1.5% unlimited cash back at no annual fee — with a first-year 2% boost.
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Good–Excellent credit — 670+ FICO typical; hard pull required
ClearValue Rating: 4.3 / 5 — our editorial assessment (how we rate)
Editorial confidence (30%), cost (25%), value (25%), accessibility (20%) — scored consistently across every product, independent of compensation.
Existing Bank of America or Merrill customers who want a flat-rate no-fee card and can earn Preferred Rewards bonuses on top.
The Bank of America Unlimited Cash Rewards card has no annual fee. It earns 2% unlimited cash back on all purchases for the first year, then 1.5% thereafter — no category restrictions, no caps. A 3% foreign transaction fee applies. The regular APR is 17.49%–27.49% variable after the 15-billing-cycle 0% intro period. Verified at bankofamerica.com, June 2026.
| Year 1 value | Ongoing value |
|---|---|
| $200 cash rewards bonus after $1,000 in purchases in first 90 days + 2% unlimited cash back on all purchases in year one + 15-month 0% intro APR on purchases and balance transfers | 1.5% unlimited cash back on all purchases, no caps, no annual fee; Preferred Rewards boosts rate 25–75% for qualifying BofA/Merrill customers |
| Preferred Rewards Platinum Honors tier: 1.5% × 1.75 = 2.625% flat — requires $100K+ in BofA/Merrill accounts | |
Bank of America® Unlimited Cash Rewards Credit Card — 1.5% unlimited cash back at no annual fee — with a first-year 2% boost. Best for: Existing Bank of America or Merrill customers who want a flat-rate no-fee card and can earn Preferred Rewards bonuses on top.. Compare it against alternatives before applying; the right fit depends on your situation, credit, and goals.
New cardholders earn 2% unlimited cash back on all purchases for the first year from account opening. After that introductory year ends, the rate drops to 1.5% unlimited on all purchases — the permanent ongoing rate. There are no spending caps or category restrictions at either rate. Verify the current first-year offer and ongoing terms at the Bank of America issuer page before applying.
The Preferred Rewards program boosts cash back earnings for customers who maintain qualifying combined balances in Bank of America deposit accounts and Merrill investment accounts. Gold tier ($20K+) adds 25% to the base rate; Platinum ($50K+) adds 50%; Platinum Honors ($100K+) adds 75%. At the Platinum Honors tier, 1.5% × 1.75 = approximately 2.625% flat on all purchases. Preferred Rewards tier qualification and program details are determined by Bank of America — verify current terms and balance requirements at bankofamerica.com.
Yes — the card charges a 3% foreign transaction fee on purchases made outside the United States or in foreign currency. If you travel internationally or make purchases from foreign merchants, a card without a foreign transaction fee is a better fit. Verify the current fee schedule at the Bank of America issuer page.
No. ClearValue Lending is not a bank, card issuer, lender, or financial advisor. This review presents publicly available editorial information about the Bank of America® Unlimited Cash Rewards Credit Card. The card is issued and operated by Bank of America, N.A. APRs, rewards rates, fees, and terms are determined solely by Bank of America and may change — verify current terms at bankofamerica.com before applying.
How we rate
Every pick gets a 1–5 ClearValue Rating computed from four weighted factors: Editorial confidence (30%), Cost (25%), Value (25%), and Accessibility (20%).
Scored consistently across every product and independent of any compensation. Full methodology →
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