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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 • 10 min read
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 a straightforward cash-back structure, offering a higher rate for the first year and a flat rate thereafter.
Those with significant banking or investment relationships at the same institution can earn elevated cash-back rates through a loyalty program.
Cash-back rewards can be redeemed as a deposit to eligible accounts or as a statement credit, though redemption options are limited.
The card is best suited for individuals seeking simplicity and value, especially those already engaged with the bank's broader ecosystem.
What to consider
To access enhanced cash-back rates, you must qualify for the loyalty program by maintaining a specified average balance across eligible accounts.
There is a foreign transaction fee, which may make the card less suitable for international use.
Cash-back rewards do not expire as long as the account remains open, but redemption options do not include travel partners or merchandise.
What you'll miss from the article
A detailed comparison of how this card stacks up against other leading cash-back and no-annual-fee cards, including strategies for maximizing rewards if you hold multiple products from the same issuer.
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.
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Bank of America® Unlimited Cash Rewards credit card
TPG Editor's Rating3.5 / 5
at Bank of America's secure site.
Rewards rate
2%
Earn 2% cash back on all purchases for the first year from account opening
1.5%
Earn 1.5% cash back on all purchases after the first year from account opening
Intro offer
$200
Annual fee
$0
Regular APR
17.49% - 27.49% Variable APR on purchases and balance transfers
Bank of America Unlimited Cash Rewards credit card Overview
The offers simplified rewards where you’ll earn 2% cash back on purchases for the first year from account opening, after that, 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 has no annual fee and is the perfect solution for those who want simplicity in their credit card rewards. It earns 2% cash back on purchases for the first year from account opening; after that earn an unlimited 1.5% cash back on all purchases. For existing Bank of America Preferred Reward® 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
BOA Preferred members can earn up to 75% more cash back
