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How Does LendingTree Get Paid?

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Bank of America® Unlimited Cash Rewards credit card

Bank of America<sup>®</sup> Unlimited Cash Rewards credit card

Bank of America® Unlimited Cash Rewards credit card

Sign Up Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Intro APRs
0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
Earn Rewards
1.5% cash back on all purchases
Edited by
Julie Sherrier
Reviewed by
Tracy Brackman
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Bank of America® Unlimited Cash Rewards credit card best for?

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.

Bank of America® Unlimited Cash Rewards credit card overview

    • New Offer! With the new Unlimited Cash Rewards credit card, you can earn 1.5% cash back on every purchase, every time. 
    • No annual fee 
    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening 
    • If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn up to 2.62% cash back on every purchase. 
    • No limit to the amount of cash back you can earn and cash rewards don't expire 
    • 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.99% - 23.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers. 
    • Contactless Cards - The security of a chip card, with the convenience of a tap 
    • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
  • Credit needed:
    720 850
    Excellent
  • Digital wallet technology
  • Contactless chip technology
  • Overdraft protection
  • Free access to your FICO® Score

Intro Purchase APR

0% Intro APR for 15 billing cycles for purchases

Regular Purchase APR

13.99% - 23.99% Variable APR on purchases

Intro BT APR

0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular BT APR

13.99% - 23.99% Variable APR on balance transfers

Annual Fee

$0

Cash Advance Fee

See Terms

Foreign Transaction Fee

3%

Balance Transfer Fee

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

Pros and cons

Pros

  • Solid sign-up bonus
  • Long intro APR on purchases
  • Long intro APR on balance transfers
  • $0 annual fee

Cons

  • Modest rewards rate
  • Balance transfer fee

What we like about the Bank of America® Unlimited Cash Rewards credit card

  • 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 15 billing cycles for purchases, then an ongoing APR of 13.99% - 23.99% Variable APR on purchases.

  • Intro APR on balance transfers

    The Bank of America® Unlimited Cash Rewards credit card also offers a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days of opening your account. After that, an APR of 13.99% - 23.99% Variable APR on balance transfers applies.

  • Annual fee

    The Bank of America® Unlimited Cash Rewards credit card charges an annual fee of $0.

What to watch out for with the Bank of America® Unlimited Cash Rewards credit card

  • 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 either $10 or 3% of the amount of each transaction, whichever is greater.

Alternate cashback card to the Bank of America® Unlimited Cash Rewards credit card

Compare it to the Wells Fargo Active Cash℠ Card

Disclosures |
Wells Fargo Active Cash℠ Card
Wells Fargo Active Cash℠ Card
on Wells Fargo's secure site
0% intro APR for 15 months from account opening
14.99%-24.99% (Variable)
$0
Earn unlimited 2% cash rewards on purchases
  • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.99% to 24.99% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
  • $0 annual fee
  • No category restrictions or sign ups and cash rewards don’t expire as long as your account remains open
  • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Active Cash? Card
  • Select “Apply Now” to learn more about the product features, terms and conditions
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

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 14.99%-24.99% (Variable), as well as a 0% intro APR for 15 months from account opening on qualifying balance transfers, then 14.99%-24.99% (Variable).

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.

Compare the Bank of America® Unlimited Cash Rewards credit card to similar cards

Comparison of four different credit cards
Bank of America<sup>®</sup> Unlimited Cash Rewards credit card Wells Fargo Active Cash℠ Card Citi<sup>®</sup> Double Cash Card – 18 month BT offer Chase Freedom Flex℠
Bank of America® Unlimited Cash Rewards credit card Wells Fargo Active Cash℠ Card Citi® Double Cash Card – 18 month BT offer Chase Freedom Flex℠
Apply Now
on Bank of America's secure site
Apply Now
on Wells Fargo's secure site
Apply Now
on Citibank's secure site
Apply Now
on Chase's secure site
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 No bonus Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) 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. Earn 5% cash back on eligible purchases in rotating categories, 5% 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 15 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
13.99% - 23.99% Variable APR on purchases 14.99%-24.99% (Variable) 13.99% – 23.99% (Variable) 14.99% - 24.74% Variable
Intro Balance Transfer Rate
0% Intro APR for 15 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 Rate
13.99% - 23.99% Variable APR on balance transfers 14.99%-24.99% (Variable) 13.99% – 23.99% (Variable) 14.99% - 24.74% Variable
Balance Transfer Fee
Either $10 or 3% of the amount of each transaction, whichever is greater. 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 3% of the amount of each transfer, whichever is greater in the first 60 days. Then, either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent 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℠

Is the Bank of America® Unlimited Cash Rewards credit card right for you?

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.