The Bank of America® Unlimited Cash Rewards credit card offers an unlimited 1.5% cash back on all purchases, coupled with a $0 annual fee. Preferred Rewards members can enjoy additional rewards, making it a compelling option. However, it comes with a few drawbacks, such as a 3% foreign transaction fee and minimal extra benefits.
Pros:
- Unlimited 1.5% cash back on all purchases
- $0 annual fee
- 0% intro APR for 15 months on purchases and balance transfers made within the first 60 days
Cons:
- Higher cash-back rates available on other cards unless you’re a Preferred Rewards member
- Limited additional benefits
- 3% foreign transaction fee
Highlights:
- Welcome bonus: $200 online cash rewards bonus for spending $1,000 in the first 90 days
- Rewards: 1.5% cash back on all purchases, with additional bonuses for Preferred Rewards members
- Annual fee: $0
Overview: The Bank of America® Unlimited Cash Rewards credit card is a decent choice, particularly for Preferred Rewards members who can benefit from increased rewards. While it offers unlimited cash back on all purchases, there are other cards with higher rewards and a similar fee structure, making it advisable to explore other options, especially for frequent travelers due to the foreign transaction fee.
Who is the Unlimited Cash Rewards Card good for? Preferred Rewards members, especially those at higher tiers, should consider the Unlimited Cash Rewards card.
Who shouldn’t get the Unlimited Cash Rewards card? If you aim to maximize rewards and aren’t a significant Bank of America customer, other flat-rate cards with higher returns might be more suitable, such as the Wells Fargo Active Cash card.
Rewards: The card provides a flat 1.5% cash back on all purchases, with Preferred Rewards members earning 25% to 75% more cash back. However, non-Preferred Rewards members may find better options elsewhere, and those willing to track rotating categories may get higher returns with other cards.
Signup Bonus: Earn a $200 online cash rewards welcome bonus by spending at least $1,000 in the first 90 days of account opening.
Redemption: Rewards never expire and can be redeemed as a credit, deposited into a Bank of America account, or applied to a Merrill 529 account. No minimum redemption for credit card balance or Bank of America account deposits, but $25 minimum for 529 accounts.
Rates and Fees:
- Intro APR: 0% for 15 months on purchases and balance transfers made within 60 days
- Purchase and Balance Transfer APR: 18.24%–28.24%
- Annual Fee: $0
- Foreign Transaction Fee: 3%
Additional Benefits:
- $0 Liability guarantee
- Overdraft protection through Balance Connect service
- Account alerts
- Free FICO score access
Credit cards similar to Bank of America® Unlimited Cash Rewards:
- Fidelity® Rewards Visa Signature® Credit Card: Offers unlimited 2% cash back on all purchases with no foreign transaction fee and additional travel benefits.
- Chase Freedom Unlimited® Credit Card: Provides 1.5% cash back on eligible purchases, along with bonus rewards on travel, dining, and drugstore purchases, plus extra benefits.
Is the Bank of America® Unlimited Cash Rewards card right for you? The card is suitable for those seeking simplicity with a flat cash back rate, especially Preferred Rewards members. However, if higher rewards or travel perks are priorities, alternative cards may be more appealing.
