How Does LendingTree Get Paid?
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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.
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Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).
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American Express Disclosure
Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

American Express Disclosure

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

Bank of America® Unlimited Cash Rewards credit card Review

LendingTree's Review

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.
4.6
Bank of America<sup>®</sup> 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, 18.24% - 28.24% Variable APR will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
Rewards Rate
1.5% cash back on all purchases.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It was not 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. This means that 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

    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
    • Earn unlimited 1.5% cash back on all purchases.
    • If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
    • No annual fee.
    • No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
    • 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, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
    • 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.
  • Recommended Credit
    Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion
  • 660 720 850
    Good/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

18.24% - 28.24% Variable APR

Intro BT APR

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

Regular BT APR

18.24% - 28.24% Variable APR on balance transfers

Annual Fee

$0

Cash Advance Fee

See Terms

Foreign Transaction Fee

3%

Balance Transfer Fee

3% for 60 days from account opening, then 4%

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 18.24% - 28.24% Variable APR.

  • 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, a 18.24% - 28.24% 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

    The Bank of America® Unlimited Cash Rewards credit card offers a reasonable rate of 1.5% cash back on all purchases. However, 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% for 60 days from account opening, then 4%.

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
Learn More
on Wells Fargo's secure site
0% intro APR for 15 months from account opening
20.24%, 25.24%, or 29.99% Variable APR
$0
Earn unlimited 2% cash rewards on purchases
  • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
  • Earn a $200 cash rewards bonus after spending $500 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. 20.24%, 25.24%, or 29.99% Variable APR thereafter; 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 categories to track or remember and cash rewards don't expire as long as your account remains open.
  • Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
  • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
660 720 850
Good/Excellent
*The information related to the Wells Fargo Active Cash® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears 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 $500 in purchases in the first 3 months.

Additionally, cardholders receive a 0% intro APR for 15 months from account opening on purchases, then 20.24%, 25.24%, or 29.99% Variable APR, as well as a 0% intro APR for 15 months from account opening on qualifying balance transfers, then 20.24%, 25.24%, or 29.99% 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.

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.

apply-now-icon Apply Now
on Bank Of America's secure site