Bank of America Launches Unlimited Cash Rewards Credit Card

Beautiful smiling young Asian woman grocery shopping online with mobile app device on smartphone and making online payment with her credit card, with a box of colourful and fresh organic groceries on the kitchen counter at home

At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our Editorial Policy.

Cash back is king for Bank of America's new no annual fee credit card. The Bank of America® Unlimited Cash Rewards credit card earns 1.5% cash back on all purchases, and allows you to boost your rewards rate by 25% to 75% if you're a Bank of America Preferred Rewards member.

Additionally, you can benefit from special financing offers and an intro bonus. Read on to learn more about the Bank of America® Unlimited Cash Rewards credit card and whether you should consider applying.

You may be matched with this and other cards at Experian CreditMatch

Find Out If You're Matched

Key Benefits of the Bank of America® Unlimited Cash Rewards Credit Card

  • Unlimited 1.5% cash back: Earning rewards is simple with this card since you don't have to worry about rotating categories or activation. You simply earn 1.5% cash back on all purchases. There's no limit to the amount of cash back you can earn, and rewards don't expire while your account remains open. Plus, you can easily redeem rewards for a statement credit or deposit them into a Bank of America checking or savings account, or an eligible Merrill account.
  • Elevated cash back for Preferred Rewards members: Bank of America Preferred Rewards members can increase their cash back earnings by 25%, 50% or 75%, depending on the rewards tier they're in. Here's the cash back breakdown per tier: 1.875% for Gold, 2.25% for Platinum and 2.625% for Platinum Honors members.
  • Special financing offers: You can benefit from an introductory 0% APR on purchases and balance transfers for 15 billing cycles. The 0% introductory APR on balance transfers only applies to transfers made in the first 60 days you have the card. After the intro period ends, a 14.24% to 24.24% variable APR applies. Balance transfers carry a 3% fee with a $10 minimum.
  • Earn an intro bonus: Simply spend a minimum of $1,000 in purchases in the first 90 days of account opening to earn a $200 online cash rewards bonus.

Is the Bank of America® Unlimited Cash Rewards Credit Card Right for You?

If you have an existing banking or investing relationship with Bank of America, this card can make a great addition to your wallet. Bank of America Preferred Rewards members have the potential to earn up to 2.625% cash back on every purchase, which is an unmatched rate for all purchases. That said, the account balance required for higher Preferred Rewards tiers is out of reach for most people. Even if you aren't a Preferred Rewards member, you can still benefit from the simple cash back structure and introductory 0% APR this card provides.

Checking your credit score is a good first step to take before applying for this card since Bank of America credit cards typically require good to excellent credit. If your credit score isn't within that range, you can use Experian CreditMatch™ to find credit cards that fit your credit profile.

If you want to earn even more cash back, consider cash back cards that offer 2% back, like the Wells Fargo Active Cash® Card (Rates & Fees), with its unlimited 2% cash rewards rate on purchases.

The purpose of this question submission tool is to provide general education on credit reporting. The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team may include it in a future post and may also share responses in its social media outreach. If you have a question, others likely have the same question, too. By sharing your questions and our answers, we can help others as well.

Personal credit report disputes cannot be submitted through Ask Experian. To dispute information in your personal credit report, simply follow the instructions provided with it. Your personal credit report includes appropriate contact information including a website address, toll-free telephone number and mailing address.

To submit a dispute online visit Experian's Dispute Center. If you have a current copy of your personal credit report, simply enter the report number where indicated, and follow the instructions provided. If you do not have a current personal report, Experian will provide a free copy when you submit the information requested. Additionally, you may obtain a free copy of your report once a week through April 2022 at AnnualCreditReport.