Bank of America Unlimited Cash Rewards Review (July 2026)
Bank of America Unlimited Cash Rewards Review (July 2026)
TLDR
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The Bank of America® Unlimited Cash Rewards credit card has strong first year value: unlimited 2% cash back, a $200 bonus (after meeting qualifying spend requirements), and a lengthy introductory APR. Long-term value depends on BofA Rewards. Without that relationship, a card permanently earning 2% may be stronger.
TLDR
- The Bank of America® Unlimited Cash Rewards credit card earns unlimited 2% cash back on purchases for the first year, followed by unlimited 1.5% cash back.
- New cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases within 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 receive a 10%-75% rewards bonus
Bank of America Unlimited Cash Rewards card details
| Feature | Current terms |
|---|---|
| Welcome offer | $200 online cash rewards bonus after at least $1,000 in purchases in the first 90 days |
| Rewards | Unlimited 2% cash back on purchases for the first year; unlimited 1.5% thereafter |
| Annual fee | $0 |
| Intro purchase APR | 0% for the first 15 billing cycles |
| Regular APR | 17.49%-27.49% variable APR after the introductory period |
| 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
First-year rewards
The Unlimited Cash Rewards card earns an additional 0.5% cash rewards bonus on purchases within 365 days of the account opening date, for a total of 2% cash rewards. At this rate, $20,000 of eligible purchases earns $400 in cashback rewards before factoring in the welcome offer and any BofA Rewards bonus.
This additional 0.5% that lifts the card above its usual 1.5% rate is a first-year promotion, not a permanent benefit. That distinction matters when comparing the card with products that earn 2% indefinitely.
Ongoing rewards
After the first 365 days of account opening, the card earns an unlimited 1.5% cash back before considering any BofA Rewards bonus.
Spending $20,000 annually would now earn $300 in cashback rewards.
How BofA Rewards affects this card
BofA Rewards is Bank of America's relationship program, and this card is eligible for its credit card rewards bonus. 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 one day within 30 days of opening the account.
Calculated cash-back rates by tier
| BofA Rewards tier | Qualifying balance | BofA Rewards cashback bonus | Ongoing calculated rewards rate | First-year calculated rewards rate* |
|---|---|---|---|---|
| Member | Less than $30,000 | 10% | 1.65% | 2.15% |
| Preferred Plus | $30,000 to less than $100,000 | 25% | 1.875% | 2.375% |
| Preferred Honors | $100,000 to less than $1 million | 50% | 2.25% | 2.75% |
| Premier | $1 million or more | 75% | 2.625% | 3.125% |
*Rates assume enrollment and an eligible purchase. The ongoing calculation applies the tier bonus to the 1.5% base rate. The first-year calculation then adds the separate, unboosted 0.5% promotion.
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%.
The first-year return can be particularly strong for higher-tier BofA Rewards members. For example, a Preferred Honors member can earn a calculated 2.75% on eligible purchases during the first year… which is an incredible rate.
Essentially: Bank of America cards uniquely reward loyalty/relationship banking.
Welcome offer and first-year value
Earning the $200 online cash rewards bonus requires at least $1,000 in purchases during the first 90 days. Spending exactly $1,000 would also earn $20 at the standard first-year 2% rate, producing $220 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, more than the $20 earned at the standard first-year rate. We suggest using a different card for purchases abroad.
Redemptions, benefits and limitations
Redeem any of your cashback 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 2% cash back during the first year without categories or spending caps (without factoring in BofA Rewards).
- A $200 online bonus after $1,000 in purchases within 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 unboosted cashback rewards rate falls to 1.5% after the first year.
- 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 or investing with Bank of America. 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 cashback, a $200 bonus and time to pay for a planned purchase. Minimum payments remain due during the intro APR.
Before applying, compare 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 want a Bank of America checking relationship and prioritize the highest long-term flat rate. A card earning 2% permanently may provide more value after year one. 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 2% cash back, a $200 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 cashback really unlimited?
Yes, cash-back earnings are not subject to a spending cap, but the rate changes from 2% during the first year to 1.5% afterward before considering any eligible BofA Rewards bonus.
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.
Does BofA Rewards increase the first-year 2% rate?
The relationship bonus applies to the card's eligible base rewards but not the separate 0.5% first-year promotional portion, resulting in calculated first-year rates from 2.15% to 3.125% depending on Bofa Rewards tier; it also does not increase the $200 welcome bonus.
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.