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Bank of America® Unlimited Cash Rewards Credit Card review

Earn up to 2.62% cash back on all eligible purchases if you qualify.

  • Get this card if you’re a Bank of America customer and you want a flat cashback rate card that offers higher than average cash back.
  • Pick something else if you’re not a Bank of America banking customer or you want a category cashback credit card.
  • Apply with a good or excellent credit score of 670 or higher.
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$200

Welcome offer

Up to 2.62%

Cash back

$0

Annual fee

0%

Intro purchase APR

for the first 15 months (then 13.99% to 23.99% variable)

Details

Annual fee$0
RewardsUp to 2.62% cash back for preferred rewards members and 1.5% cash back on all purchases
Purchase APR0% intro for the first 15 months (then 13.99% to 23.99% variable)
Balance transfer APR0% intro for the first 15 months (then 13.99% to 23.99% variable)
Minimum Credit Score670
IssuerVisa

Review by


Steven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.

Expert review

Despite Bank of America’s lineup of straightforward and reliable rewards cards, the provider has only just launched a flat cashback card for consumers. The Bank of America® Unlimited Cash Rewards Credit Card is a no-annual-fee cashback card that earns 1.5% back on all purchases with the potential to earn up to 2.62% back on every purchase. It also comes with 15 months 0% intro APR on purchases and balance transfers (on transfers made within your first 60 days), reverting to 13.99% to 23.99% variable. Finally, you can also earn a $200 signup bonus after you spend at least $1,000 in your first 90 days of account opening.

Most everything about the card is pretty standard for a cashback card except for one feature: depending on your rank in the Bank of America Preferred Rewards program, you can earn up to 75% more on the card’s base earning rate. That means you can earn just over 2.5% back on all eligible purchases, which is higher than the industry standard of 2% found on cards like the Citi® Double Cash Card, which earns 1% back when you make a purchase and another 1% back after you pay your balance.

The catch here is the requirements. To get the higher cashback rate, you’ll need to ascend through the ranks of the Preferred Rewards program. The higher your qualifying balances in Bank of America deposits or Merrill investment accounts, the higher your rank: Gold rank at $20,000, Platinum rank at $50,000 and Platinum Honors rank at $100,000.

Unfortunately, this card doesn’t greatly pull ahead of cards like the Citi® Double Cash Card until you reach that $100,000 threshold. At Platinum rank, the card makes just slightly over 2% and only rests around 1.7% at Gold status. That means unless you’re fully committed to Bank of America – and you have at least $100,000 in savings – other cashback cards on the market are still likely the better pick. But for those that meet the requirements, the flat rewards on this card are tough to beat.

How to apply for the Bank of America® Unlimited Cash Rewards Credit Card

You can apply for the Bank of America® Unlimited Cash Rewards Credit Card by doing the following.

  1. Go to the Bank of America website.
  2. Click on Credit cards at the top menu bar and then click Cash back credit cards from the drop down menu.
  3. Scroll down to the Bank of America Unlimited Cash Rewards card and click Apply now.
  4. Fill out the requested information, including your name, date of birth, address, phone number, email address, employment status and income.
  5. Check off the agreement box and then click Save and continue to finish your application.

Bank of America® Unlimited Cash Rewards Credit Card benefits

  • Earn cash back. You’ll earn a base rate of 1.5% cash back on all eligible purchases. You can boost this rate by 25%, 50% or 75% by raising your Preferred Rewards status with Bank of America.
  • Signup bonus. Earn $200 cash back after you spend at least $1,000 within your first 90 days of account opening.
  • Intro APR. This card offers 15 months 0% intro APR on purchases and balance transfers, reverting to 13.99% to 23.99% variable. You’ll need to transfer your balance within 60 days of account opening to take advantage of this offer.

Bank of America® Unlimited Cash Rewards Credit Card drawbacks

  • Bank of America or Merrill investments required for maximum cash back. You’ll need at least $100,000 combined in your Bank of America account or Merrill investment account in order to earn 2.62% back on purchases. Without at least $50,000 in combined accounts, this card earns less than the Citi® Double Cash Card.
  • Foreign transaction fees. You’ll pay a 3% fee on purchases made abroad with this card.

Bank of America® Unlimited Cash Rewards Credit Card customer reviews and complaints

As the card is still new, the Bank of America® Unlimited Cash Rewards Credit Card hasn’t yet garnered any customer reviews on social media.

Bank of America is accredited with the Better Business Bureau and has an A+ rating with the organization as of July 2021. The provider sports a 1.3 out of 5 rating on Trustpilot based on customer reviews, with several reviews complaining of poor customer service.

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Bottom line

The Bank of America® Unlimited Cash Rewards Credit Card is a welcome and interesting addition to the Bank of America card lineup best suited to those heavily invested in Bank of America. If you can qualify for the maximum rewards rate, you won’t find a better flat rate card on the market. If you don’t think you’ll qualify for the maximum rewards rate consider competitive cash back cards from other providers that don’t require a massive investment.

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