Bank of America® Unlimited Cash Rewards Credit Card Review: Flat 1.5% Cashback on All Purchases
The Bank of America® Unlimited Cash Rewards Credit Card offers unlimited 1.5% cashback on all purchases, 2% cashback for the first year, a $200 welcome bonus, and a 0% intro APR. With no annual fee, it’s a simple, rewarding option for everyday use.

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If you’re looking for a credit card that earns cashback on everything you buy, without keeping track of bonus categories or paying an annual fee, the Bank of America® Unlimited Cash Rewards Credit Card might be worth a look. It offers 1.5% cashback on every purchase, and new cardholders can currently earn 2% cashback for the first year, along with a $200 welcome bonus.
This card keeps things simple, making it a good option for everyday use. And if you’re a Bank of America or Merrill customer who qualifies for Preferred Rewards, you can earn even more cashback on all your purchases.
Welcome Bonus
New cardholders can earn a $200 cash bonus after spending $1,000 on purchases in the first 90 days of account opening. This is a competitive welcome offer, especially for a no-annual-fee card.
Unlimited 1.5% Cash Back — Earn 2% in Your First Year
With the current limited-time offer, new cardholders earn 2% cashback on all purchases for the first 12 months. This applies to all spending, whether it’s groceries, dining, streaming, gas, or online shopping.
After the first year, the card earns a flat 1.5% cashback on every purchase, with no caps, no rotating categories, and no activation required. It’s a strong fit for users who want a set-it-and-forget-it cashback strategy.
Extra Value for Preferred Rewards Members
If you’re a Bank of America Preferred Rewards client, you can boost your cashback rate by 25% to 75%, depending on your rewards tier. This means your 1.5% base rate could go as high as 2.62% cashback on every purchase, making this card one of the most rewarding flat-rate options, especially for loyal Bank of America or Merrill clients.
Flexible Redemption Options
Cash rewards are simple to redeem and never expire as long as your account is open. Redemption options include:
- Statement credits
- Direct deposits into an eligible Bank of America® checking or savings account
- Using your rewards to pay for purchases at Amazon.com
- Applying rewards at checkout when you pay with PayPal
There is no minimum redemption requirement, and rewards can be managed easily online or via the Bank of America mobile app.
No Annual Fee
The Bank of America® Unlimited Cash Rewards Credit Card charges no annual fee, which makes it a practical choice for everyday use. However, keep in mind that it does charge a 3% foreign transaction fee, so it may not be the best fit if you regularly travel abroad or make purchases in other currencies.
Introductory 0% APR for 15 months
In addition to rewards, the card features a 0% introductory APR for 15 billing cycles on purchases and balance transfers made within the first 60 days. After that, a variable APR of 18.24% to 28.24% applies.
- Balance transfer fee: 3% of the amount transferred within the first 60 days, then 4%
This intro offer makes it useful for short-term financing or consolidating high-interest debt.
Drawbacks
- Foreign Transaction Fee: This card charges a 3% fee on purchases made outside the U.S. or in foreign currencies. That makes it a less appealing choice for international travel or online purchases from merchants based outside the U.S.
- No Bonus Categories: If you spend heavily in specific areas like groceries, gas, or dining, you might earn more with a card that offers higher rewards rates in those categories.
- No Travel Perks or Protections: Unlike some other cashback or travel cards, this one doesn’t include features like trip cancellation insurance, travel accident coverage, or rental car insurance.
Best For
- People who want simple, unlimited cashback on all purchases
- New cardholders looking for a strong intro offer (2% unlimited cashback for 12 months + $200 bonus)
- Bank of America or Merrill customers who qualify for Preferred Rewards
- Budget-conscious users who want a no-annual-fee credit card
- Individuals interested in a 0% intro APR on purchases and balance transfers
Bottom Line
The Bank of America® Unlimited Cash Rewards Credit Card delivers on its promise of simple, flexible cashback with no annual fee. With 2% cashback for the first year, a $200 welcome bonus, and a 0% intro APR, it’s one of the best no-fee cards for maximizing everyday rewards, especially for Bank of America Preferred Rewards members who can earn up to 2.62% cash back. While the foreign transaction fee limits its appeal for travel abroad, this card shines as a go-to option for domestic purchases, bill payments, and cashback simplicity.
Other Credit Cards to Consider
Chase Freedom Unlimited®: Earn 1.5% cashback on all purchases, plus 3% on dining and drugstores, and 5% on travel booked through Chase Travel. The card has no annual fee, a $200 sign-up bonus, and a 0% intro APR for 15 months. It’s a great option for everyday spending with bonus categories but keep in mind it charges a 3% foreign transaction fee, so it may not be ideal for international use.
Capital One Quicksilver®: Earn 1.5% unlimited cashback on every purchase, plus 5% back on hotels and car rentals booked through Capital One Travel. The card has no annual fee, no foreign transaction fees, a $200 sign-up bonus, and a 0% intro APR for 15 months. It’s a strong everyday card that also works well for travel, thanks to its flat-rate rewards and international-friendly features.
Wells Fargo Active Cash®: Earn 2% cashback on all purchases, with no categories to track or spending limits. The card comes with no annual fee, a $200 sign-up bonus, and a 0% intro APR on both purchases and balance transfers for 12 months. However, it does charge a foreign transaction fee, which makes it less suitable for international use.
Citi® Double Cash Card: Earn 2% cashback on all purchases - 1% when you buy and 1% when you pay, making it a great choice for consistent rewards if you pay off your balance. Also earn 5% cashback on select travel booked through Citi Travel. The card has no annual fee, a $200 sign-up offer, and a 0% intro APR on balance transfers for 18 months. Keep in mind, it charges a foreign transaction fee, so it may not be the best fit for international purchases.
Discover it® Cash Back: Earn 5% cashback on rotating quarterly categories (activation required), such as groceries, gas, or restaurants, and 1% on all other purchases. There’s no annual fee, a 0% intro APR for 15 months, and Unlimited Cashback Match at the end of your first year - Discover will match all the cashback you earn. Plus, if you apply through this referral link, you’ll receive a $100 sign-up bonus.
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The information about the Bank of America® Unlimited Cash Rewards Credit Card has been collected independently by big4credit.com. The card details have not been reviewed or approved by the card issuer.