Bank of America Unlimited Cash vs Top Alternatives: Which Wins?
The Bank of America Unlimited Cash from Bank of America is one of the most competitive credit cards in the cash back cards category. With a rating of 7/10, it offers no annual fee and impressive rewards including 1.5% unlimited, 75% more for preferred rewards.
In this comprehensive review, we break down everything you need to know about the Bank of America Unlimited Cash: rewards structure, fees, APR, welcome bonus, and how it compares to competitors. Whether you are looking for your first rewards card or adding to your wallet, this guide covers it all.
Bank of America Unlimited Cash Overview
The Bank of America Unlimited Cash is issued by Bank of America and is designed for consumers with Good-Excellent (670+). It carries a rating of 7/10 from our experts. For those with good to excellent credit, this card can be a valuable addition to your wallet.
| Feature | Details |
|---|---|
| Issuer | Bank of America |
| Annual Fee | $0 |
| Intro APR | 0% for 15 months |
| Regular APR | 18.24% - 28.24% Variable |
| Rewards | 1.5% unlimited, 75% more for Preferred Rewards |
| Welcome Bonus | $200 after $1,000 in first 90 days |
| Credit Score | Good-Excellent (670+) |
| Foreign Tx Fee | 3% |
Rewards & Benefits Breakdown
The Bank of America Unlimited Cash earns 1.5% unlimited, 75% more for preferred rewards. Here is the detailed breakdown of earning rates:
| Category | Reward Rate |
|---|---|
| All Purchases | 1.5% unlimited, 75% more for Preferred Rewards |
| Welcome Bonus | $200 after $1,000 in first 90 days |
| Intro APR | 0% for 15 months |
| Credit Score | Good-Excellent (670+) |
Since this card has no annual fee, you can keep it forever without cost. Use it for everyday purchases to maximize value.
Fees & APR Analysis
| Fee Type | Amount |
|---|---|
| Annual Fee | $0 |
| Purchase APR | 18.24% - 28.24% Variable |
| Balance Transfer APR | 0% for 15 months then 18.24% - 28.24% Variable |
| Foreign Transaction Fee | 3% |
Bank of America Unlimited Cash vs Competitors
See how Bank of America Unlimited Cash stacks up against similar cards.
| Card | Fee | Rewards | Bonus | Rating |
|---|---|---|---|---|
| Wells Fargo Active Cash | $0 | 2% unlimited cash back | $200 cash rewards after $1,000 in fir... | 8/10 |
| Apple Card | $0 | 3% Apple/Daily Cash, 2% Apple Pay, 1% physical | N/A | 8/10 |
| X1 Card | $0 | 2x on all, 3x groups of 3+ merchants | N/A | 7/10 |
| SoFi Credit Card | $0 | 2% unlimited (redeem into SoFi accounts) | $200 after $1,000 in first 3 months | 7/10 |
| Costco Anywhere Visa | $0 | 4% gas (up to $7K), 3% dining/travel, 2% Costco... | N/A | 8/10 |
Pros & Cons
✅ Pros
- Competitive rewards rate: 1.5% unlimited, 75% more for Preferred Rewards
- Welcome bonus: $200 after $1,000 in first 90 days
- No annual fee
- Generous intro APR: 0% for 15 months
- Issued by reputable Bank of America
❌ Cons
- Foreign transaction fee of 3%
- Higher than average APR
The Bank of America Unlimited Cash is best for consumers who want a simple, no-fee card with solid rewards. If you have Good-Excellent (670+) credit and spend $1669/month on average, this card could earn you significant value.
How to Apply for Bank of America Unlimited Cash
Applying for the Bank of America Unlimited Cash is straightforward. Here is the step-by-step process:
- 1
Check Your Credit Score
Before applying, check your credit score. You need Good-Excellent (670+) for the best approval odds.
- 2
Compare Your Options
Compare the Bank of America Unlimited Cash with similar cards from other issuers to ensure it is the right fit.
- 3
Gather Required Information
You will need your Social Security number, income information, and address to apply.
- 4
Complete the Online Application
Visit Bank of America.com or the Bank of America mobile app. The application takes about 5-10 minutes.
- 5
Await Approval Decision
Most applicants receive an instant decision. If approved, your card will arrive in 7-10 business days.
Frequently Asked Questions
You need Good-Excellent (670+) credit to be approved for the Bank of America Unlimited Cash. Approval is not guaranteed and depends on your overall credit profile.
Yes, with no annual fee, this card is worth keeping in your wallet indefinitely. Plus, the welcome bonus alone covers the first year's value.
The purchase APR is 18.24% - 28.24% Variable. There is an introductory APR of 0% for 15 months.
Yes, there is a 3% foreign transaction fee.
Rewards can be redeemed through your Bank of America online account. Options typically include statement credits, gift cards, travel bookings, and direct deposits.
Conclusion
The Bank of America Unlimited Cash is a solid choice in the cash back cards category. With no annual fee and competitive rewards, it offers good value for the right consumer.
We recommend this card for anyone with Good-Excellent (670+) credit looking for cash back on their everyday spending. Compare it with other cards in our list to find the best fit for your wallet.
The Bank of America Unlimited Cash earns 1.5% unlimited, 75% more for preferred rewards. With a rating of 7/10, it is one of the better options in the cash back cards space. Recommended for consumers with Good-Excellent (670+) credit.