Bank of America Unlimited Cash Rewards – How to apply

By Raquel Oliveira • 03/17/2025

The Bank of America Unlimited offers unlimited cashback on all purchases.

The Bank of America Unlimited Cash Rewards card offers a straightforward way to earn cashback on every purchase, without the hassle of tracking rotating categories or spending limits.

Cardholders enjoy a flat 1.5% cashback on all purchases, with the opportunity to increase earnings by up to 75% through the Preferred Rewards program. This makes it a powerful option for maximizing rewards effortlessly.

With no annual fee, this card is accessible to a wide range of financial profiles. Plus, rewards can be accumulated and redeemed without restrictions, making it a valuable long-term choice.

Additional benefits include fraud protection, seamless digital banking access, and an introductory APR period, providing both security and financial flexibility.

How does the Bank of America Unlimited Cash Rewards work?

This card is designed to provide a steady and predictable cashback rate, making it easy to earn rewards on all purchases. There are no specific spending categories to track, which simplifies financial management.

Every transaction earns 1.5% cashback, whether it is used for groceries, gas, dining, or travel. This structure ensures that all purchases contribute equally to reward accumulation without requiring adjustments to spending habits.

For customers in the Preferred Rewards program, the base cashback rate can be significantly increased. Depending on their membership level, cardholders can earn between 25% and 75% more cashback on all purchases.

Unlike some cashback cards, the Bank of America Unlimited Cash Rewards does not impose earning limits or expiration dates on rewards. This allows users to build up their cashback and redeem it when needed.

Main benefits of Bank of America Unlimited Cash Rewards

• Unlimited cashback: Earn 1.5% cashback on every purchase without any spending limits.
• Preferred Rewards bonus: Members can increase cashback earnings by 25% to 75%, reaching up to 2.62%.
• No annual fee: Maximizes savings by eliminating maintenance costs.
• Flexible redemptions: Cashback can be redeemed as statement credits, direct deposits, or purchases.
• Rewards never expire: Accumulate and redeem cashback at any time as long as the account remains open.
• Security features: Includes fraud protection, contactless payments, and digital banking access.

Cons of the Bank of America Unlimited Cash Rewards Card

Foreign transaction fees: A 3% charge applies to international purchases, making it less ideal for frequent travelers.

Lower base cashback rate: While 1.5% is competitive, other cards offer higher rates on select spending categories.

Limited redemption value for certain purchases: Cashback does not generate additional rewards when used for Amazon or PayPal transactions.

APR and Fees

Bank of America Unlimited Cash credit card offers special conditions for new cardholders, including a 0% introductory APR for purchases and balance transfers made within the first 15 billing cycles.

This is an excellent opportunity to organize your finances, since you can make purchases or consolidate existing debts without paying interest during this initial period.

For balance transfers made within the first 60 days after opening the account, an introductory rate of 3% is applied to the amount transferred.

After this period, balance transfers are subject to a 4% fee, which reinforces the importance of taking advantage of the benefits early on in your membership.

After the promotional period ends, a variable APR between 18.74% and 28.74% will be applied to purchases and balance transfers.

This rate is determined based on your credit history, and it is essential to maintain a good score to ensure more favorable conditions.

How to apply for the Bank of America Unlimited Cash Credit Card

Applying for the Bank of America Unlimited Cash Rewards card is a simple and efficient process. The application can be completed online, with instant approval possible for some applicants.

To apply, visit the Bank of America website and fill out the online application. The form requires personal details such as name, address, employment status, and financial information.

Before submitting the application, review the terms and conditions to ensure that the card aligns with your financial needs. This helps prevent unexpected fees or limitations after approval.

Once submitted, the application is processed, and many applicants receive an immediate decision. If approved, the card is sent within 7 to 10 business days, ready for use.

How to Use the Bank of America Unlimited Cash Rewards Card Efficiently

Using this card strategically can help maximize cashback earnings while avoiding unnecessary fees. Consider the following approaches for the best results.

• Make it your primary card: Using this card for all purchases ensures that you consistently earn 1.5% cashback.
• Take advantage of the welcome bonus: Spending at least $1,000 in the first 90 days unlocks a $200 cashback bonus.
• Enroll in Preferred Rewards: This program increases cashback earnings by up to 75%, making it a valuable option for loyal Bank of America customers.
• Avoid foreign transaction fees: Since a 3% fee applies to international purchases, using a travel-focused card is better for spending abroad.
• Redeem cashback strategically: Using rewards as statement credits or direct deposits maximizes value, while third-party redemptions offer less financial benefit.

By following these strategies, cardholders can get the most value from the Unlimited Cash Rewards card while keeping costs to a minimum.

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

The Bank of America Unlimited Cash Rewards card is a solid choice for users seeking a simple and reliable cashback option. With unlimited 1.5% cashback, no annual fee, and flexible redemption options, it offers long-term value.

For Bank of America customers, the ability to boost cashback earnings through the Preferred Rewards program is a significant advantage. Platinum Honors members can earn up to 2.62% cashback, making this card one of the best options for maximizing everyday spending.

However, those looking for higher cashback rates in specific categories may find better options elsewhere. Additionally, the foreign transaction fee limits its usability for international purchases.

For anyone seeking a no-annual-fee cashback card with straightforward rewards and easy redemption, this is an excellent choice that provides consistent financial benefits.