Bank of America Unlimited Cash Rewards Review (Aug 2026)
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The Bank of America® Unlimited Cash Rewards credit card is designed to be a simple card for all your spending needs. It has strong first year value: a limited time $250 welcome bonus and a lengthy introductory APR.
However, long-term value depends on your BofA Rewards™ tier. Without an ongoing Bank of America relationship, a card permanently earning more than 1.5% may be better.
TLDR
- The Bank of America® Unlimited Cash Rewards credit card earns unlimited 1.5% cash back on all eligible purchases.
- New cardholders can earn a (limited time) $250 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- The card has a $0 annual fee, but its 3% foreign transaction fee makes it a poor choice for international purchases.
- The 0% introductory APR lasts 15 billing cycles for purchases; a 17.49%-27.49% variable APR applies afterward.
- Eligible BofA Rewards™ members can receive a 10%-75% rewards bonus
Bank of America Unlimited Cash Rewards card details
| Feature | Current terms |
|---|---|
| Welcome offer | Limited Time Offer! $250 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening |
| Rewards | Unlimited 1.5% cashback on all eligible purchases |
| Annual fee | $0 |
| Intro purchase APR | 0% Intro APR for 15 billing cycles for purchases |
| Regular purchase APR | 17.49% - 27.49% Variable APR on purchases |
| Foreign transaction fee | 3% |
There are no categories or spending caps, and rewards do not expire while the account remains open.
How the cash-back rewards work
The Unlimited Cash Rewards card is very simple: it earns 1.5% cashback on all eligible purchases.
So, if you spend $5,000 on the card, you'd earn $75 in cashback.
If you spend $10,000 on the card, you'd earn $150 in cashback.
It's very simple; no categories or ancillary numbers to concern yourself with.
How BofA Rewards™ affects this card
BofA Rewards™ is Bank of America's relationship loyalty program, and this card is eligible for the program’s credit card rewards bonus. Eligibility for the program can materially improve the card’s ongoing return and is central to its long-term value.
Eligibility and balance tiers
BofA Rewards™ enrollment requires an active, eligible Bank of America personal checking account. The Member tier has no minimum balance, while higher tiers are based on the three-month combined average daily balance across qualifying Bank of America, Merrill and Private Bank accounts.
New Bank of America customers opening their first eligible personal checking account may qualify using their current combined balance if they meet the applicable requirement for at least three business days within 30 days of opening the account.
Calculated cash-back rates by tier
| BofA Rewards™ tier | Qualifying balance | BofA Rewards™ cash back bonus | Ongoing calculated rewards rate |
|---|---|---|---|
| Member | Less than $30,000 | 10% | 1.65% |
| Preferred Plus | $30,000 to less than $100,000 | 25% | 1.875% |
| Preferred Honors | $100,000 to less than $1 million | 50% | 2.25% |
| Premier | $1 million or more | 75% | 2.625% |
*Rates assume enrollment and an eligible purchase. The ongoing calculation applies the tier bonus to the 1.5% base rate.
The Member tier is notable because it offers a 10% card-rewards bonus without a stated minimum account balance beyond maintaining the eligible checking relationship. At the other end, Preferred Honors raises the ongoing rate to 2.25%, while Premier reaches 2.625%.
Essentially: Bank of America cards uniquely reward loyalty/relationship banking. Unfortunately, there are no transfer partners, so your cashback is... cold hard cash (good for some people).
Welcome offer and first-year value
Earning the limited time $250 online cash rewards bonus requires at least $1,000 in purchases during the first 90 days. Spending exactly $1,000 would also earn $15 at the standard 1.5% rate, producing $265 total in cash back before any eligible relationship bonus on the purchase rewards.
Purchases should fit your regular budget because interest or unnecessary spending can outweigh the bonus.
Intro APR and fees
The card offers a 0% introductory APR for the first 15 billing cycles on purchases. After the introductory APR offer ends, the current 17.49%-27.49% variable APR applies.
This gives you time to pay down eligible purchases without accruing interest during the promotional period, provided you continue making the required minimum payments.
The $0 annual fee makes the card easy to keep, but the 3% foreign transaction fee is a meaningful limitation. Charging $1,000 outside of the United States could generate $30 in fees. We suggest using a different card for purchases abroad.
Redemptions, benefits and limitations
Redeem any of your cash back rewards for a statement credit, an eligible Bank of America checking or savings deposit, or purchases at Amazon.com and PayPal. Statement credits do not replace the required minimum payment.
Pros
- Unlimited 1.5% cashback without categories to worry about (without factoring in BofA Rewards™).
- A limited time $250 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- No annual fee and a 0% introductory APR on purchases for the first 15 billing cycles.
- Ongoing cash-back rates above 2% for Preferred Honors and Premier members.
Cons
- The 3% foreign transaction fee offsets rewards on international purchases.
- The best ongoing rates require an eligible checking account and substantial qualifying balances.
- Redemptions are simple but lack travel transfer partners or potentially higher-value travel options.
Who this card is best for
The card is strongest for people already banking with Bank of America or investing with Merrill. The Member tier produces a calculated 1.65% ongoing rate, while Preferred Honors and Premier reach 2.25% or 2.625%.
It also suits someone seeking simple cash back, a $250 bonus (limited time), and time to pay for a planned purchase. Minimum payments remain due during the intro APR.
Before applying, check the ongoing rate at the BofA Rewards™ tier you can realistically maintain, not the highest possible outcome. Moving deposits or investments solely for a credit card bonus can introduce account fees, opportunity costs or portfolio trade-offs that outweigh the added cash back.
Consider another card if you do not have a Bank of America checking relationship and prioritize the highest long-term flat rate. A card earning 2% permanently may provide more value. International travelers should choose a card without foreign transaction fees.
Bottom line
The Bank of America Unlimited Cash Rewards card offers a well-rounded first year, combining 1.5% cash back, a limited time $250 bonus, no annual fee and a 15-billing-cycle intro APR.
At the unboosted 1.5% rate it trails some flat-rate alternatives, but BofA Rewards™ makes it more competitive at every tier, particularly Preferred Honors and Premier.
FAQ
Is the Bank of America Unlimited Cash Rewards cash back really unlimited?
Cash back earnings are not subject to a spending cap... so yes, your 1.5% cashback rewards are infinite!
Does the Unlimited Cash have an annual fee?
No, the annual fee is $0, so there is no yearly card cost that must be offset with rewards.
Do I need $30,000 to join BofA Rewards™?
No, the Member tier covers qualifying balances below $30,000 and provides a 10% credit card rewards bonus, but enrollment still generally requires an active, eligible Bank of America personal checking account.
How can Unlimited Cash Rewards be redeemed?
Rewards can be redeemed in any amount for a statement credit, deposited into an eligible Bank of America checking or savings account, or applied toward purchases through Amazon.com or PayPal.
Does the card charge a foreign transaction fee?
Yes, the 3% foreign transaction fee generally makes a card without that fee a better choice for purchases outside the United States.
Any cool Bank of America® Unlimited Cash Rewards credit card benefits not commonly discussed?
We think Museums on Us is a relatively hidden benefit that isn't commonly discussed. You can get free general admission to eligible United States museums (on certain days of the year) if you present an active Bank of America credit card. Terms apply!