December 4, 2024: The Bank of America® Unlimited Cash Rewards credit card offers 1.5% cash back on all purchases with no annual fee, but it really shines if you have a substantial banking relationship with Bank of America—you can get up to 2.625% cash back everywhere with $100k on deposit with Bank of America.
Our quick take on the Bank of America® Unlimited Cash Rewards credit card
Cards and Points Rating:
Unless you have $50,000 or more on deposit with Bank of America, you’re probably better off with a 2% cash back credit card for either a single card to use everywhere or for your card to use anywhere you’re not getting a category bonus.
It’s when you have $50,000 on deposit with Bank of America (or in an investment account at Merrill) that you can get Preferred Rewards status with Platinum status and things start getting interesting.
When you get Platinum status in the Preferred Rewards program, you’ll get a 1.25x multiplier on your credit card rewards, boosting the Unlimited Cash Rewards card’s earnings to 2.25%. And if you have over $100k with Bank of America, your 1.75x bonus multiplier means you can earn 2.625% cash back everywhere.
The card offered truly market-leading cash back until U.S. Bank introduced its Smartly™ Visa Signature® Card. But the Bank of America unlimited card offers something the Smartly doesn’t: An extended warranty benefit.
Overall, we think that this is a great card for someone who can hold substantial assets with Bank of America and Merrill and a lackluster card for everyone else.
Pros
- Up to 2.62% cash back on every purchase
- Extended warranty
- No annual fee
Cons
- Requires substantial deposit with BofA or Merrill to get the best cash back
- Limited benefits
Welcome offer: Get bonus cash back
Annual fee: annual_fees
Best sign-up bonus: Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
This bonus is earned as cash rewards, which will be added to your cash rewards balance.
Rewards: 1.5% cash back everywhere
Bank of America® Unlimited Cash Rewards credit card offers unlimited 1.5% base cash back on every purchase.
But the card qualifies for the Bank of America Preferred Rewards bonus multiplier, which you’ll get if you hold substantial assets with Bank of America and Merrill. This makes the card better than a 2% cash back card once you’ve earned Platinum or higher status in the Preferred Rewards program.
Here’s how the card’s earnings look with each tier of Preferred Rewards:
| Preferred Rewards status tier | Required combined deposit/investment balance | Bonus multiplier | Total cash back |
|---|---|---|---|
| Base | None | 1x | 1.5% |
| Gold | $20k to < $50k | 1.25 | 1.875% |
| Platinum | $50k to < $100k | 1.5 | 2.25% |
| Platinum Honors | $100k to < $1M | 1.75 | 2.62% |
| Diamond | $1M to < $10M | 1.75 | 2.625% |
Benefits: Limited consumer and travel protections
The Bank of America® Unlimited Cash Rewards credit card offers a limited number of consumer insurance and travel insurance benefits. Here are the most important details on the card’s benefits, but check the Guide to Benefits of your card for complete coverage details.
Consumer insurance benefits
Extended Warranty Protection
Extended warranty can provide coverage if an item fails outside your original manufacturer’s warranty by doubling the warranty period for many items you buy.
- Covers items with a manufacturer’s warranty of three years or less.
- Provides the lesser of one additional year of double the original manufacturer’s warranty coverage.
- Limit of $10,000 per claim and $50,000 per cardholder.
- Some types of items are excluded, like computer software, items purchased for commercial use, and medical equipment. Check your card’s guide to benefits for details.
How to start a claim: Visit www.cardbenefitservices.com or call the benefit administrator at 1-800-592-4089 or call collect outside the U.S. to 1-804-673-1468.
Travel insurance benefits
Travel and emergency assistance services
Travel and emergency assistance services provides a single phone number you can use to get assistance with things like medical referrals, emergency transportation, and legal referrals when traveling away from home.
- Services are referral only.
- Cardmember is responsible for the costs of all services provided.
How to use this service: Call the Benefit Administrator at 1-800-592-4089 or call collect outside the U.S. to 1-804-673-1468
Our experiences: How we use the card
Our guides to cards are thoroughly researched using primary sources, but members of our team often have these cards as well. Here’s how we use our cards.
A lot of people in the miles and points community ignore cash back rewards—and they’re missing out on substantial value when they do.
I’ve been a Bank of America Preferred Rewards customer for many years and the Bank of America® Unlimited Cash Rewards credit card is one of the few physical cards that I carry with me in my wallet. Earning 2.625% cash back everywhere without thinking about it simplifies my life.
Rather than worry that I’m missing out on 37 basis points of rewards on my $10 purchase, when I’m out and about, I just swipe my Bank of America card.
Other cards to consider
Which other cards you consider really depends on if you can get some level of Preferred Rewards status with Bank of America
- If you don’t have Preferred Rewards status with at least the Platinum level or higher, you’ll want to check out another 2% cash back credit card for rewards everywhere. We particularly like the Citi Double Cash for its extended warranty benefit and the Wells Fargo Active Cash for its cellphone protection.
- If you do have Preferred Rewards status, then consider adding the Bank of America® Customized Cash Rewards to your wallet. The Customized Cash is a flexible tool that can get you 3% base cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs. Keep in mind that these get bumped up to 5.25% and 3.5% respectively when you have Preferred Rewards status at the Platinum Honors or higher level.
- If you travel or frequently dine out, the Bank of America® Premium Rewards® or Bank of America® Premium Rewards® Elite might make more sense than the Unlimited cash rewards card. Both cards have an annual fee, but match the Unlimited Cash Rewards card’s rewards everywhere and offer 2 points on travel and dining purchases.
