Cash in Cents

      Transfers In From
      Point Transfer Options
      Amex Member Rewards

      1:1 63% value retained

      Point Transfer Options
      Barclay Miles

      1:1 100% value retained

      Point Transfer Options
      Capital One Miles

      1:1 77% value retained

      Point Transfer Options
      Chase Ultimate Rewards

      1:1 63% value retained

      Point Transfer Options
      US Bank Flex Perks

      1:1 91% value retained

      Bank of America Unlimited Cash Rewards Application Rules

      You'll be declined for Alaska Airlines and B of A Premium Rewards cards if you have opened or CLOSED that card in the previous 24 months

      Bank of America limits the number of personal cards issued by the bank that you can get within a certain time frame

      Card approval not subject to 5-personal-cards-in-24-months rule