Bank of America
Bank of America Unlimited Cash Rewards Credit Card
Earn unlimited 1.5% cash back on every purchase with no annual fee and a $250 bonus after your first $1,000 in purchases.
Annual fee
None
Top rate
1.5x everything else
Quick look
Unlimited Cash Back
1.5% on every purchase, no limits
4.0
out of 5
Rewards
Fees
Welcome bonus
Perks
Value
Overall score is a weighted average: Rewards 20% · Fees 20% · Welcome bonus 20% · Perks 20% · Value 20%.
Ideal for
Existing Bank of America customers prioritizing simplicity and integration over maximizing earnings, and those without travel plans who value the no-fee structure.
The verdict
The Unlimited Cash Rewards sits in a crowded middle: straightforward 1.5% cash back with zero annual fee appeals to those who value simplicity over optimization. The 0% intro APR on purchases and balance transfers adds breathing room for revolvers. But it's significantly outpaced by competitors offering 2% flat rates (Wells Fargo Active Cash, VentureOne) at the same cost. You're essentially paying an invisible fee through forgone earnings if you compare it to cards ranked higher in the catalog. Bank of America Preferred Rewards members get a modest 10-75% boost depending on tier, which occasionally moves the needle—but that's a tie-in, not a universal feature.
Recommend this card only if simplicity is non-negotiable and you already bank with Bank of America (integration matters). Otherwise, the extra 0.5% on flat-rate competitors justifies the switch.
Pros
- Zero annual fee and zero earning cap — every purchase earns 1.5% regardless of amount
- 0% intro APR for 15 months on both purchases and balance transfers eases cash flow
- $0 liability fraud protection and account alerts bundled in
- Works with digital wallets (Apple Pay, Google Pay) for faster checkout
- Preferred Rewards boost up to 75% for Bank of America customers in higher tiers
Cons
- 1.5% cash back ranks 28th in the catalog — trailing flat 2% cards by a meaningful gap
- $250 bonus requires $1,000 spend in 90 days; competitors offer better ratios
- 3% foreign transaction fee makes it poor for travel; 3-5% balance transfer fees apply
- Limited redemption: statement credit or bank deposit only—no gift cards or travel transfers
- Requires 750+ credit score; excellent credit is a gating requirement most won't meet
Reward rates
| Category | Rate | Details |
|---|---|---|
| Everything else | 1.5x | Unlimited 1.5% cash back on all purchases |
1.5% unlimited cash back positions this card as a simplified alternative to category-bonus cards. The rate is competitive for no-fee cards but trails flat-rate competitors; VentureOne and Wells Fargo Active Cash both offer 2% with zero annual fee. Bank of America Preferred Rewards members receive a 10-75% bonus multiplier depending on account tier (Preferred Rewards Gold, Platinum, Diamond, Platinum Honors), potentially raising effective rates to 1.65-2.625%. This boost is valuable if you already maintain high checking/savings balances with BofA, but it's not universal and shouldn't be assumed.
Fees and APR
Does it pay for itself?
Zero annual fee makes this card accessible to cost-conscious cardholders. The trade-off: lower baseline earning than premium cards. For non-travelers without international spending, the $0 fee is the entire game—you're not subsidizing benefits you don't use. Balance transfer fees (3% intro, 5% standard) and foreign transaction fees (3%) apply only when used, so the true cost depends on your specific usage.
Welcome bonus
Is it worth chasing?
$250 cash rewards bonus after $1,000 spend in 3 months is modest relative to peers. For comparison, VentureOne Rewards offers $200 for $500 spend (better value), and higher-tier cards regularly hit $500-1,000. The 3-month window is standard. This bonus is easily earned but not a competitive advantage—factor it as a modest one-time benefit, not a deciding factor.
Other benefits
- $0 Liability Guarantee for fraudulent transactions
- Balance Connect® overdraft protection option with no transfer fees
- Paperless statement option available
- Digital wallet technology support (Apple Pay, Google Pay, Samsung Pay)
- Online and mobile banking access
- Account alerts for balances and due dates
- 3% intro balance transfer fee for first 60 days (5% after)
Similar cards
5% flat cash back on all purchases, same $0 annual fee—the primary reason to skip BofA
2% flat cash back on all purchases with no annual fee; cleaner value proposition than BofA's 1.5%
Frequently asked questions
Is 1.5% cash back actually unlimited?
Yes. There's no cap on earning, no maximum monthly bonus, no category restrictions. Every dollar spent earns 1.5%, even on high-value purchases. Rewards also don't expire as long as your account remains open.
Does the 0% intro APR apply to balance transfers?
Yes, the 0% APR covers both purchases and balance transfers for 15 months. However, balance transfers incur a 3% fee for the first 60 days, then 5% after. The APR offer makes revolver payoff plans more manageable, but fees still apply upfront.
What's the Preferred Rewards boost, and do I qualify?
Bank of America Preferred Rewards members earn 10%, 25%, 50%, or 75% cash back bonuses depending on their account tier (based on checking/savings balances). For example, Platinum Honors adds 75%, pushing 1.5% to 2.625%. You only qualify if you already maintain BofA deposits; it's not automatic for cardholders.
Should I use this card for travel?
No. The 3% foreign transaction fee makes international purchases expensive compared to cards waiving these fees. Use a travel card abroad; this card is for domestic spending only.
How does this compare to Wells Fargo Active Cash?
Wells Fargo's Active Cash earns 2% flat on all purchases with zero annual fee. You'll earn an extra $100 per year on $10,000 in spending versus the BofA card. Unless you need BofA integration or Preferred Rewards access, Active Cash is the cleaner choice.
Is the $250 bonus worth chasing?
Modest. $250 for $1,000 spend equals a 25% return on the minimum spend, which is reasonable but not exceptional. For comparison, other cards offer 40-50% bonuses (higher dollar bonuses on lower minimums). It's a nice kickstart but shouldn't drive the decision to apply.
Reviewed by YoungerFinance Editorial · Last updated August 10, 2026