If you prefer a simple approach to earning and redeeming rewards, a flat-rate cashback card, like the new Bank of America® Unlimited Cash Rewards credit card, could be a great fit.
The Bank of America® Unlimited Cash Rewards credit card offers unlimited 1.5% cash back on all purchases — meaning, you won’t have to keep track of bonus earning categories or spending caps. Cash rewards don’t expire and can be redeemed for deposits into an eligible Bank of America checking or savings account, credit into your eligible Merrill accounts or statement credit to your credit card.
The Bank of America® Unlimited Cash Rewards credit card also offers a lengthy intro APR on purchases and balance transfers, making it ideal if you need to finance a large purchase or transfer debt from a high interest credit card.
To help you decide if the Bank of America® Unlimited Cash Rewards credit card is the right fit for you, we weigh its pros and cons and show how it compares to similar cashback credit cards.
Intro Purchase APR
0% Intro APR for 18 billing cycles for purchases
Regular Purchase APR
17.49% - 27.49% Variable APR
Intro BT APR
Intro APR for 18 billing cycles for any balance transfers made in the first 60 days
Regular BT APR
17.49% - 27.49% Variable APR on balance transfers
Annual Fee
$0
Cash Advance Fee
See Terms
Foreign Transaction Fee
3%
Balance Transfer Fee
3% of the amount of each transaction.
Sign-up bonus
The Bank of America® Unlimited Cash Rewards credit card offers a solid sign-up bonus with a low spend requirement: Earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
This amount is a pretty standard amount for a cashback credit card with a flat rewards rate and $0 annual fee.
Intro APR on purchases
If you’re looking to finance a large purchase and pay it off over time, this card allows you to do so interest-free for more than a year. Cardholders receive a 0% Intro APR for 18 billing cycles for purchases, then an ongoing APR of 17.49% - 27.49% Variable APR.
Intro APR on balance transfers
The Bank of America® Unlimited Cash Rewards credit card also offers a Intro APR for 18 billing cycles for any balance transfers made in the first 60 days of opening your account. After that, an APR of 17.49% - 27.49% Variable APR on balance transfers applies.
Annual fee
The Bank of America® Unlimited Cash Rewards credit card charges an annual fee of $0.
Modest rewards rate
While the Bank of America® Unlimited Cash Rewards credit card offers a reasonable rate of 1.5% cash back on all purchases, there are flat rate cards available — like the Wells Fargo Active Cash® Card — that offer a higher amount of rewards per dollar (more details below).
That said, the Bank of America® Unlimited Cash Rewards credit card gives cardholders the opportunity to earn 25% to 75% more cashback on every purchase after enrolling in the Bank of America Preferred Rewards program. Just know — to enroll, you must have an active, eligible Bank of America personal checking account and maintain a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts.
Balance transfer fee
The card comes with a generous intro APR on balance transfers; however, you will be subject to balance transfer fees of 3% of the amount of each transaction.
If you like the Bank of America® Unlimited Cash Rewards credit card’s sign-up bonus, intro APR and annual fee, but would prefer to earn a slightly higher cashback rate and more redemption options, you may want to consider the Wells Fargo Active Cash® Card.
Like the Bank of America® Unlimited Cash Rewards credit card, the $0 annual fee Wells Fargo Active Cash® Card lets cardholders earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months.
Additionally, cardholders receive a 0% intro APR for 15 months from account opening on purchases, then 19.74%, 24.74%, or 29.74% variable APR, as well as a 0% intro APR for 15 months from account opening on qualifying balance transfers, then 19.74%, 24.74%, or 29.74% variable APR.
Unlike the Bank of America® Unlimited Cash Rewards credit card, the Wells Fargo Active Cash® Card offers a higher rewards rate: earn unlimited 2% cash rewards on purchases. Rewards can be redeemed for cash, statement credit, gift cards or to cover recent eligible purchases made on your credit card.
The Wells Fargo Active Cash® Card also offers slightly more extensive benefits, including up to $600 in cell phone protection and Visa Signature® privileges, such as 24/7 concierge service and access to the Luxury Hotel Collection.
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| Bank of America® Unlimited Cash Rewards credit card | Wells Fargo Active Cash® Card | Citi® Double Cash Card – 18 month BT offer | Chase Freedom Flex℠ |
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Apply Now on Bank Of America's secure site
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Apply Now on Wells Fargo's secure site
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Apply Now on Citibank's secure site
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Read Review |
| Annual Fee | |||
| $0 | $0 | $0 | $0 |
| Welcome Offer | |||
| $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening | Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months | None | Earn a $200 bonus after you spend $500 on purchases in the first three months. Plus, earn 5% cash back on grocery store purchases (excluding Target® and Walmart®) on up to $12,000 spent in the first year |
| Rewards Rate | |||
| 1.5% cash back on all purchases | Earn unlimited 2% cash rewards on purchases | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. | 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases. |
| Intro Purchase APR | |||
| 0% Intro APR for 18 billing cycles for purchases | 0% intro APR for 15 months from account opening | N/A | 0% Intro APR on Purchases for 15 months |
| Regular APR | |||
| 17.49% - 27.49% Variable APR | 19.74%, 24.74%, or 29.74% variable APR | 18.74% - 28.74% (Variable) | 19.49% - 28.24% Variable |
| Intro Balance Transfer APR | |||
| Intro APR for 18 billing cycles for any balance transfers made in the first 60 days | 0% intro APR for 15 months from account opening on qualifying balance transfers | 0% for 18 months on Balance Transfers | 0% Intro APR on Balance Transfers for 15 months |
| Regular Balance Transfer APR | |||
| 17.49% - 27.49% Variable APR on balance transfers | 19.74%, 24.74%, or 29.74% variable APR | 18.74% - 28.74% (Variable) | 19.49% - 28.24% Variable |
| Balance Transfer Fee | |||
| 3% of the amount of each transaction. | 3% intro for 120 days from account opening, then up to 5%; min: $5 | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. | Either $5 or 5% of the amount of each transfer, whichever is greater. |
| Recommended Credit | |||
| Excellent/Good | Excellent/Good | Excellent/Good | Excellent/Good |
| Card Details | |||
| Bank of America® Unlimited Cash Rewards credit card | Wells Fargo Active Cash® Card | Citi® Double Cash Card | Chase Freedom Flex℠ |
If you like the simplicity that a flat-rate cashback card has to offer, it’s hard to go wrong with the Bank of America® Unlimited Cash Rewards credit card. Along with a decent sign-up bonus and $0 annual fee, the card comes with a generous introductory APR on purchases and balance transfers. Plus, as a Preferred Rewards member, the rewards rate can jump to 1.875% to 2.625% cashback on every purchase.
But if you want to earn more than 1.5% cash back on every purchase — without enrolling in a special program or maintaining a large balance in your bank account, as well as have access to more redemption options and more extensive benefits, the Wells Fargo Active Cash® Card is a great alternative.
