Benefits of the Bank of America Unlimited Cash Rewards

The card earns a respectable 1.5% back on all purchases. But if you keep a significant amount of money with the bank, you could earn more.
Caitlin Mims
By Caitlin Mims 
Edited by Erin Hurd

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The Bank of America® Unlimited Cash Rewards credit card offers middle-of-the-road rewards and standard credit card perks. But if you need a little extra time to pay for your purchases without penalty, this card gets more valuable. If you’re a Bank of America® loyalist who wants straightforward rewards and flexible redemption options, this no-annual-fee card is a solid option.

Bank of America® Unlimited Cash Rewards Credit Card
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Here are some benefits of the Bank of America® Unlimited Cash Rewards credit card.

Flexible rewards

1. 1.5% back on everything

Using the Bank of America® Unlimited Cash Rewards credit card, you’ll earn an unlimited 1.5% cash back on everything. Some flat-rate credit cards earn 2% back or more, but you might have to pay an annual fee or jump through extra hoops to get that heightened rewards rate.

2. Extra rewards if you're a Preferred Rewards member

The Bank of America® Unlimited Cash Rewards credit card gets far more valuable if you keep a significant balance in Bank of America® or Merrill accounts. If you maintain a total balance of at least $20,000, you'll qualify for the Preferred Rewards program, which gives you extra perks through the bank.

Along with waived fees and other banking benefits, Preferred Rewards members will earn 25% to 75% more on credit card rewards, depending on the balance of your eligible Bank of America® accounts. For example, if you qualify for top-tier benefits, you could earn 2.625% back on all purchases with this card — a stellar rate for a card with a $0 annual fee.

3. Flexible redemption options

Bank of America® gives you multiple ways to redeem your Bank of America® Unlimited Cash Rewards credit card rewards. You can redeem for a statement credit or as a deposit into an eligible Bank of America® or Merrill account. So if you bank with Bank of America®, you'll be able to use your rewards to cover recent purchases, boost your savings or invest for the future.

Introductory incentives

4. Sign-up bonus

The Bank of America® Unlimited Cash Rewards credit card has a solid sign-up bonus with a relatively easy spending threshold. The issuer phrases it this way: $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

5. 0% intro APR on new purchases and balance transfers

With this card, you’ll get a reprieve on interest for over a year. Here’s the offer: 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% - 29.24% will apply. Note that you’ll need to pay a balance transfer fee of 3% for 60 days from account opening, then 4%.

If you have a large balance to transfer, you could score a credit card with a longer introductory period, like the BankAmericard® credit card, but you might need to sacrifice other perks to get it.

Visa Signature perks

6. Extended warranty

This benefit adds an extra year to eligible manufacturers’ warranties lasting 3 years or less when you use the card to purchase qualifying items. Learn more about extended warranty protections.

7. Travel and emergency assistance

If you experience an emergency, even if you're traveling abroad, this can help you find and access the assistance you need. This includes medical referral assistance, emergency transportation assistance or emergency ticket replacement, no matter where you are.

More about the card

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