$ 200 bonus and 1.5% cash back

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There have been a ton of new credit card launches in recent weeks, and now Bank of America is getting into the action with the new Bank of America® Unlimited Cash Rewards credit card.

As the name suggests, the card offers unlimited 1.5% cash back on all purchases, so there is no category of bonus to follow. It also comes with a decent welcome bonus – new cardholders can earn a $ 200 cash rewards bonus after making at least $ 1,000 in purchases within the first 90 days of opening the account. .

Read more: The best cash-back credit cards

However, if you are a Bank of America Preferred Rewards customer, you can earn 25-75% additional cash back with the Bank of America® Unlimited Cash Rewards credit card, depending on your rewards level, which can make the card much more lucrative.

Here’s what you need to know about the new Bank of America® Unlimited Cash Rewards credit card to help you decide if you should apply.

Bank of America Unlimited Cash Rewards credit card details

Regular APR

13.99% – 23.99% Variable

Credit score

Good to Excellent

Featured Reward

$ 200 online cash rewards bonus after making at least $ 1,000 in purchases within the first 90 days of account opening

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Advantages and disadvantages

  • Details


  • Benefits
    • Decent welcome bonus
    • Generous 0% APR offer on purchases and balance transfers
    • You can earn up to 75% additional rewards for your spending if you are a Bank of America Preferred Rewards customer
    The inconvenients
    • 3% foreign transaction fees
    • Other cards offer better travel and shopping benefits
    • Bank of America® Unlimited Cash Rewards credit card information has been collected by Business Insider and has not been reviewed by the issuer.
    • Get unlimited 1.5% cash back on all your purchases
    • No limit to the amount of cash back you can earn and cash rewards do not expire
    • $ 200 cash rewards bonus online after making at least $ 1,000 in purchases within the first 90 days of opening your account
    • 0% introductory APR for your first 15 billing cycles for purchases and for any balance transfers made within 60 days of opening your account. After that, a variable APR which is currently 13.99% to 23.99% will apply. A 3% fee (min $ 10) applies to balance transfers
    • Benefit from no annual fees while earning unlimited cash back on all your purchases
    • Preferred Rewards members earn 25-75% additional cash back on every purchase. This means you could earn up to 2.62% cash back on every purchase.

    Earning 1.5% cash back and a $ 200 welcome bonus with a no annual fee card is not uncommon these days – for example, the Chase Freedom Unlimited® earns at least 1.5% cash back. money (or more in some categories) and offers a bonus of $ 200 after spending $ 500 in the first three months after opening the account, plus 5% cashback (5x points) in grocery stores (except from Target and Walmart) spending up to $ 12,000 in the first year of opening the account (then 1x).

    The Bank of America® Unlimited Cash Rewards credit card becomes much more attractive if you are a Bank of America Preferred Rewards customer. The amount you have on deposit with Bank of America or invested with Merrill determines your membership level, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is a great rate of return for a cash back credit card with no annual fee.

    In addition to a decent bonus and 1.5% cash back on all purchases, the Bank of America® Unlimited Cash Rewards credit card comes with a 0% introductory APR for the first 15 months on purchases. and balance transfers made within the first 60 days of account opening followed by a variable APR of 13.99% – 23.99%). This is a good deal if you are looking to consolidate high interest rate debt or have any major purchases ahead that you want to pay off over time.

    Read more: The best low interest credit cards with 0% APR

    As you would expect from a no annual fee card, the Bank of America® Unlimited Cash Rewards credit card does not offer any luxury benefits, but because it is a Visa Signature card, you enjoy benefits such as secondary car rental insurance and extended warranty protection.

    With the Bank of America® Unlimited Cash Rewards credit card, you only have a few redemption options, but you can redeem any amount at any time:

    • Deposit cash rewards to your eligible Bank of America bank or savings account
    • Credit to your eligible Merrill accounts, including 529 accounts
    • Credit statement on your credit card

    Rewards do not expire while your account is open and in good standing.

    Alternatives to the Bank of America Unlimited Cash Rewards card

    Depending on your spending habits and how you want to redeem rewards, there are other no-annual fee cards that may be better for you.

    Read more: The best current credit card signup bonuses

    In fact, some of the best cash back credit cards aren’t all cash back. Instead, they earn reward points or flexible miles that you can redeem for cash, travel, and more. Here are some of our favorites:

    * Eligible categories for 5% cash back on the Citi Custom Cash℠ card are restaurants, gas stations, grocery stores, some travel, some transit, some streaming services, drugstores, stores home improvement, health clubs and live shows

    Regular APR

    Variable APR from 14.99% to 23.74%

    Credit score

    Good to Excellent

    Featured Reward

    $ 200 after spending $ 500 in the first three months after opening the account

    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

  • Advantages and disadvantages

  • Details


  • Benefits
    • Fixed and solid repayment rate
    • You can combine cash back rewards with Ultimate Rewards points if you have an eligible card
    • No annual fee
    The inconvenients
    • Some other cards offer a higher cash back rate on certain types of purchases
    • Earn $ 200 bonus after spending $ 500 on purchases in the first 3 months after opening the account.
    • Get 5% Cash Back on grocery purchases (excluding Target® or Walmart® purchases) up to $ 12,000 spent in the first year.
    • Get 1.5% unlimited cash back on all other purchases.
    • Earn 5% on Chase trips purchased through Ultimate Rewards®, 3% on restaurants and drugstores, and 1.5% on all other purchases.
    • No annual fee.
    • 0% introductory APR for 15 months from the opening of the account on purchases, then variable APR from 14.99 to 23.74%.
    • No minimum to exchange for money. Cash Back Rewards do not expire while your account is open.

    Read our review
    Read our review A long arrow, pointing to the right

    Featured Cash Back Credit Cards From Our Partners
    Featured Reward

    2% cash back on all purchases

    Credit needed

    Good to Excellent

    Featured Reward

    $ 200 after spending $ 500 in the first three months after opening the account

    Credit needed

    Good to Excellent

    Featured Reward

    $ 200 bonus after spending $ 500 on purchases in the first 3 months after opening the account

    Credit needed

    Good to Excellent


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