Before you decide if the Bank of America® Unlimited Cash Rewards credit card is worth signing up for, it’s crucial to understand its rewards rate, fees and advantages. With that in mind, you should know that the Unlimited Cash Rewards card offers users a flat 1.5 percent cash back on all purchases, and that new customers can earn a $200 online cash bonus after spending at least $1,000 on purchases within 90 days of account opening.
Another feature worth highlighting is its introductory zero-interest offer. When new cardholders apply, they can enjoy a 0 percent intro APR for 18 billing cycles on both purchases and balance transfers made within the first 60 days of opening an account (followed by a variable APR of 16.24 percent to 26.24 percent).
Add in the fact that there’s no annual fee, and it’s easy to see why the Unlimited Cash Rewards card is worth checking out.
Bank of America Unlimited Cash Rewards Credit Card highlights
- Welcome bonus: $200 online cash bonus after you spend $1,000 on purchases within 90 days of account opening
- Rewards: Unlimited 1.5 percent cash back on all purchases
- Intro APRs: 0 percent intro APR for 18 billing cycles on purchases and balance transfers made within the first 60 days of account opening
- Variable APR: 16.24 percent to 26.24 percent
- Annual fee: $0
When is the Bank of America Unlimited Cash Rewards card worth it?
If you’re looking for a cash back credit card that skips bonus categories and offers generous flat-rate rewards instead, the Unlimited Cash Rewards card is worth considering. After all, you’ll earn a flat 1.5 percent cash back on everything you buy, which can definitely add up over time. You can also redeem your rewards for statement credits, a deposit into an eligible Bank of America checking or savings account or a transfer to an eligible Merrill investment account—including 529 savings plans.
This card is also worth signing up for if you want to enjoy an introductory 0 percent APR on purchases and balance transfers for 18 billing cycles. (Note, balance transfer must be made within the first 60 days in order to utilize this rate, and a 3 percent balance transfer fee, minimum of $10, applies.) While this isn’t the longest zero-interest offer on the market today, it does let you skip interest altogether for well over a year.
Finally, this Bank of America card is worth getting if you’re a member of the Bank of America Preferred Rewards program. You’ll have to maintain an average balance of at least $20,000 to qualify for the lowest of the five tiers of this program, but becoming a member lets you earn 25 percent to 75 percent more cash back for each dollar you spend.
With the Unlimited Cash Rewards card, in particular, being a member of this program means you would earn between 1.87 percent and 2.62 percent cash back on everything you buy.
When is the Bank of America Unlimited Cash Rewards card not worth it?
Unless you’re dead set on getting a credit card from Bank of America, you could earn more rewards with a different cash back credit card. After all, there are rewards cards that offer a higher flat rate of 2 percent cash back with no annual fee, including the Wells Fargo Active Cash® Card (earns cash rewards).
If you specifically need a card because you want to consolidate high-interest debt, you should also look at balance transfer credit cards that offer 0 percent intro APR offers on transferred balances for up to 21 months—six months longer than what’s offered by the Unlimited Cash Rewards card.
Also, remember that rewards earned with Unlimited Cash Rewards card can only be used in a few ways. For example, this card is a poor option if you want to redeem your rewards for gift cards, travel, merchandise or other flexible options.
Should you get the Bank of America Unlimited Cash Rewards card?
At the end of the day, you should consider the Bank of America Unlimited Cash Rewards card if:
- Getting a Bank of America credit card is one of your priorities
- You prefer to earn cash back over other types of rewards
- Flat-rate rewards appeal to you more than bonus categories
- You’re a Bank of America Preferred Rewards member
- Avoiding interest for 18 billing cycles sounds like a good deal
- You don’t want to pay an annual fee for a credit card
The bottom line
If you still can’t decide on this cash back credit card, taking some time to read Bankrate’s Bank of America Unlimited Cash Rewards review can help.
You can also spend some time comparing other Bank of America cards, like the Bank of America® Customized Cash Rewards credit card and Bank of America® Premium Rewards® credit card.
Also, make sure you compare this card to similar options from other issuers. With some research and comparison shopping, you’re sure to find the right fit.
Bank of America® Unlimited Cash Rewards credit card was last updated on August 23, 2022.