Banking

The new Bank of America Unlimited Cash Rewards Credit Card offers a $200 bonus and 1.5% cash back everywhere — but some customers can earn a higher rate of return

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There have been a ton of new credit card launches in recent weeks, and now Bank of America is getting in on the action with the new Bank of America® Unlimited Cash Rewards Credit Card.

As implied by its name, the card earns an unlimited 1.5% cash back on all purchases, so there are no bonus categories to track. It comes with a decent welcome bonus, too — new cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening.

Read more: The best cash-back credit cards

However, if you’re a Bank of America Preferred Rewards customer, you can earn 25% to 75% more cash back with the Bank of America® Unlimited Cash Rewards Credit Card, depending on your rewards tier — which can make the card a lot more lucrative.

Here’s what to know about the new Bank of America® Unlimited Cash Rewards Credit Card to help you decide if you should apply.

Bank of America Unlimited Cash Rewards Credit Card details

Regular APR

13.99% – 23.99% Variable

Credit Score

Good to Excellent

Featured Reward

$200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening

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  • Pros & Cons
  • Details

  • Pros
    • Decent welcome bonus
    • Generous 0% APR offer on purchases and balance transfers
    • You can earn up to 75% more rewards for your spending if you’re a Bank of America Preferred Rewards customer
    Cons
    • 3% foreign transaction fee
    • Other cards offer better travel and purchase benefits
    • The information related to the Bank of America® Unlimited Cash Rewards Credit Card has been collected by Business Insider and has not been reviewed by the issuer.
    • Earn unlimited 1.5% cash back on all purchases
    • No limit to the amount of cash back you can earn and cash rewards do not expire
    • Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
    • Introductory 0% APR for your first 15 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account. After that, a Variable APR that’s currently 13.99% to 23.99% will apply. 3% fee (min $10) applies to balance transfers
    • Enjoy no annual fee while earning unlimited cash back on all purchases
    • Preferred Rewards members earn 25%-75% more cash back on every purchase. That means you could earn up to 2.62% cash back on every purchase.

    Earning 1.5% cash back and a $200 welcome bonus from a no-annual-fee card isn’t uncommon nowadays — for example, the Chase Freedom Unlimited® earns at least 1.5% cash back (or more in certain categories) and offers a bonus of $200 after spending $500 in the first three months from account opening, plus 5% back (5x points) at grocery stores (excluding Target and Walmart) on up to $12,000 in spending during the first year of account opening (then 1x).

    The Bank of America® Unlimited Cash Rewards Credit Card becomes a lot more interesting if you’re a Bank of America Preferred Rewards customer. The amount you have on deposit with Bank of America or invested with Merrill determines your membership tier, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is an excellent rate of return for a no-annual-fee cash back credit card.

    Along with a decent bonus and 1.5% back on all purchases, the Bank of America® Unlimited Cash Rewards Credit Card comes with an introductory 0% APR for the first 15 months on purchases and balance transfers made within the first 60 days of account opening (then a 13.99% – 23.99% Variable APR). That’s a decent deal if you’re looking to consolidate high-interest debt or have large purchases coming up that you want to pay for over time.

    Read more: The best low-interest and 0% APR credit cards

    As you might expect from a no-annual-fee card, the Bank of America® Unlimited Cash Rewards Credit Card doesn’t come with luxury perks, but because it’s a Visa Signature card you’ll receive benefits like secondary car rental insurance and extended warranty protection.

    With the Bank of America® Unlimited Cash Rewards Credit Card, you’ve only got a few redemption options, but you can redeem in any amount at any time: 

    • Deposit cash rewards into your eligible Bank of America checking or savings account
    • Credit into your eligible Merrill accounts, including 529 accounts
    • Statement credit to your credit card

    Rewards don’t expire as long as your account is open and in good standing. 

    Alternatives to the Bank of America Unlimited Cash Rewards card

    Depending on your spending habits and how you like to redeem rewards, there are other no-annual-fee cards available that could be a better fit for you.

    Read more: The best current credit card sign-up bonuses

    In fact, some of the best cash-back credit cards don’t exclusively earn cash back. Instead, they earn flexible rewards points or miles that you can redeem for cash, travel, and more. Here are a few of our favorites:

    *eligible 5% cash back categories on the Citi Custom Cash℠ Card are restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment

    Regular APR

    14.99%–23.74% variable APR

    Credit Score

    Good to Excellent

    Featured Reward

    $200 after spending $500 in the first three months from account opening

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  • Pros & Cons
  • Details

  • Pros
    • Solid flat cash-back rate
    • You can combine cash-back rewards with Ultimate Rewards points if you have an eligible card
    • No annual fee
    Cons
    • Some other cards offer a higher rate of cash back on certain types of purchases
    • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
    • Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
    • Earn unlimited 1.5% cash back on all other purchases.
    • Earn 5% on Chase travel purchased through Ultimate Rewards®, 3% on dining and drugstores, and 1.5% on all other purchases.
    • No annual fee.
    • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 – 23.74%.
    • No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.


    Read Our Review
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    Featured cash back credit cards from our partners

    Featured Reward

    2% cash back on all purchases

    Credit Needed

    Good to Excellent

    Featured Reward

    $200 after spending $500 in the first three months from account opening

    Credit Needed

    Good to Excellent

    Featured Reward

    $200 Bonus after you spend $500 on purchases in your first 3 months from account opening

    Credit Needed

    Good to Excellent

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