Bank of America Unlimited Cash Card Review: 2% Cash Back for First Year, No Annual Fee Bank of America Unlimited Cash Card Review: 2% Cash Back for First Year, No Annual Fee

Bank of America Unlimited Cash Card Review: 2% Cash Back for First Year, No Annual Fee

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The Bank of America® Unlimited Cash Rewards credit card is a strong contender if you're looking for a no-annual-fee cash-back credit card. It offers a straightforward earning rate of 2% cash back for the first year, then 1.5% on all purchases after the first year— a competitive return compared to other no-annual-fee cards.

What's more, the card isn't limited to just earning cash-back rewards, as it comes with several other helpful features. And if you already have — or are open to moving — your banking or investment accounts to Bank of America or Merrill, you could increase your earnings significantly. Enrolling in the Preferred Rewards program allows you to earn up to 2.625% cash back on every purchase — and even more in the first year.

Here's a closer look at what the Bank of America Unlimited Cash Card has to offer.

Bank of America® Unlimited Cash Rewards credit card
Bank of America® Unlimited Cash Rewards credit card
Annual Fee$0
Welcome Bonus $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
The Bank of America® Unlimited Cash Rewards credit card offers a simple and straightforward rewards setup, ideal if you prefer uncomplicated cash back earnings. With no annual fee, the card provides 2% cash back on purchases for the first year from account opening, then a flat rate of 1.5% cash back on all purchases. For Bank of America Preferred Rewards members, the cash back rate can increase significantly, up to 2.62% as an ongoing earning rate, depending on the account balance tier​. Learn more about Preferred Rewards
  • Earn 2% cash back on purchases for the first year from account opening
  • Earn unlimited 1.5% cash back on all purchases after year one

Bank of America Unlimited Cash Card Pros

  • Earn 2% cash back on purchases for the first year from account opening, with no limit to the amount of cash back you can earn. Thereafter, you’ll earn unlimited 1.5% on all purchases, with no expiration on rewards as long as your account remains open.
  • Participation in the Preferred Rewards program means you can earn up to 3.5% cash back on every purchase for the first year, then 2.625% every year thereafter.
  • $0 annual fee.

Bank of America Unlimited Cash Card Cons

  • Increased earning rates only work in conjunction with Bank of America and Merrill Lynch accounts.
  • No additional categories for bonus earnings.
  • Does not offer travel rewards points — only cash back.
A woman is sitting on her bed with a laptop, credit card and her phone
Photo credit: Avelino Calvar Martinez/Burst

Bank of America Unlimited Cash Card Welcome Bonus

Upon approval for the Bank of America Unlimited Cash Card, you can earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening, plus 2% cash back on purchases for the first year from account opening.

Better yet, you'll also earn 2% cash back on the spending required to earn the welcome bonus, increasing your rewards.

While you can find better sign-up bonuses through top rewards card offers, $200 online cash rewards bonus is a solid bonus for a $0-annual-fee card. Even better, the 2% earnings for the first year make this a great everyday spending card.

Related: The Best Credit Cards With Annual Fees Under $100

Bank of America Unlimited Cash Card Benefits

Outside of being a Visa Signature-branded card, the Bank of America Unlimited Cash Card doesn’t offer much in the way of benefits. However, two perks (one introductory and one long-term) stand out.

Low introductory APR offer

The Bank of America Unlimited Cash Card features a 0% Intro APR for 15 billing cycles for purchases. Plus, you'll get a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. Once the promo period ends, a Variable APR on purchases and balance transfers of 18.24% - 28.24% will apply.

This can be a helpful option if you need short-term financing for larger purchases or want to consolidate existing debt without immediately incurring interest. Just keep in mind that there’s a balance transfer fee 3% for 60 days from account opening, then 4%.

Related: The Best 0% APR Intro Balance Transfer Offers With No Annual Fee

$0 annual fee

The Bank of America Unlimited Cash Card charges a $0 annual fee. This adds to the card's overall appeal. Without an annual fee, every dollar in cash back goes straight into your pocket.

A photo of a woman buying a package of coffee at a shop.
Credit: Sarah Pflug/Burst

Bank of America Unlimited Cash Card Earning Rates

Earn 2% cash back on purchases for the first year from account opening, with no limit to the amount of cash back you can earn. Thereafter, you’ll earn unlimited 1.5% on all purchases, with no expiration on rewards as long as your account remains open. when using the Bank of America Unlimited Cash Card.

This is a simple rewards structure that works well for those who don't want to fool around with bonus categories or those looking for a card to supplement their card strategy on those “other” purchases outside the bonus categories on their existing credit cards.

And as long as your card is open and in good standing, your earned rewards won't expire.

Boost your earnings with Bank of America Preferred Rewards

While the ongoing 1.5% cash back rate is competitive, qualifying for the Bank of America Preferred Rewards program can elevate your earning potential a lot further. The amount you earn depends on how much you have deposited with Bank of America, combined with any funds you have invested with Merrill Lynch.

They base the tiers on a three-month average of deposits. Here's how much you need in savings to qualify for each tier on an ongoing basis:

TierRequired BalanceBonusResulting Cashback rate
Gold$20,000-$49,99925%1.875%
Platinum$50,000-$99,99950%2.25%
Platinum Honors$100,000- $999,99975%2.625%
Diamond$1,000,000-$9,999,99975%2.625%
Diamond Honors$10 million or more75%2.625%

If you have more than $100,000 in savings, the ability to earn 2.625% cash back on all purchases (and even more in the first year) might entice cardholders to consider moving deposits to Bank of America and Merrill Lynch.

Bank of America Preferred Rewards tiers
Credit: Bank of America

The Preferred Rewards program boosts also apply to other cards in the Bank of America portfolio, like the Bank of America® Travel Rewards credit card, which can give you additional options when looking for rewards cards.

Redeeming Cash Back With the Bank of America Unlimited Cash Card

The Bank of America Unlimited Cash Card makes redeeming cash back simple, with options including:

  • Deposit into your eligible Bank of America checking or savings account
  • Credit into your eligible Merrill accounts, including 529 accounts
  • Issue statement credits to your credit card

Multiple flexible redemption options provide another reason to consider this card.

Related: How To Redeem Cash Back From Bank of America Credit Cards

Application Restrictions and Strategy

Bank of America doesn't have a written rule about how many of its credit cards you can have at a time, but multiple data points suggest the maximum is four. Additionally, the Bank of America 2/3/4 rule restricts consumers to the following number of new Bank of America cards:

  • Two new cards in a two-month period
  • Three new cards in a 12-month period
  • Four new cards in a 24-month period

Some reports suggest that Bank of America can be pretty selective when it comes to credit card approvals. To improve your chances, it’s wise to space out your applications and apply strategically.

Lastly, your approval odds will depend on whether you have Bank of America deposit accounts and how many credit cards you've opened recently (across all issuers).

  • If you have a deposit account with Bank of America: Your card application will be denied if you've opened seven or more new cards in the past 12 months, based on what's visible on your credit report.
  • If you don't have a deposit account with Bank of America: Your card application will be denied if you've gotten three or more new cards in the past 12 months.

Related: Understanding Rewards Credit Card Application Rules and Restrictions

Cards That Compete With the Bank of America Unlimited Cash Card

For those looking for simple rewards, the Bank of America Unlimited Cash Card is a valuable cash-back credit card. However, dozens of other cards offer cash back. Here are a few alternatives to consider:

  • If you want a cash-back card that earns 2% on all purchases past year one, the Citi Double Cash® Card is the gold standard. If you aren't taking advantage of the Bank of America Preferred Rewards program — or only have Gold Tier status — the Citi Double Cash will be more rewarding on everyday spending. You'll earn 2% cash back on all purchases: 1% when you buy plus 1% as you pay. Learn more in our Citi Double Cash review.
  • If you want a cash-back card with bonus earnings on travel, try the Capital One Quicksilver Cash Rewards Credit Card. The Capital One Quicksilver also offers 1.5% cash back on every purchase, every day and a quality welcome bonus. Our Capital One Quicksilver review has further details.
  • If you want a card with travel bonuses and more bonus categories, the Chase Freedom Unlimited® (Rates & Fees) earns unlimited 1.5% on all other purchases cash back on everyday spending, as well as 5% back on travel booked through Chase TravelSM and 3% back at restaurants and drugstore purchases. Even better, if you pair this card with a Chase card that earns points and has an annual fee, you can combine your cash back with points to gain additional value and redemption options. You can find out more in our Chase Freedom Unlimited review.
Citi Double Cash® Card
Citi Double Cash® Card
Welcome Offer Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. Plus, get a 0% intro APR on balance transfers for 18 months. (After that, the (Variable) APR will be 18.24% - 28.24% based on your creditworthiness.)
Annual Fee$0
Credit ScoreExcellent, Good, Fair
  • Earn 2% cash back on every purchase—1% when you buy and 1% when you pay. Plus, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. Citi cash rewards now also convert to ThankYou points at 1:1 ($10 = 100 ThankYou points).
Capital One Quicksilver Cash Rewards Credit Card
Capital One Quicksilver Cash Rewards Credit Card
New Cardmember Bonus One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
Annual Fee$0
Credit ScoreExcellent, Good
  • 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply)
  • 5% cash back on purchases through Capital One Entertainment (through 12/31/2025)
  • 1.5% cash back on every purchase, every day
Chase Freedom Unlimited®
Chase Freedom Unlimited®
Welcome Bonus Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
Annual Fee$0Rates & Fees
Credit ScoreExcellent, Good
  • Earn 5% on purchases through Chase Travel℠
  • Earn 3% on dining at restaurants
  • Earn 3% on drugstore purchases
  • Earn 1.5% on all purchases

Related: The Best Cash Back Cards for Every Budget

Bottom Line

The Bank of America Unlimited Cash Card is a solid choice for someone wanting to earn cash back without an annual fee or a complicated rewards structure. And that's particularly true for those with substantial account balances at Bank of America and/or Merrill Lynch. Earning up to 2.625% cash back on every purchase is tough to beat.

That said, not everyone will qualify for the Preferred Rewards tiers needed to unlock that elevated rate. Even so, this card remains a strong option for everyday spending, especially on those miscellaneous purchases that don’t fall into bonus categories on your other cards.

Bank of America® Unlimited Cash Rewards credit card
Bank of America® Unlimited Cash Rewards credit card
Annual Fee$0
Welcome Bonus $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
The Bank of America® Unlimited Cash Rewards credit card offers a simple and straightforward rewards setup, ideal if you prefer uncomplicated cash back earnings. With no annual fee, the card provides 2% cash back on purchases for the first year from account opening, then a flat rate of 1.5% cash back on all purchases. For Bank of America Preferred Rewards members, the cash back rate can increase significantly, up to 2.62% as an ongoing earning rate, depending on the account balance tier​. Learn more about Preferred Rewards
  • Earn 2% cash back on purchases for the first year from account opening
  • Earn unlimited 1.5% cash back on all purchases after year one

For rates and fees of the cards mentioned in this post, please visit the following links: Chase Freedom Unlimited® (Rates & Fees)

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