Editor’s Note: This post has been updated with new information.
Bank of America Unlimited Cash Rewards credit card overview
The Bank of America® Unlimited Cash Rewards credit card offers simplified rewards where you will earn 1.5% cash back on all purchases with no annual fees. Cards – and cashback – can turn out to be quite lucrative for anyone with a significant banking or investment relationship with Bank of America. Tag Rating *:
* Card Ratings are based on the opinions of TPG editors and are not influenced by the card issuer.
The Bank of America Unlimited Cash Rewards Credit Card is the perfect solution for those who want simplicity in their credit card rewards as you will earn a fixed amount of cashback on all the purchases you make. And for the present Bank of America Preferred Rewards membership, you’ll earn up to 75% more on those same purchases. There is also no limit to the amount of cashback you can earn and the cash bonus does not expire.
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Who is this card for?
The Bank of America Unlimited Cash Rewards perfect for those who want a free every year Credit card cashback without having to memorize bonus categories.
Since this card offers unlimited 1.5% cashback on all purchases, you can have one card in your wallet to cover all your purchases without having to worry about Which credit card to use for certain purchases and category bonus limits.
It’s also the perfect credit card for beginners, not only because of the simplicity of the points earned, but also the nature of your points redemption. Points can be redeemed as a deposit to a Bank of America checking or savings account, a statement to your credit card, and even a credit to an eligible Merrill® account , including 529 accounts. If you’re not a frequent traveler, having cashback in your pocket now instead of waiting for the “right” points to be redeemed and having to worry about point pricing seems appealing.
Those with existing Bank of America accounts, specifically Preferred Members, will also appreciate earning more rewards – from 25% to 75% – for up to 2.62% cashback on each purchase is made.
Related: Stop Skipping Bank of America Preferred Rewards
Solid $200 Welcome Bonus
With Bank of America Unlimited Cash Rewards , you will earn $200 online cash bonus after making a purchase of at least $1,000 in the first 90 days of account opening. While there offers better bonuses out thereThis is on par with many other free credit card offers every year.
The fact that you’ll get cash back in your pocket allows you to use that money on any purchase you want – even if it’s not for travel purposes. And with low minimum spending requirements, earning cash rewards shouldn’t be difficult for most people.
Related: Cashback against loyalty cards and miles
Key perks and benefits
Similar to many other free annual credit cards, the above perks Bank of America® Unlimited Cash Rewards credit card limited, especially on the tourism front.
You will not find automatically hotel status, access to airport lounges or free Global Entry or TSA PreCheck. Instead, you’ll get a card with a strong rewards structure and other Bank of America benefits, such as roadside shipping and extended warranties.
Earn cashback
The Bank of America Unlimited Cash Rewards Credit Card offers strong cashback opportunities – especially for those who qualify for the Bank of America Preferred Rewards program.
Cardholders earn unlimited 1.5% cashback on all purchases, regardless of the card type. There’s also no limit to how much cashback you can earn, making this card ideal for your everyday purchases.
Related: Everything you should know about the Bank of America Preferred Rewards program
Maximize cashback with Priority Rewards
Those who are eligible for Bank of America Preferred Rewards Program will continue to earn more and more money. To qualify, you need a qualifying Bank of America personal checking account and a three-month average combined balance of $20,000 or more in a Bank of America and/or Merrill investment account. to register. The amount of cashback earned depends on which tier you belong to based on your three-month average account balance.
| Ordinary cardholder | Tier 1 – Gold (20,000 USD – 49,999 USD) | Tier 2 – Platinum ($50,000 – $99,999) | Tier 3 – Honors Platinum ($100,000+) |
|---|---|---|---|
| 1.5% cashback on every purchase | Cashback 1.875%
(25% bonus) |
Cashback 2.25%
(50% bonus) |
Cashback 2.625%
(75% bonus) |
So if you’re a Platinum Honor member in the program, that will get you 2.625% cashback – a higher cashback than any other card you’ll earn on daily bonus purchases not on your list.
And if you pair this card with another Bank of America credit card, such as Bank of America® Custom Cash Rewards credit cardyou can earn even more on certain purchases throughout the year.
Bank of America’s Custom Cash Rewards credit card earns 3% cash back on a category of your choice each quarter (choices include gas, online shopping, dining, travel, drug stores) or home improvement furnishing), 2% cashback at club groceries and wholesale and then 1% cashback on all other purchases – with a $2,500 limit on 3% and 2% cashback purchases combined every quarter.
This means that if you use the Bank of America Custom Cash Rewards credit card for all 3% and 2% cashback categories and use the Bank of America® Unlimited Cash Rewards credit card for every something else – earn 1.5% cashback on those purchases – that will allow you to earn even more rewards. Preferred Rewards members can earn cashback anywhere from 1.875% to 5.25% – depending on your purchase category and level.
Cash back
Redemption options for Bank of America Unlimited Cash Rewards cardmembers are somewhat limited. You have three options:
- Deposit your cash back into a US Bank checking or savings account.
- Select a credit statement to your credit card.
- Return your cash to eligible Merrill accounts, including 529 accounts.
This makes it easy to quickly access your cashback rewards, but you won’t find any opportunities to redeem your earned rewards for travel opportunities.
Which cards compete with BoA Cash Rewards?
If you are a Bank of America Preferred Member and you only want one card in your wallet, there are many more Bank of America credit card consider.
For example, with Bank of America® Travel Rewards credit card, you will get 1.5 unlimited points for every dollar on daily purchase and no annual fee. While this card offers a slightly higher sign-up bonus, the redemption opportunities are different and cater to frequent travelers.
If you don’t put your trust in the Bank of America credit card, another competitor is free every year Unlimited pursuit of freedom. With this card, you will get the same 1.5% cashback on your daily purchases. However, you’ll also get some category rewards as the card also earns 5% cash back on travel booked through Ultimate Rewards, 3% cashback on dining (including takeout and eligible delivery) and 3% cashback on drug purchases at the pharmacy. Through March 2025, you’ll also get 5% cashback on all Lyft rides.
Related: Chase Freedom Unlimited: A great card for beginners as well as pros
While Chase Freedom Unlimited doesn’t offer an opportunity to earn additional rewards if you’re a Chase bank customer, there’s still an opportunity to use your points for travel if you pair the card with a credit card that earns you Parts. other Chase Ultimate bonuses, such as the Chase Sapphire Preferred Card. Redeem your points for travel that can ultimately give more value to the points you earn.
Related: The Power of Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
Key point
If you are currently a Bank of America Preferred Rewards member – or if you intend to become one – you should pay attention to the Bank of America set of credit cards, especially this one.
And if you’re looking for a simple annual no-fee card that offers unlimited rewards and the chance to increase your hard-earned cashback rewards, you’ll find a lot to like in Bank of America Unlimited Cash Rewards Credit Card.
Application link: Bank of America® Unlimited Cash Rewards credit card with $200 online cash bonus after spending $1,000 in the first three months
Additional reporting by Ryan Wilcox.
