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 Value | Differentiating Perks | Rules |
|---|---|---|
| Cash Back | unlimited 1.5% cash back on all purchases | No 5/24 |
Point Transfer Options
Transfer To Spouse/Partner Yes
Transfer To Friends Yes
Travel Partner Transfers
Outside Point System Cash in Cents
Transfers In From
1:1 71% value retained
1:1 100% value retained
1:1 91% value retained
1:1 63% value retained
1:1 91% value retained
1:1 71% value retained
Bank of America Unlimited Cash Rewards Application Rules
Card approval not subject to 5-personal-cards-in-24-months rule
