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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Reviews
Bank of America Unlimited Cash Rewards credit card review: Earn unlimited cash back with no annual fee
Jennifer is a contributing writer to The Points Guy where she focuses on family travel. She is also the founder of Deals We Like where she helps her readers travel on a deal.
January 17, 2025 • 9 min read
STEVE COLE IMAGES/GETTY IMAGES
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: This is a recurring post, regularly updated with new information and offers.
Quick summary
This card provides unlimited cash back at a flat rate on all purchases, with no annual fee for cardholders.
Those with a qualifying banking or investment relationship can earn significantly higher cash back rates, up to 2.625% on every purchase.
Cash back can be redeemed as a deposit into eligible accounts, a statement credit or a credit to certain investment accounts.
While the card offers simplicity and value, its benefits are limited compared to premium travel cards.
What to consider
To maximize cash back, you need to maintain a qualifying account and meet specific balance thresholds over a three-month period.
Cash back rewards do not expire as long as your account remains open, but redemption options are limited to deposits, statement credits or credits to eligible investment accounts.
A foreign transaction fee applies, making it less suitable for international use.
What you'll miss from the article
A detailed comparison of similar no-annual-fee cash back cards and how this product fits different spending profiles.
Generated by AI with support from our editorial team.
Editorial disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Bank of America Unlimited Cash Rewards credit card Overview
The Bank of America® Unlimited Cash Rewards credit card offers simplified rewards where you’ll earn 1.5% cash back on all purchases, with no annual fee. The card — and cash back — can become quite lucrative for anyone with a significant banking or investing relationship with Bank of America. Card Rating*: ⭐⭐⭐½
*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
The Bank of America Unlimited Cash Rewards credit card has no annual fee and is the perfect solution for those who want simplicity in their credit card rewards. It earns an unlimited 1.5% cash back on all purchases. For existing BofA Rewards™ members, you’ll earn up to an extra 75% more for up to 2.62% cash back on every purchase made.
Cash rewards don’t expire as long as the account remains open. If you aren’t a frequent traveler, having cash back in your pocket now versus waiting for the “right” redemption and having to worry about point valuations might sound appealing.
Cash back can be redeemed as a deposit into your Bank of America checking or savings accounts, a statement credit to your credit card and even a credit to an eligible Merrill® account, including 529 accounts.
TPG recommends you have a credit score of 670 or higher to increase your chances of getting approved for this card, but it is not uncommon to get approved with a lower score.
Let's examine if you should add the Bank of America Unlimited Cash Rewards to your wallet.
Bank of America Unlimited Cash Rewards pros and cons
Pros
Cons
No annual fee
BofA Rewards members can earn up to 75% more cash back
Simple redemption structure
Charges a foreign transaction fee
Limited redemption options
Bank of America Unlimited Cash Rewards welcome offer
With the Bank of America Unlimited Cash Rewards card, new cardholders earn a $250 online cash rewards bonus after $1,000 in purchases in the first 90 days of your account opening. While there are better bonus offers out there, this is on par with many other offers available for a no-annual-fee credit card.
The fact that you’ll receive cash back in your pocket allows you to use that money on any purchase you desire — even if it’s not for travel purposes. And with a low minimum spend requirement, earning the cash rewards bonus shouldn’t be difficult for most.
Similar to many other no-annual-fee credit cards, the perks on the Bank of America Unlimited Cash Rewards credit card are limited, especially on the travel front.
You won’t find perks like automatic hotel status, airport lounge access or complimentary Global Entry or TSA PreCheck. Instead, you’ll have a card with a strong rewards structure and other Bank of America benefits, such as roadside dispatch and extended warranty.
Earning cash back on the Bank of America Unlimited Cash Rewards
The Bank of America Unlimited Cash Rewards credit card offers a strong cash back opportunity — especially for those who qualify for BofA Rewards program.
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Cardmembers earn an unlimited 1.5% cash back on all purchases, regardless of the category they fall into. There’s also no cap on the amount of cash back you can earn, making this an ideal card for your everyday purchases.
Maximizing cash back with BofA Rewards
Those eligible for BofA Rewards program will continue to earn even more cash back.
To qualify, you’ll need to have an eligible Bank of America personal checking account and, for elevated tiers, a three-month combined average daily balance of $30,000 or more in a Bank of America or Merrill investment account. The extra cash back earned depends on which tier you fall into based on your three-month average account balance.
Regular cardholder
Tier 1 – Member (no minimum balance required)
Tier 2 – Preferred Plus ($30,000 – $99,999)
Tier 3 – Preferred Honors ($100,000 – $999,999)
Tier 4 – Premier ($1,000,000+)
1.5% cash back on every purchase
1.65% cash back
(10% bonus)
1.875% cash back
(25% bonus)
2.25% cash back
(50% bonus)
2.625% cash back
(75% bonus)
So if you happen to be a Premier member within the program, that’ll earn you 2.625% cash back — a higher cash back amount than any of the other cards you’ll earn on your everyday non-category bonus purchases.
If you pair this card with another Bank of America credit card, such as the you can earn even more on certain purchases throughout the year.
The earns 6% cash back on one category of your choice per quarter (for the first year, then 3%).
Choices include gas and EV charging stations, online shopping (including cable, streaming, internet and phone services), dining, travel, drugstore or home improvement purchases. You also earn 2% cash back at grocery and wholesale clubs and then 1% cash back on all other purchases — with a $2,500 cap on combined 6% (3% after the first year) and 2% cash-back purchases per quarter.
This means if you use your Bank of America Customized Cash Rewards credit card on all cash back categories and use your Bank of America Unlimited Cash Rewards credit card on everything else — earning 1.5% cash back on those purchases — you'll earn even more rewards.
Redeeming cash back on the Bank of America Unlimited Cash Rewards
The redemption options for Bank of America Unlimited Cash Rewards cardmembers are somewhat limited. You have three options:
Deposit your cash back into your Bank of America checking or savings account
Choose a statement credit to your credit card
Credit your cash back to eligible Merrill accounts, including 529 accounts
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This makes it easy to quickly access your cash back rewards, but you won’t find any opportunities to redeem your rewards earned for travel opportunities.
Which cards compete with the Bank of America Unlimited Cash Rewards?
If you don't want to join the BOA ecosystem, there are many other low—or no-annual-fee cash back cards or flexible currency that can compete with the Bank of America Unlimited Cash Rewards.
If you prefer more cashback: The (see rates and fees) earns unlimited 2% cash rewards and has no annual fee. It also has a $200 cash rewards bonus after only spending $500 in purchases in the first three months. For more information, read our full review of the Wells Fargo Active Cash credit card.
If you prefer Chase: The (see rates and fees) has no annual fee and earns at least 1.5% cash back on all your purchases however, you’ll also enjoy a few category bonuses as the card also earns 5% cash back on travel booked through Chase Travel℠, 3% cash back on dining (including takeout and eligible delivery services) and 3% back on drugstores. Through Sept. 30, 2027, you’ll also earn 2% cash back on all Lyft rides. Plus, the cash back earned on this card can be converted to points if you have a card that earns Chase Ultimate Rewards, meaning you can utilize Chase's impressive roster of transfer partners. For more information, read our full review of the Chase Freedom Unlimited card.
Is the Bank of America Unlimited Cash Rewards worth it?
Since this is an unlimited flat cash back card with no annual fee, that alone justifies adding it to your wallet. If you're a BofA Rewards member, it is even more justifiable, as you could earn up to 2.625% on all purchases with this card.
If you are not a BofA Rewards member, there are other no-annual cash back cards that earn more cash back you might want to consider.
If you’re currently a BofA Rewards member — or if you intend to be one — you should pay attention to the suite of Bank of America credit cards, especially this one.
And if you’re looking for a simple no-annual-fee card offering unlimited rewards and the opportunity to increase the cash back rewards earned, you’ll find a lot to like in the Bank of America Unlimited Cash Rewards credit card.
