In flat-rate cashback, Bank of America Unlimited Cash Rewards keeps things simple while still rewarding disciplined use.
Expect unlimited 1.5 percent cash back on every purchase, a $200 online bonus for early spenders, and a 0 percent intro APR window that covers purchases and balance transfers.
Preferred Rewards members can boost earnings materially, pushing the effective rate as high as 2.625 percent on all spend.
How the Card Works and Who Benefits
Every swipe earns the same flat rate, which removes category tracking and quarterly activations that cause missed rewards. New accounts typically include a $200 online cash rewards bonus after at least $1,000 in purchases within 90 days, which helps offset early expenses.
The intro financing is straightforward as well, offering 0 percent APR for 15 billing cycles on purchases and balance transfers made in the first 60 days, followed by a variable APR set by creditworthiness.
Households that prefer one no-annual-fee credit card for day-to-day purchases will find the setup easy to maintain across months.
Maximize Earnings Through Preferred Rewards
Building a deeper relationship can raise the return far above 1.5 percent, and this is where strategy matters. Bank of America Preferred Rewards tiers add a 25 to 75 percent bonus on eligible card rewards, calculated on top of the base earn rate.
Enrollment requires an eligible checking account and combined balances of at least $20,000 across Bank of America deposits and Merrill accounts, measured as a three-month combined average daily balance.
Tier names map to balance bands, and benefits are reviewed monthly, with status retained for at least a year even if balances dip temporarily.
Gold: Entry to Uplifted Cash Back
Gold members earn a 25 percent bonus on card rewards, lifting the Unlimited Cash Rewards effective earn rate to 1.875 percent on all purchases when the base is 1.5 percent.
Platinum: Mid-tier Acceleration
Platinum members receive a 50 percent bonus, which turns base 1.5 percent into 2.25 percent cash back on all eligible transactions.
Platinum Honors and Diamond Honors: Top Effective Rate
Top tiers apply a 75 percent bonus to base earnings, producing 2.625 percent on all spend when calculated on the 1.5 percent base rate. That figure comes directly from multiplying the posted 1.5 percent by 1.75, a simple yet powerful boost to the relationship.
Unlimited Cash Rewards Redemption Options
Cash back keeps its flexibility, which helps different banking setups.
Redemptions can post as a statement credit, as a deposit to an eligible Bank of America checking or savings account, or as a credit to an eligible Merrill investment account, including certain 529 plans where applicable.
Those options make moving rewards into spending, saving, or investing workflows relatively seamless.
Five Smart Ways to Use the Card Consistently
Short setup and clean rules make everyday optimization simple when habits stay consistent.
- Point every non-bonused purchase here to lock a reliable baseline as a flat-rate cash back card.
- Pair it with a category card, directing uncapped “everything else” spend to Unlimited Cash Rewards year-round.
- Time large purchases inside the 0% intro APR for 15 months window and budget payoff before it ends.
- Enroll in Preferred Rewards once eligible to convert the base 1.5 percent into a tiered uplift automatically.
- Redeem to a Merrill investment account when long-term savings beat short-term statement credits for goals.
Where It Wins and Where Rivals Can Be Stronger
Comparison helps set realistic expectations, because several alternatives trade higher flat rates for fewer banking strings attached.
The snapshot below highlights widely available, no-annual-fee competitors and the scenarios they tend to win. Offer details change frequently, so check live pages during application.
| Card | Base earn rate | Notable perks | Intro APR (purchases/BT) | Annual fee | Typical welcome bonus |
| Bank of America Unlimited Cash Rewards | 1.5% (up to 2.625% with Preferred Rewards) | $200 online cash rewards bonus; Preferred Rewards boost; flexible cash redemptions | 0% for 15 billing cycles on purchases and BTs made in first 60 days | $0 | $200 after $1,000 in 90 days |
| Wells Fargo Active Cash | 2% cash rewards on purchases | Cell-phone protection when paying the bill; simple unlimited 2% rate | Commonly 0% for 12 months, then variable APR | $0 | $200 after $500 in 3 months |
| Chase Freedom Unlimited | 1.5% base, plus 5% travel via Chase Travel, 3% dining and drugstores | Broad ecosystem and transfer partners when paired appropriately | Frequently 0% for 15 months, then variable APR | $0 | $200 after $500 in 3 months |
Fees, Intro Terms, and Limits to Watch
Foreign purchases add cost on this product, since Bank of America assesses foreign transaction fees on many cards, commonly shown as up to 3 percent in issuer agreements, and NerdWallet lists 3 percent for Unlimited Cash Rewards.
The balance transfer fee typically runs 3 percent for the first 60 days and 4 percent thereafter, so plan payoff math accordingly during any promotional window.
Variable APRs and penalty terms adjust with the Prime Rate and credit profile, and the 0 percent financing ends automatically after the stated 15 billing cycles. Frequent travelers wanting no foreign transaction fees should consider a card explicitly marketed without such fees.
Eligibility and Application Tips
Clean approvals follow consistent data entry, steady income, and on-time histories across existing accounts. Consider building toward Bank of America Preferred Rewards tiers ahead of time if near the $20,000 combined balance threshold, since early enrollment can accelerate the jump to higher earn rates.
New cardholders sometimes see limited-time promotions, including a first-year earn rate of 2 percent on purchases that later reverts to the standard 1.5 percent, so reading the specific offer page carefully is important.
Households that already bank at Merrill or maintain large deposits often see the strongest long-run value here due to the rewards bonus.
Last Thoughts
Unlimited 1.5 percent cash back works well as a dependable base layer, and Preferred Rewards can lift returns into excellent territory for relationship banking customers.
Everyday spenders who want a no annual fee credit card and predictable redemptions will find this card easy to run.
Shoppers focused on a maximum flat rate without balances at Bank of America may prefer a 2 percent alternative, while mixed-category spenders can pair this card with a category card to cover gaps efficiently.
