{"id":134381,"date":"2026-04-28T18:10:01","date_gmt":"2026-04-28T18:10:01","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=134381"},"modified":"2026-04-28T18:10:01","modified_gmt":"2026-04-28T18:10:01","slug":"maximize-unlimited-cash-card-preferred-rewards","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/maximize-unlimited-cash-card-preferred-rewards\/","title":{"rendered":"Earn up to 3.5% Cash Back on All Purchases for a Year With No Annual Fee"},"content":{"rendered":"<p>Getting high cash-back returns can sometimes require paying a steep annual fee. However, you can earn up to 3.5% cash back on all purchases for a year with the Bank of America<sup>\u00ae<\/sup> Unlimited Cash Rewards credit card \u2014 and there's no annual fee.<\/p>\n<p>Here's how to do it.<\/p>\n<p><div class=\"qs-card\" data-id=\"4048258\">\n            <div class=\"qs-data\">\n                <div class=\"qs-view\">\n                    <div class=\"qs-cardname\">Bank of America<sup>\u00ae<\/sup> Unlimited Cash Rewards credit card<\/div>\n                    <div class=\"qs-image\"><img src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/cdn.nextinsure.com\/imaging\/opt\/6bd9a59e-9e8c-4b7b-8d6a-3382a4e43347.png\" width=\"150\" alt=\"Bank of America\u00ae Unlimited Cash Rewards credit card\" \/ class=\"lazyload\"><\/div>\n                    <div class=\"qs-apply\"><\/div>\n                    <div class=\"qs-rates\"><\/div>\n                    <div class=\"qs-offer\"><strong>Welcome Bonus<\/strong>\r\n$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.<\/div>\n                <\/div>\n                <div class=\"qs-info\">\n                    <strong class=\"qs-cardname\">Bank of America<sup>\u00ae<\/sup> Unlimited Cash Rewards credit card<\/strong>\n                    <div class=\"qs-offer\"><strong>Welcome Bonus<\/strong>\r\n$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.<\/div>\n                    <div class=\"qs-fee\"><strong>Annual Fee:<\/strong><b>$0<\/b><\/div>\n                    <div class=\"qs-tabs\"><a class=\"qs-more\" href=\"#more\">Show more<\/a><a href=\"\" data-tab=\"wwl\">Why We Like It<\/a><a href=\"\" data-tab=\"er\">Earning Rates<\/a><div class=\"qs-tab-wwl\">The Bank of America<sup>\u00ae<\/sup> 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\u200b. <a href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/preferred-rewards-guide\/\">Learn more about Preferred Rewards<\/a><\/div><div class=\"qs-tab-er\"><ul>\r\n<li>Earn 2% cash back on purchases for the first year from account opening<\/li>\r\n<li>Earn unlimited 1.5% cash back on all purchases after year one<\/li>\r\n<\/ul><\/div><\/div>\n                <\/div>\n            <\/div>\n            <a class=\"qs-share\" href=\"\/find-a-card\/BOAUnlimited\/\" title=\"copy\"><svg width=\"12\" height=\"16\" viewBox=\"0 0 12 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"https:\/\/awardwallet.com\/blog\/wp-content\/themes\/awardwallet\/public\/builds\/icon\/icon-sprite.svg?v2026-5-138a544e81#share-square\" fill=\"currentColor\"><\/use><\/svg><\/a>\n        <\/div><\/p>\n<h2><span id=\"Open_a_Bank_of_America_Unlimited_Cash_Card\">Open a Bank of America Unlimited Cash Card<\/span><\/h2>\n<p>To potentially unlock 3.5% cash back on every purchase, you first need to open a <a data-ccid=\"4048258\" href=\"https:\/\/awardwallet.com\/credit-cards\/cash-back\/bank-of-america-unlimited-cash-rewards\/\">Bank of America Unlimited Cash Card<\/a>. This no-annual-fee card earns 2% cash back for the first year, then unlimited 1.5% cash back on all purchases thereafter.<\/p>\n<p>On its own, this is a very simple and easy-to-understand card. It also comes with a decent welcome offer that's not difficult to 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.<\/p>\n<p>That's solid, but you could earn even more rewards by pairing the Bank of America Unlimited Cash Card with <a target=\"_blank\" href=\"\/credit-cards\/bank-of-america\/preferred-rewards-guide\/\" rel=\"noopener\">Bank of America Preferred Rewards<\/a>.<a target=\"_blank\" href=\"\/credit-cards\/citi-thankyou-rewards\/citi-double-cash-card\/\" rel=\"noopener\"><\/a><\/p>\n<h2><span id=\"Boost_Your_Card_Earnings\">Boost Your Card Earnings<\/span><\/h2>\n<p>Most likely, you have a checking or savings account. Perhaps you have investment or retirement accounts. You can take these funds and put them to work to increase your cash-back rewards by moving your assets to Bank of America.<\/p>\n<p>This is where the Bank of America Preferred Rewards program comes into play. One simple visit or call with a Bank of America banker can unlock massive earning potential.<\/p>\n<p>Note that this program is changing soon: <a target=\"_blank\" href=\"https:\/\/awardwallet.com\/news\/bank-of-america\/preferred-rewards-to-become-bofa-rewards\/\" rel=\"noopener\">Bank of America says BofA Rewards will replace Preferred Rewards<\/a> on May 27, 2026.<\/p>\n<figure id=\"attachment_130818\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-130818 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/10\/Clay-Banks-Unsplash-Bank-of-America-credit-card-featured-300x240.png\" alt=\"a customer pays by credit card at a coffee shop\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/10\/Clay-Banks-Unsplash-Bank-of-America-credit-card-featured-300x240.png 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/10\/Clay-Banks-Unsplash-Bank-of-America-credit-card-featured-768x614.png 768w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/10\/Clay-Banks-Unsplash-Bank-of-America-credit-card-featured-325x260.png 325w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/10\/Clay-Banks-Unsplash-Bank-of-America-credit-card-featured.png 1000w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Clay Banks\/Unsplash<\/em><\/enter><\/figure>\n<h3><span id=\"Bank_of_America_Preferred_Rewards_Program\">Bank of America Preferred Rewards Program<\/span><\/h3>\n<p>The Bank of America Preferred Rewards program offers customers various bonuses and discounts based on the amount of funds they keep in qualifying Bank of America or Merrill accounts. You can deposit funds or transfer stocks and other brokerage assets to fund your accounts.<\/p>\n<p>Even better, Bank of America will often offer bonuses for opening new accounts. Through these bonuses, Bank of America gives customers a tangible cash-back reward incentive to earn their banking business.<\/p>\n<h4>Bank of America Preferred Rewards Program Tiers<\/h4>\n<p>The Bank of America Preferred Rewards program has four tiers: Gold, Platinum, Platinum Honors, and Diamond Honors. Your tier is determined by your three-month combined average daily balance across all qualifying checking, savings, and investment accounts.<\/p>\n<p>It's worth noting that it typically takes three months from the time you deposit funds into new accounts to qualify for a higher tier. However, your banker can often expedite this process. You'll also want to note that your tier can increase or decrease based on changes in your average balances.<\/p>\n<p>As you move into higher tiers, you'll get boosted rates on savings accounts, discounted rates on home equity lines of credit, auto loan applications, foreign currency exchanges, and Merrill Guided Investing, as well as reduced origination fees on new purchase or refinance mortgages and waived banking fees.<\/p>\n<h3><span id=\"Credit_Card_Bonus_Multipliers\">Credit Card Bonus Multipliers<\/span><\/h3>\n<p>The most useful Preferred Rewards benefit is the bonus multiplier on all eligible <a target=\"_blank\" href=\"\/blog\/bank-of-america-credit-cards\/\" rel=\"noopener\">Bank of America credit cards<\/a>, including travel rewards cards like the <a data-ccid=\"3002003\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/travel-rewards-card\/\">Bank of America<sup>\u00ae<\/sup> Travel Rewards credit card<\/a>, allowing you to earn additional travel rewards or higher cash-back rates.<\/p>\n<p>Let's look at the amount of funds needed to qualify for each tier, as well as the bonus awarded on your purchases.<\/p>\n<ul>\n<li><strong>Gold: <\/strong>Three-month combined average daily balance between $20,000 and $50,000, providing a 25% bonus on all eligible Bank of America credit card purchases (for a total earning rate of 2.5%).<\/li>\n<li><strong>Platinum: <\/strong>Three-month combined average daily balance between $50,000 and $100,000, providing a 50% bonus on credit card earnings (for a total earning rate of 3%).<\/li>\n<li><strong>Platinum Honors: <\/strong>Three-month combined average daily balance between $100,000 and $1 million, providing a 75% rewards bonus (for a total earning rate of 3.5%).<\/li>\n<li><strong>Diamond Honors: <\/strong>Three-month combined average daily balance of $1 million or higher. Bonus earnings are the same as the Platinum Honors tier.<\/li>\n<\/ul>\n<p>The Platinum Honors tier is the goal to maximize your credit card earnings.<\/p>\n<h2><span id=\"How_to_Earn_35_Cash_Back_on_the_Bank_of_America_Unlimited_Cash_Card_for_the_First_Year\">How to Earn 3.5% Cash Back on the Bank of America Unlimited Cash Card for the First Year<\/span><\/h2>\n<p>By pairing the Bank of America Unlimited Cash Card earning rate and the Bank of America Preferred Rewards program, you can earn a whopping 3.5% cash back on every purchase with Platinum Honors or Diamond Honors status. The card's earning rate drops from 2% to 1.5% after the first year, meaning the additional 75% boost would yield a 2.625% return over the long term.<\/p>\n<p>For no annual fee, that's about as good as it gets for everyday spending, outside of bonus categories offered by other credit cards. In fact, it's a better rate of return than you'll find on most cards with annual fees, even after the first year. There's no need to track bonus categories \u2014 simply use your card for any purchase.<\/p>\n<p><em>Don't want to park your savings at Bank of America? Here are some of the top cashback options that don't require savings to boost your earning rate:<\/em><\/p>\n<div class=\"compare-cards-wrap compare-count-cards-3 compare-p-chase\"><div class=\"compare-card\"><div class=\"compare-pre\"><div class=\"compare-image\"><div><img src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/cdn.nextinsure.com\/imaging\/opt\/12d797ee-967a-492c-afac-48873b260ebb.jpg\" width=\"150\" alt=\"Citi Double Cash\u00ae Card\" \/ class=\"lazyload\"><\/div><\/div><div class=\"compare-name\">Citi Double Cash<sup>\u00ae<\/sup> Card<\/div><div class=\"compare-offer\"><strong>Welcome Offer<\/strong>\r\nEarn $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<sup>\u00ae<\/sup> Points, which can be redeemed for $200 cash back. <\/div><\/div><div class=\"compare-apply\"><a class=\"btn-use qs-apply-now\" title='Citi Double Cash\u00ae Card' data-ccid=\"3002009\" href=\"\/blog\/link\/CR-CitiDoubleCashCard\" target=\"_blank\" rel=\"noopener nofollow sponsored\">Apply Now<\/a><\/div><div class=\"compare-fee-score\"><div class=\"compare-fee\"><strong>Annual Fee<\/strong><p>$0<span class=\"compare-terms\"><a data-ccid=\"3002009\" href=\"https:\/\/click.linksynergy.com\/fs-bin\/click?id=a3pDkecFgAg&offerid=951783.4206&type=3&subid=0\" target=\"_blank\" rel=\"noopener\">Rates & Fees<\/a><\/span><\/p><\/div><div class=\"compare-rating compare-rating--9\"><strong>Credit Score<\/strong><p>Excellent, Good<\/p><\/div><\/div><div class=\"compare-earning\"><ul>\r\n<li>Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time.\r\n<br><br>\r\nPlus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.<\/li>\r\n<\/ul><\/div><\/div><div class=\"compare-card\"><div class=\"compare-pre\"><div class=\"compare-image\"><div><img src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/cdn.nextinsure.com\/imaging\/opt\/da0edfdc-e3f5-4c89-9af0-94cee8a7356e.jpg\" width=\"150\" alt=\"Blue Cash Preferred\u00ae Card from American Express\" \/ class=\"lazyload\"><\/div><\/div><div class=\"compare-name\">Blue Cash Preferred<sup>\u00ae<\/sup> Card from American Express<\/div><div class=\"compare-offer\"><strong>Welcome Offer<\/strong>\r\nAs High As $300 Cash Back. Find Out Your Offer. You may be eligible for as high as $300 cash back after spending $3,000 in purchases on your new Card in the first 6 months. Welcome offers vary and you may not be eligible for an offer. Cash back is received as Reward Dollars, redeemable for statement credit or at Amazon.com checkout. Terms Apply.<\/div><\/div><div class=\"compare-apply\"><a class=\"btn-use qs-how-apply\" title='Blue Cash Preferred\u00ae Card from American Express' data-ccid=\"4028090\" href=\"\/blog\/link\/CR-BlueCashPreferredCardfromAmericanExpress\" target=\"_blank\" rel=\"noopener nofollow sponsored\">How to Apply<\/a><\/div><div class=\"compare-fee-score\"><div class=\"compare-fee\"><strong>Annual Fee<\/strong><p>$0 intro annual fee for the first year, then $95<span class=\"compare-terms\"><a data-ccid=\"4028090\" href=\"https:\/\/www.americanexpress.com\/us\/credit-cards\/card-application\/apply\/prospect\/terms\/blue-cash-preferred-credit-card\/91101-10-0#offer-terms\" target=\"_blank\" rel=\"noopener\">Rates & Fees<\/a><br>(Terms apply)<\/span><\/p><\/div><div class=\"compare-rating compare-rating--5\"><strong>Credit Score<\/strong><p>Excellent, Good<\/p><\/div><\/div><div class=\"compare-earning\"><ul><li>6% Cash Back on select U.S. streaming subscriptions<\/li>\r\n \t<li>6% Cash Back at U.S. supermarkets on up to $6,000 per year in eligible purchases (then 1%)<\/li>\r\n        <li>3% Cash Back on eligible transit purchases including taxis\/rideshare, parking, tolls, trains, buses and more<\/li>\r\n \t<li>3% Cash Back on eligible purchases at U.S. gas stations<\/li>\r\n        <li>1% Cash Back on other eligible purchases<\/li>\r\n        <li>Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.<\/li>\r\n \t<\/li><\/ul><\/div><\/div><div class=\"compare-card\"><div class=\"compare-pre\"><div class=\"compare-image\"><div><img data-aspectratio=\"150\/94\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2022\/05\/CardArt-InkBusinessPremierCreditCard.png\" width=\"150\" alt=\"Ink Business Premier\u00ae Credit Card\" \/ class=\"lazyload\"><\/div><\/div><div class=\"compare-name\">Ink Business Premier<sup>\u00ae<\/sup> Credit Card<\/div><div class=\"compare-offer\"><strong>Welcome Bonus<\/strong> Earn $1,000 bonus cash back after you spend $10,000 on purchases in the first 3 months from account opening.<\/div><\/div><div class=\"compare-apply\"><a class=\"btn-use qs-apply-now\" title='Ink Business Premier\u00ae Credit Card' data-ccid=\"5048295\" href=\"\/blog\/link\/InkBusinessPremierCreditCard\" target=\"_blank\" rel=\"noopener nofollow sponsored\">Apply Now<\/a><\/div><div class=\"compare-fee-score\"><div class=\"compare-fee\"><strong>Annual Fee<\/strong><p>$195<span class=\"compare-terms\"><a data-ccid=\"5048295\" href=\"https:\/\/click.linksynergy.com\/fs-bin\/click?id=g3lR0xvjyAU&offerid=2014317.10005859&type=3&u1=f1cd9037db0d850993b7d6173121248a&subid=639396\" target=\"_blank\" rel=\"noopener\">Rates & Fees<\/a><\/span><\/p><\/div><div class=\"compare-rating compare-rating--5\"><strong>Credit Score<\/strong><p>Good, Excellent<\/p><\/div><\/div><div class=\"compare-earning\"><ul>\r\n<li>5% cash back on travel purchases through the Chase Travel\u2120 portal<\/li>\r\n<li>2.5% cash back on purchases of $5,000 or more<\/li>\r\n<li>2% cash back on all other purchases<\/li>\r\n<\/ul><\/div><\/div><\/div>\n<h2><span id=\"Bottom_Line\">Bottom Line<\/span><\/h2>\n<p>If you prefer the simplicity of earning cash back and don\u2019t want to track bonus categories, this setup is hard to beat.<\/p>\n<p>By keeping your assets with Bank of America and Merrill, you can unlock earning rates as high as 3.5% on everyday purchases during the first year with the Bank of America Unlimited Cash Card.<\/p>\n<p>That\u2019s a strong return for a card with no annual fee.<\/p>\n<div id=\"ftoc\"><div id=\"toc_container\" class=\"toc_light_blue no_bullets\"><p class=\"toc_title\">Page Contents<\/p><ul class=\"toc_list\"><li><a href=\"#Open_a_Bank_of_America_Unlimited_Cash_Card\">Open a Bank of America Unlimited Cash Card<\/a><\/li><li><a href=\"#Boost_Your_Card_Earnings\">Boost Your Card Earnings<\/a><ul><li><a href=\"#Bank_of_America_Preferred_Rewards_Program\">Bank of America Preferred Rewards Program<\/a><\/li><li><a href=\"#Credit_Card_Bonus_Multipliers\">Credit Card Bonus Multipliers<\/a><\/li><\/ul><\/li><li><a href=\"#How_to_Earn_35_Cash_Back_on_the_Bank_of_America_Unlimited_Cash_Card_for_the_First_Year\">How to Earn 3.5% Cash Back on the Bank of America Unlimited Cash Card for the First Year<\/a><\/li><li><a href=\"#Bottom_Line\">Bottom Line<\/a><\/li><\/ul><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Getting high cash-back returns usually requires paying a steep annual fee. However, there is a way you can earn significant cash back on a no-annual-fee card. Let&#8217;s show you how to earn up to 3.5% cash back on all purchases with no annual fee.<\/p>\n","protected":false},"author":81,"featured_media":129759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"default","_twitter_share_type":"default","_linkedin_share_type":"default","_pinterest_share_type":"default","_linkedin_share_type_page":"","_instagram_share_type":"default","_medium_share_type":"default","_threads_share_type":"default","_google_business_share_type":"default","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[12055],"tags":[12789,12704,12520],"coauthors":[36435],"class_list":["post-134381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards","tag-bank-of-america","tag-bank-of-america-rewards","tag-card-benefits"],"acf":[],"_links":{"self":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/134381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/users\/81"}],"replies":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/comments?post=134381"}],"version-history":[{"count":27,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/134381\/revisions"}],"predecessor-version":[{"id":253106,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/134381\/revisions\/253106"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media\/129759"}],"wp:attachment":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media?parent=134381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/categories?post=134381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/tags?post=134381"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/coauthors?post=134381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}