How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.
If you prefer a simple approach to earning and redeeming rewards, a flat-rate cash back card like the Bank of America® Unlimited Cash Rewards credit card could be a great fit.
You’ll earn unlimited 1.5% cash back on all purchases. This means you won’t have to keep track of bonus earning categories or spending caps. There’s also 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.
But if earning a high rate of cash back is your main priority, there are cards that offer even higher flat-rate rewards on every purchase, such as the Wells Fargo Active Cash® Card. Or if you’re looking for additional benefits including travel and purchase protections, a travel credit card might work better.
How much does it cost to own? A cardholder will pay $0 in annual fees, on average, and will earn around $500 in cash back in rewards in the first year.
Solid sign-up bonus
The Bank of America® Unlimited Cash Rewards credit card offers a solid sign-up bonus with a low spend requirement: Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
This is a pretty standard sign-up bonus for a cash back credit card with a flat rewards rate and $0 annual fee. For example, the Wells Fargo Active Cash® Card has a similar sign-up bonus with an even lower spend requirement. You’ll earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Unlimited cash back on every purchase
With the Bank of America® Unlimited Cash Rewards credit card, you’ll earn unlimited 1.5% cash back on all purchases. There’s no limit to the amount of cash back you can earn, and cash rewards don’t expire as long as your account remains open. Cash rewards can be redeemed for statement credits or deposits made directly into a Bank of America checking or savings account, or to pay for purchases when you shop at Amazon or check out with PayPal.
This is a decent flat-rate cash back rate, but there are $0-annual-fee cards that offer even higher rewards. For example, the Wells Fargo Active Cash® Card allows you to earn unlimited 2% cash rewards on purchases. There are also cards that offer higher cash back rewards on popular spending categories, but you’ll typically earn only 1% cash back on all other purchases.
Earn 25%-75% more cash back with Bank of America Preferred Rewards®
The Bank of America® Unlimited Cash Rewards credit card gives you the opportunity to earn 25% to 75% more cash back on every purchase after enrolling in the Bank of America Preferred Rewards® program. You could earn 1.87% to 2.62% cash back on every purchase, increasing this card’s value compared to other flat-rate cash back cards.
| Tier | Three-month combined average daily balance | Rewards bonus |
|---|---|---|
| Gold Tier | $20k to < $50k | 25% |
| Platinum Tier | $50k to < $1000k | 50% |
| Platinum Honors Tier | $100k to < $1M | 75% |
| Diamond Tier | $1M to < $10M | 75% |
Long intro APR on purchases and balance transfers
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. You’ll get a 0% Intro APR for 15 billing cycles for purchases, then an ongoing 18.24% - 28.24% Variable APR.
You’ll also get a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After that, a 18.24% - 28.24% Variable APR on balance transfers applies.
This is a pretty long intro APR for a $0-annual-fee card offering cash back rewards. Intro APRs typically range from six months to 21 months, and the cards that have the longest intro APRs don’t usually offer rewards or a sign-up bonus.
No bonus categories
The Bank of America® Unlimited Cash Rewards credit card doesn’t come with any bonus categories.
If you like the idea of earning 1.5% cash back on every purchase but are interested in cash back categories, the Chase Freedom Unlimited® (see rates & fees) might be a good choice. You can earn 5% cash back on travel purchased through Chase TravelSM and 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services. You’ll earn 1.5% cash back on all other purchases. Or there are cards that offer cash back on categories that rotate each quarter, such as the Chase Freedom Flex℠.
Few other benefits
Outside of its rewards program and generous intro APR on purchases and balance transfers, the Bank of America® Unlimited Cash Rewards credit card is lacking when it comes to other benefits. You’ll get a few protections, including $0 liability guarantee and overdraft protection. But similar cards offer additional value.
For example, the Wells Fargo Active Cash® Card has a long list of benefits including an auto rental collision damage waiver, travel emergency assistance services, roadside dispatch and up to $600 of cellphone protection against damage or theft. The Capital One Quicksilver Cash Rewards Credit Card also offers more benefits, such as extended warranty, Master RoadAssist® Service and more.
| Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | |
|---|---|---|---|---|---|
|
Bank of America® Unlimited Cash Rewards credit card*
|
$0 | $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening | 1.5% cash back on all purchases. | ||
Wells Fargo Active Cash® Card*
|
$0 | Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months | Earn unlimited 2% cash rewards on purchases | ||
Capital One Quicksilver Cash Rewards Credit Card
 Apply Now
on Capital One's secure site Rates & Fees |
$0 | Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening | 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) |
Apply Now
on Capital One's secure site Rates & Fees |
|
Citi Double Cash® Card
Apply Now
on Citibank's secure site Rates & Fees |
$0 | Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. | Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. |
Apply Now
on Citibank's secure site Rates & Fees |
Plus, the sign-up bonus has a much lower spend requirement. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. You’ll also get up to $600 of cellphone protection when you use your card to pay your monthly cellphone bill (subject to a $25 deductible). This is rare for a no-annual-fee credit card.
The intro APR for purchases and balance transfers is similar. But you’ll have a longer period of time to transfer your balance at a lower balance transfer fee (3% for 120 days from account opening, then up to 5%, min: $5).
The Capital One Quicksilver Cash Rewards Credit Card comes with a good intro APR on purchases and balance transfers that is similar to what the Bank of America® Unlimited Cash Rewards credit card offers (a balance transfer fee applies). Plus, there’s a $0 annual fee (see rates & fees).
If you’re planning to use your card for a balance transfer, the Citi Double Cash® Card offers a longer intro APR for balance transfers but no intro APR for purchases.
If you like the simplicity that a flat-rate cash back card offers, 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 1.87% to 2.62% cash back on every purchase.
But if you want to earn more than 1.5% cash back on every purchase — as well as have access to more redemption options and more extensive benefits — the Wells Fargo Active Cash® Card is a great alternative.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the Bank of America® Unlimited Cash Rewards credit card, Wells Fargo Active Cash® Card and Chase Freedom Flex℠ has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
