Bank of America Unlimited Cash Rewards — Full Review [2024]

Great Card If

• You want a simple cash-back rewards card.
• You are a Bank of America Preferred Rewards member.

Don’t Get If

• You prefer a travel rewards card.
• You want a card that offers bonus categories for the items you spend the most on.

Bank of America Unlimited Cash Rewards Card — Is It Worth It?

For those who are looking for an uncomplicated cash-back rewards card with no annual fee, the Bank of America Unlimited Cash Rewards card is an solid option thanks to its uncapped 1.5% cash-back on all purchases.

It also offers a nice welcome bonus, a 0% intro APR offer, and the ability to boost your cash-back rewards by up to 75% through the Bank of America Preferred Rewards program.

Bank of America Unlimited Cash Rewards Card Top Benefits

Bank of America Preferred Rewards Cash-Back Boost

One of the most lucrative perks of the Bank of America Preferred Rewards card is its ability to boost how much cash-back you can earn thanks to the Bank of America Preferred Rewards program.

If you’re not already familiar, the Bank of America Preferred Rewards program is a loyalty program that offers added benefits to customers who hold a certain amount of assets with Bank of America.

Arguably, the best benefit of the Bank of America Preferred Rewards program is the 25% to 75% boost you can get to your credit card rewards. Here is a look at how that impacts your cash-back rate:

If you’re already banking and investing with Bank of America or would consider moving some of your funds, earning up to 2.625% cash back on all of your purchases is a great benefit.

Best Ways To Earn and Redeem Your Cash-Back

It should come as no surprise that one of the best ways to earn as much cash-back as possible is to use your Bank of America Unlimited Cash Rewards card for all of your daily purchases. This is especially true if you participate in the Bank of America Preferred Rewards program and have your cash-back rate boosted by 25% to 75%.

You have multiple options with Bank of America when it comes to redeeming your cash-back rewards. You can redeem your cash-back for statement credit, as a check, as a direct deposit into your Bank of America checking or savings account, into an eligible 529 account, or as a contribution to an eligible Merrill account, with no minimum redemption amount required.

Alternative Cards to the Bank of America Unlimited Cash Rewards Card

Chase Freedom Unlimited^®

Those looking for a great cash-back rewards card should consider the Freedom Unlimited card. It earns 5% back on Chase Travel purchases, 3% back on dining and drugstore purchases, and an uncapped 1.5% back on all other purchases.

The card offers 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.74% - 28.49%. Plus, it has a $0 annual fee, travel and purchase protections, and the ability to pool rewards with other Chase credit cards.

Citi Double Cash^® Card

If you don’t have the funds to qualify for status in the Bank of America Preferred Rewards program and you’re more interested in a simple cash-back card, then you can earn an uncapped 2% cash-back on all purchases with the Citi Double Cash card (1% back when you buy and 1% when you pay).

It offers 0% intro APR on balance transfers for 18 months. After that, the variable APR will be 18.49% to 28.49%. Plus, it also has a $0 annual fee and even offers access to a few Citi ThankYou transfer partners.