Bank Of America Unlimited Cash Rewards Credit Card Review 2025

• Bank of America Unlimited Cash Rewards Card: An Attractive Option for Preferred Rewards Members
  
• What Is the Bank of America Unlimited Cash Rewards Credit Card Best For?
• Bank of America Unlimited Cash Rewards Credit Card Rewards
• Bank of America Unlimited Cash Card Benefits
• How To Maximize Bank of America Unlimited Cash Rewards Credit Card Rewards
• Bank of America Unlimited Cash Rewards Card Rates and Fees
• How the Bank of America Unlimited Cash Rewards Credit Card Stacks Up
• Is the Bank of America Unlimited Cash Rewards Credit Card Worth It?
• Methodology
• Frequently asked questions (FAQs)

If you’re looking for a straightforward cash rewards card that doesn’t involve much thought, the Bank of America® Unlimited Cash Rewards credit card* has you covered. This card’s structure couldn’t be simpler: It earns 1.5% unlimited cash back on all purchases. You can redeem your rewards for statement credit or deposit them into an eligible Bank of America account. Plus, you don’t have to worry about a minimum redemption amount or limits for most methods, and it has no annual fee.

However, the Bank of America® Unlimited Cash Rewards credit card* truly shines if you can achieve Platinum or Platinum Honors status in Bank of America’s Preferred Rewards program. Once you’ve reached Gold, Platinum or Platinum Honors status in the Bank of America Preferred Rewards program, you’ll enjoy a generous 25% to 75% boost to the 1.5% cash back rate.

Here’s a quick glance at the reward bonuses and cash-back rates, which will depend on your status:

Rewards Level	Rewards Bonus	Effective Cash Back
Gold	25%	1.87%
Platinum	50%	2.25%
Platinum Honors	75%	2.62%

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Keep in mind that to join the Preferred Rewards club, you’ll have to maintain deposit balances in Bank of America checking or savings accounts or hold investment assets with Merrill. Gold status requires a minimum of $20,000 in assets, Platinum requires $50,000 and Platinum Honors requires $100,000. The Diamond tier requires at least $1 million. If it makes sense for you to hold some investments at Merrill or move some assets to Merrill, the Bank of America® Unlimited Cash Rewards credit card* can be a best-in-class everyday cash-back card.

What You Need To Know About the Bank of America Unlimited Cash Rewards Card

• No annual fee
• Earn 1.5% unlimited cash back on all purchases
• Cash back is redeemable as a statement credit, deposit into an eligible Bank of America account or contribution to an eligible Merrill investment account
• 25% to 75% rewards bonus for Bank of America Preferred Rewards members

This card really only makes sense if you have money in the bank. If you have enough assets to achieve the elevated Preferred Rewards rate, this card rises to the top of the pile. In such a case, you would earn, at the highest, 2.62% on all purchases, which would make it far and away the best choice for a no annual fee flat-rate card. But, if this does not describe you, then the card’s earning rate is actually poor relative to what you can get elsewhere.

Aside from that, simplicity is the only other thing the Bank of America® Unlimited Cash Rewards credit card* has going for it. For better or worse, you won’t have any other perks, rewards or rotating purchase categories to track aside from your welcome bonus and 1.5% unlimited cash back on all purchases.

Some may call that streamlined, while others call it anemic. Either way, there’s no denying that it offers the most effortless possible cash-back rewards, which is how it landed on our list of the Best Bank of America credit cards as the best card for simple cash back.

Earning Rewards

The rewards earning rate on the Bank of America® Unlimited Cash Rewards credit card* is unambiguous: It earns 1.5% unlimited cash back on all purchases.

Customers who have an additional banking relationship with Bank of America and qualify for Bank of America’s Preferred Rewards program earn increased rewards based on their tier in the program.

Redeeming Rewards

Card members can redeem their cash back for any amount, at any time, for either statement credits or deposits into a Bank of America checking or savings account or a credit into an eligible account with Merrill. Bank of America even offers an auto-redemption option that allows cash back to automatically be applied as a statement credit or bank deposit every month. However, know that while most redemption options have no minimum, there’s a $25 minimum redemption if you want to make a contribution toward a 529 account with Merrill or for automatic deposits into a bank account. You can also use your rewards to pay for Amazon or PayPal purchases.

Rewards Potential

Using data from various government agencies, Forbes Advisor has developed estimates for how much a family in the 70th percentile of income spends annually in various categories. We base our assumptions on a sole proprietor in this income range. Such a hypothetical household brings in $118,438 annually and has $39,337 in expenses that can reasonably be charged to credit cards.

Bank of America® Unlimited Cash Rewards credit card* Rewards Potential

Category	Earning Rate	Estimated Annual Spend	Estimated Annual Earnings
All Purchases	1.5X	$39,337	$590.05
			Total: $590.05 cash Back

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Accounts that qualify for the rewards bonus multiplier granted by the Bank of America Preferred Rewards program would earn additional cash back, based on the rewards-earning multiplier:

Rewards Level	Effective Cash Back	Annual Earnings
Gold	1.87%	$735.60
Platinum	2.25%	$885.08
Platinum Honors	2.62%	$1,030.63

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• Visa Signature benefits. As a Visa Signature card, the card offers benefits, including ID theft protection, access to the Visa Signature Hotel Collection and other discounts and perks.
• $0 liability guarantee. You are not liable for fraudulent transactions charged to your account.
• Online account access. Manage your account online through Bank of America’s website and on the go through the mobile banking app.
• Overdraft protection. If you link your Bank of America credit card to your Bank of America deposit account, Bank of America can automatically transfer funds from your credit card to cover overdrafts.

Cash-Back Benefits

• Earn 1.5% unlimited cash back on all purchases.

Since the Bank of America Unlimited Cash Rewards card only has one rewards tier—and you can only redeem rewards for cash back—there’s not much strategizing involved in maximizing your rewards with this particular card.

The one thing we’d say is to never use your points for Amazon purchases or checking out with PayPal. Reason being, purchases made with points don’t earn any additional rewards. But if you redeem your points for cash back first and use your credit card instead, you’ll earn your usual 1.5% cash back on that purchase.

Interest Rates

• Regular APR: 18.24% - 28.24% Variable APR on purchases and balance transfers
• Purchase intro APR: 0% Intro APR for 15 billing cycles for purchases
• Balance transfer intro APR: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Bank of America Unlimited Cash Rewards Credit Card Fees

• Annual fee: $0
• Balance transfer fee: 3% for 60 days from account opening, then 4%
• Foreign purchase transaction fee: 3%

Bank of America® Unlimited Cash Rewards credit card* vs. Citi Double Cash® Card

Since Citi launched the Citi Double Cash® Card, 2% cash-back rewards have become the standard. Still, anyone looking for a simple, no annual fee, cash-back card to use for everyday spending should seriously consider the Citi Double Cash® Card. It earns 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off, and earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25.

You’ll earn rewards in the form of Citi ThankYou® Points. Redemption options include:

• Deposits into a bank account
• Statement credits
• Gift cards
• Points transfers to select airline and hotel partners (if you have an eligible Citi travel card)

The card offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 18.24% to 28.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5). For a credit card with simple 2% cash back rewards, the Citi Double Cash® Card is going to provide more value for you than the Bank of America® Unlimited Cash Rewards credit card* unless you’re a Bank of America Preferred Rewards Platinum or Platinum Honors client.

Bank of America® Unlimited Cash Rewards credit card* vs. Chase Freedom Unlimited®

Another no annual fee cash-back option to consider is the Chase Freedom Unlimited®, which matches the Bank of America Unlimited Cash Rewards card’s 1.5% cash-back earnings but includes additional bonus category earnings.

The Freedom Unlimited earns 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstores and 1.5% on all other purchases.

And the Chase Freedom Unlimited® includes several consumer protection benefits, including:

• Extended warranty protection
• Secondary auto rental collision damage waiver
• Trip cancellation/interruption insurance

If you spend heavily at restaurants, order takeout frequently, can benefit from 3% cash back at drugstores or are intrigued by the consumer protection benefits, take a close look at the Chase Freedom Unlimited®.

Bank of America® Unlimited Cash Rewards credit card* vs. Bank of America® Premium Rewards® credit card

Before launching the Unlimited Cash Rewards card, Bank of America offered another credit card that earned at least 1.5 points per dollar on all purchases—the Bank of America® Premium Rewards® credit card. Points can be redeemed for cash back, statement credit, a deposit into a Bank of America account gift cards or travel purchased through the Bank of America Travel Center.

It earns 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases.

The $95 annual fee of the Bank of America Premium Rewards card can be justified by a $100 annual airline incidental statement credit. Card members can also receive perks, such as:

• A credit toward Global Entry or TSA PreCheck® enrollment fees every four years
• Trip cancellation/interruption insurance
• Baggage delay insurance
• Emergency evacuation
• Transportation assistance

Preferred Rewards Gold, Platinum and Platinum Honors members receive bonus multipliers of 25% to 75% more points with the Premium Rewards Card. If you can achieve Preferred Rewards Platinum or Platinum Honors status, spend enough in airline incidentals to cover the annual fee and can take advantage of the increased earnings on travel and dining, the Bank of America Premium Rewards may be worth considering.

Ask an expert

Is the Bank of America Unlimited Cash Rewards Credit Card Worth It?

Toni Perkins-Southam

Credit Cards Lead Editor

Robin Frankel

Credit Cards Writer

Clint Proctor

Credit Cards Lead Editor

 

If you are already a Bank of America Preferred Rewards member, then grabbing a Bank of America Unlimited Cash Rewards card is a great option. But, if you don’t qualify for Preferred Rewards, you can do much better with loads of other cards.

Toni Perkins-Southam

Credit Cards Lead Editor

 

This card is only worth it if you qualify for one of the bank’s Preferred Rewards tiers. If not, you can do better with a 2% cash-back card that out earns the 1.5% rewards of this one.

Robin Frankel

Credit Cards Writer

 

You need to reach the Preferred Rewards program’s Platinum tier before you can earn above 2% cash back with the BofA Unlimited Cash Rewards card. With this in mind, it likely only makes sense for those who qualify for Platinum by having at least $50,000 in combined balances with Bank of America and Merrill Edge.

Clint Proctor

Credit Cards Lead Editor

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Elevated earnings with Premium Rewards membership
• Value of individual rewards
• Included travel or merchant credits
• Additional cardholder benefits

We give greater weight to the card features we believe cardholders will use most frequently. These factors combine to generate a star rating for each card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.