Bank Of America Unlimited Cash Rewards – How to Apply
Want simple, unlimited cash back? The Bank of America® Unlimited Cash Rewards delivers.
Let’s take a closer look at how this card works and how it can support your financial goals.
Bank Of America Unlimited Cash Rewards
No annual fee No higher rewardsHow does the Bank of America Unlimited Cash Rewards card work?
The Unlimited Cash Rewards card lives up to its name by offering unlimited 1.5% cash back on all purchases, without exceptions.
Whether you’re buying groceries, filling up at the gas station, shopping online, or paying bills, every dollar earns the same reward rate.
Unlike many other cash-back cards, there are no rotating categories, no need to activate bonus areas, and no caps on how much you can earn.
Your rewards are automatically credited to your account and never expire, as long as your card remains open and in good standing.
In addition, new cardholders can earn a $200 online cash rewards bonus after spending $1,000 in purchases within the first 90 days—giving you immediate value from your everyday expenses.
There’s also a 0% intro APR for 15 billing cycles on purchases and balance transfers made within the first 60 days. After that, a variable APR applies based on your creditworthiness.
Main benefits of the Bank of America Unlimited Cash Rewards card
This card’s greatest strength is simplicity. There’s no need to track categories, enroll in limited-time offers, or remember quarterly changes.
Instead, you earn a reliable 1.5% back on everything, which makes this card perfect for people who prefer a set-it-and-forget-it approach to rewards.
Here are some of the key benefits:
- Unlimited 1.5% cash back – You earn the same rate on every purchase, every time.
- $0 annual fee – You won’t have to worry about offsetting the cost of the card with your earnings.
- Welcome bonus – Earn $200 after meeting the modest spending threshold within three months.
- 0% intro APR – Enjoy interest-free purchases and balance transfers for 15 billing cycles.
- Flexible redemption options – Redeem your cash back as a statement credit, deposit into a Bank of America checking or savings account, or apply it to eligible Merrill accounts.
- Preferred Rewards bonus – Bank of America clients enrolled in the Preferred Rewards program can earn 25% to 75% more on every purchase. That increases your cash back rate from 1.5% to as much as 2.62%, depending on your tier.
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Cons of the Bank of America Unlimited Cash Rewards card
While the card offers great value for many users, it might not be the best fit for everyone.
One limitation is that the 1.5% rate may seem modest compared to other cards that offer 2% flat cash back or tiered categories with higher rates (like 3% or 5%).
So, if you’re a strategic spender who wants to maximize rewards in specific areas like dining or travel, this card may not offer the highest return.
Another drawback is that full benefits require you to bank with Bank of America. The Preferred Rewards program can significantly boost your earnings, but it’s only available to customers who maintain qualifying account balances.
If you’re not already a client, you won’t be able to take advantage of those increased rewards.
Lastly, the foreign transaction fee of 3% makes this card less ideal for international travel. While the cash back applies abroad, the added fee could cancel out any rewards you earn on overseas purchases.
APR and Fees
The Bank of America Unlimited Cash Rewards card is competitively priced, especially for users who avoid interest by paying their balance in full each month:
- Intro APR: 0% for 15 billing cycles on purchases and balance transfers made within the first 60 days
- Regular APR: 19.24% to 29.24% variable, based on your creditworthiness
- Balance Transfer Fee: 3% of each transaction (minimum $10)
- Annual Fee: $0
- Foreign Transaction Fee: 3%
- Late Payment Fee: Up to $40
These terms make the card an affordable and low-risk option for responsible cardholders.
How to apply for the Bank of America Unlimited Cash Rewards card
Applying for this card is a quick process that can be done online. You’ll need to meet a few basic requirements:
- Be at least 18 years old
- Have a valid Social Security number
- Demonstrate a steady source of income
- Have a good to excellent credit score (typically 670 or higher)
