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Bank of America Unlimited Cash Rewards Review

Flat 1.5% on everything, nothing to activate. Whether it is a good card or a great one depends entirely on how much you keep with Bank of America.

CSBy the CreditStepUp teamUpdated August 30, 2026
✓Edited by CreditStepUp editorial

We review cards on the terms issuers publish: APR, fees, rewards and eligibility. We do not accept payment for a favorable review.

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The verdict

As a standalone card, 1.5% flat is unremarkable in 2026. As a Bank of America customer's card it changes character completely: keep $20,000 or more with the bank or Merrill and Preferred Rewards adds 25% to 75% on every purchase, pushing the top tier past 2.6% with no annual fee and nothing to track. The question to answer before applying is whether you qualify for that program.Jump to:Full review
See how to apply On Bank of America's site
Bank of America Unlimited Cash Rewards credit card
Regular APR17.49% – 27.49% variable APRissuer terms, checked Aug 30, 2026
Intro APR0% for 15 billing cycles on purchases and on transfers made in the first 60 days
Annual fee$0
Foreign transaction fee3%
Welcome bonus$200 after $1,000 in the first 90 days
Credit neededGood to excellent credit
Rewards1.5% on everything, up to 2.62% for Preferred Rewards members

Rates and fees

More details

  • Unlimited 1.5% cash back on all purchases, with no categories and no caps.
  • Preferred Rewards adds 25% at $20,000 in balances, 50% at $50,000 and 75% at $100,000 or more.
  • At the Platinum Honors tier the effective rate is roughly 2.62% on every purchase.
  • Redeem as a statement credit, a deposit into a Bank of America account, or a credit to an eligible Merrill account.
  • Cash rewards do not expire while the account is open.
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Pros and cons

Pros

  • Nothing to activate or track

  • Up to 2.62% for Preferred Rewards members

  • No annual fee

  • 15 billing cycles at 0%

  • Rewards never expire

Cons

  • Only 1.5% without a banking relationship

  • Needs $20,000 with the bank to boost the rate

  • 3% foreign transaction fee

  • No bonus categories at all

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Full review

Flat-rate cards trade ceiling for simplicity. There is no calendar, no activation, no cap and no thinking: every purchase earns the same 1.5%. For someone whose spending is scattered across categories that no bonus card covers well, that consistency often beats a 5% card used badly.

The Preferred Rewards program is what separates this card from the crowd of 1.5% products. Bank of America looks at your three-month combined daily balance across its accounts and Merrill. Twenty thousand dollars gets you 25% more rewards, fifty thousand gets 50%, and a hundred thousand gets 75%, which lands the card around 2.62% on everything. That is an excellent flat rate for a card that costs nothing.

Read the limits before you count on that number. The relationship bonus does not apply to the extra half point some first-year promotions add, the tiers are based on balances you actually keep with the bank, and the 3% foreign transaction fee makes this the wrong card to carry overseas. Without the banking relationship, several 2% flat-rate cards from other issuers simply pay more.

» MORE: Compare all eight cards side by side

The basics

Best for: Bank of America and Merrill customers

Annual fee: $0

Card network: Mastercard

Credit needed: good to excellent

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How it compares

Bank of America Unlimited Cash Rewards
See how to apply
Regular APR17.49% – 27.49% variable APR checked Aug 30, 2026
Annual fee$0 annual fee
Intro APR0% for 15 billing cycles
Credit neededGood to excellent credit
Chase Freedom Flex
See how to apply
Regular APR18.24% – 27.74% variable APR checked Aug 30, 2026
Annual fee$0 annual fee
Intro APR0% for 15 months
Credit neededGood to excellent credit
Wells Fargo Autograph Card
See how to apply
Regular APR18.49%, 24.49% or 28.49% variable APR checked Aug 30, 2026
Annual fee$0 annual fee
Intro APR0% for 12 months
Credit neededGood to excellent credit

Published issuer terms, checked Aug 30, 2026. Your APR and credit limit are set by the issuer after review.

Compare before you applyEight cards, one page, same set of numbers for each.
See the comparison

Frequently asked questions

How do I get more than 1.5%?
By joining Preferred Rewards, which requires a three-month combined daily balance of at least $20,000 across eligible Bank of America and Merrill accounts.
Is there a cap on rewards?
No. The 1.5% applies to every purchase with no annual limit, and rewards do not expire while the account is open.
Can I use it overseas?
You can, but the 3% foreign transaction fee makes it a poor choice abroad. A card with no such fee will cost you less.

About the author

CS

CreditStepUp Team

We compare credit cards on the terms issuers publish and update our pages when those terms change.