Bank of America Unlimited Cash Rewards credit card review: Earn unlimited cash back with no annual fee

14.10.2024 - 21:03 / thepointsguy.com

The Bank of America® Unlimited Cash Rewards credit card offers simplified rewards where you'll earn 1.5% cash back on all purchases, with no annual fee. The card — and cash back — can become quite lucrative for anyone with a significant banking or investing relationship with Bank of America. Card Rating*: ⭐⭐⭐½

The Bank of America Unlimited Cash Rewards credit card has no annual fee and is the perfect solution for those who want simplicity in their credit card rewards. It earns an unlimited 1.5% cash back on all purchases. For existing Bank of America Preferred Reward® members, you'll earn up to an extra 75% more for up to 2.62% cash back on every purchase made.

Cash rewards don't expire as long as the account remains open. If you aren't a frequent traveler, having cash back in your pocket now versus waiting for the "right" redemption and having to worry about point valuations might sound appealing.

Cash back can be redeemed as a deposit into your Bank of America checking or savings accounts, a statement credit to your credit card and even a credit to an eligible Merrill® account, including 529 accounts.

TPG recommends you have a credit score of 670 or higher to increase your chances of getting approved for this card, but it is not uncommon to get approved with a lower score.

Let's examine if you should add the Bank of America Unlimited Cash Rewards to your wallet.

With the Bank of America Unlimited Cash Rewards card, you'll earn a $200 online cash rewards bonus after $1,000 in purchases in the first 90 days of your account opening. While there are better bonus offers out there, this is on par with many other offers available for a no-annual-fee credit card.

The fact that you'll receive cash back in your pocket allows you to use that money on any purchase you desire — even if it's not for travel purposes. And with a low minimum spend requirement, earning the cash rewards bonus shouldn't be difficult for most.

Related: Cash back versus points-and-miles credit cards

Similar to many other no-annual-fee credit cards, the perks on the Bank of America Unlimited Cash Rewards credit card are limited, especially on the travel front.

You won't find perks like automatic hotel status, airport lounge access or complimentary Global Entry or TSA PreCheck. Instead, you'll have a card with a strong rewards structure and other Bank of America benefits, such as roadside dispatch and extended warranty.

Related: Best Bank of America cards

The Bank of America Unlimited Cash Rewards credit card offers a strong cash back opportunity — especially for those who qualify for Bank of America's Preferred Rewards program.

Cardmembers earn unlimited 1.5% cash back on all purchases, regardless of the category they fall into.