Bank of America Unlimited Cash Rewards Review

The new Bank of America Unlimited Cash Rewards is another one to consider. With industry-standard rewards rates and a lengthy 0% APR, you may find what you are looking for right here.

Written by : Updated On: August 1

The basics

Reward Rate:


Category of your choice




All other purchases


1. 1.5% cash back on the category of your choice

2. Automatic 2% at grocery stores

3. 1% cash back on all other purchases

4. Preferred Rewards members earn 25%-75% more cash back on every purchase (which adds up to 2.62% cash back)

5. For redemption options for your rewards, it can be in the form of:

A direct deposit to your Bank of America checking or savings account

A credit to an eligible Merrill account, including 529 accounts (you’ll need to have at least $25 in cash rewards to be eligible for this)

A statement credit to your card

Key Features:

Annual Fee


Intro APR

0% intro APR for 12 months

Signup Bonus


$200 online cash rewards bonus after a $1,000 purchase within the first 90 days

Redemption ways


Deposit cash rewards into your BofA checking or savings account

Our Verdict

The Bank of America Unlimited Cash Rewards is a great way to earn cash back. Although there are cards on the market geared more toward higher reward potential, if you are not a big spender, this card is a great one for you as a $1,000 threshold is not tough to reach.

Best Suited for:


Everyday Spender

This consumer relies on their credit card for everyday purchases. They want something that combines convenience, rewards, flexible credit limits, enhanced security, and robust online/mobile account management to create a seamless and rewarding experience. They want something that rewards everyday purchases, such as grocery runs, gas fill-ups and online shopping. Rewards that can help them deal with inflation.

Hidden perks

There are no bonus categories, yet the card requires good to excellent credit. This may prevent you from wanting to apply. The best rewards will also be limited to certain customers who are eligible—as they are not for everyone.

Pair this card with:

Chase Freedom Unlimited


Pair this card with Chase Freedom Unlimited. The no annual fee Chase Freedom unlimited offers extra bonus categories and flat cash rewards. You may be eligible to earn up to 5% cash back on all travel purchased through the Chase travel portal!

Apply for: Chase Freedom Unlimited Credit Card

Beyond the basics

Regular APR


Balance Transfer Intro APR

Either $10 or 3% of each transaction, whichever is greater

Cash Advance APR

Either $10 or 3% of each transaction, whichever is greater

Foreign Transaction

3% of the U.S. dollar amount for each transaction

Late Payment fee


Penalty APR


Credit Score Required

Good to excellent credit

Other Offers

If you are a Preferred Rewards member, you may be eligible to earn 25% – 75% more cash back on every purchase you make. You can earn up to 2.62% cash back within your chosen spending category. There is no limit to the amount of cash back you can earn, and your rewards never expire!

To qualify to become a Preferred Rewards member you need to keep a certain minimum three-month average balance for your BofA accounts. Depending on your balance you can qualify for one of three status levels that offer a host of banking benefits including the rewards rate bonus mentioned above.

The three status levels are:

Preferred Rewards Gold ($20,000 balance or more): 25% bonus for 1.87 percent cash back on all purchases

Preferred Rewards Platinum ($50,000 balance or more): 50% bonus for 2.25% cash back on all purchases

Preferred Rewards Platinum Honors (at least a $100,000 balance): 75% bonus for 2.62% cash back on all purchases

This limited time offer program lets you activate promotional offers in your account to get an additional 5% to 15% cash back at participating merchants (like certain restaurants). It also allows you to earn “coins” to access higher reward offers for extensively using the program.

This exclusive offer is available for this card, as well as Bank of America debit card holders, and gives you free admission to over 225 museums across the country on the first weekend of every month. You just need to show your card and a valid ID.

Cashback Example

If you spend $150 per week on everyday purchases, that adds up to $117 in cash back you will receive for the year. At the grocery store, if you spend $200 each week, your total cash back at the end of the year will be $156.

No annual feeNo bonus categories
New cardholder bonusRequires good/excellent credit
Intro APR periodBest rewards limited to certain customers

Apply now