Card benefits change often, and this page may be out of date by the time you read it. Always check the bank’s page and your card’s guide to benefits for the current terms before you rely on a benefit.
The Unlimited Cash Rewards is Bank of America’s no-fee flat-rate card: 1.5% cash back on everything, a 0% intro APR for 15 billing cycles, and a sign-up bonus. On its own that’s below the 2% you can get elsewhere with no fee.
What changes the math is BofA Rewards, which replaced Preferred Rewards in May 2026: the bonus on this card runs from 10% to 75% depending on how much you keep with Bank of America and Merrill, and the top tier now needs $1 million. Below is what it earns at each tier, the fine print, and my verdict.
BofA Unlimited Cash at a glance
- Annual fee: $0
- Current public offer: $250 cash back after $1,000 in purchases in the first 90 days (as of October 14, 2026, per Frequent Miler)
- Is it the best ever?: Doctor of Credit (October 7, 2026) lists a $200 version of the offer that adds 0.5% cash back for the first year (2% on everything), which is worth more than the extra $50 if you’d spend more than $10,000 in that year; check which one your link shows. The bank’s own page today shows the $250 version, and its terms don’t include the first-year 2%.
- Foreign transaction fee: 3% of each purchase in a foreign currency
- Best for: People with $100,000 or more at Bank of America or Merrill, for whom it’s a 2.25% (or 2.625% at $1 million) no-fee card.
- Skip it if: You don’t bank with Bank of America, or you’ll use it abroad. Citi Double Cash and Wells Fargo Active Cash pay 2% everywhere with no relationship needed.
- Bank’s page: Unlimited Cash Rewards on bankofamerica.com
Jump to: Highlights · Earning · Perks · Insurance · Application rules · My take · The catch · Keep it? · Offer history · Quick Answers
The highlights
- 1.5% cash back on everything, plus a 10% to 75% BofA Rewards bonus based on your Bank of America and Merrill balances: 2.25% at $100,000, 2.625% only at $1 million
- 0% intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days (3% transfer fee for the first 60 days, then 5%)
- Redeem as a deposit to Bank of America or Merrill, a statement credit, a 529 contribution, or at Amazon and PayPal; rewards don’t expire while the account is open
- No annual fee; 3% foreign transaction fee; no travel insurance
How it earns
| Category | Rate | Caps and fine print |
|---|---|---|
| Everything | 1.5% | No cap. |
| With BofA Rewards Member (no minimum, checking account needed) | 1.65% | 10% bonus. |
| With Preferred Plus ($30,000+) | 1.875% | 25% bonus. |
| With Preferred Honors ($100,000+) | 2.25% | 50% bonus. |
| With Premier ($1,000,000+) | 2.625% | Top tier: 75% bonus; the highest flat rate of the no-fee cards I review, ahead of the 2% Citi Double Cash and Wells Fargo Active Cash, but only with $1 million at the bank. |
BofA Rewards replaced Preferred Rewards on May 27, 2026. It needs an eligible Bank of America checking account and uses your combined 3-month average balance in Bank of America deposit accounts and Merrill investment accounts. The old Platinum Honors tier gave 75% at $100,000; those members now sit in Preferred Honors at 50% and keep 75% only until their first enrollment anniversary after November 2026 (per NerdWallet). The bonus doesn’t apply to the sign-up bonus.
Perks
- 0% intro APR on purchases for 15 billing cycles, then 17.74% to 27.74% variable.
- Cash back can be deposited into a Bank of America checking or savings account or a Merrill Cash Management Account with no minimum, or used at Amazon and PayPal.
- No lounge access or travel perks.
Insurance and protections
| Benefit | What the bank says |
|---|---|
| Travel insurance and rental car coverage | None listed by Bank of America |
| Foreign transaction fee | 3% of each purchase made in a foreign currency, per the card terms |
| Fraud | $0 liability guarantee |
This is a domestic everyday card; take a no-foreign-fee card when you travel.
For how this compares with other cards, see my card travel benefits comparison.
Application rules for this card
- Bank of America’s terms for this card say it may not be available to you if you currently have or have had it in the preceding 24 months.
- The 2/3/4 rule: Bank of America approves at most 2 new cards in 2 months, 3 in 12 months and 4 in 24 months (its own cards only).
- It also looks at new cards from all banks: data points suggest about 7/12 if you have a Bank of America deposit account and 3/12 if you don’t. Details are in my application rules guide.
The full rules for every bank are in my credit card application rules guide.
My take
No annual fee, so there’s no fee math: the card is worth whatever its rate beats your other cards by. Without Bank of America money it’s 1.5% (1.65% with a checking account), which loses to every 2% no-fee card, so I wouldn’t get it for the rate alone.
At $100,000 in balances it’s 2.25% on everything, which beats the 2% cards, and at $1 million it’s 2.625%, the best flat rate of any no-fee card I review. If you’re already at those levels, it’s a simple card to put everything on at home.
The May 2026 change cut the $100,000 tier from 75% to 50%, so anyone who chose this card for the old 2.625% at $100,000 should redo the math before their first enrollment anniversary after November 2026.
The catch
It’s only competitive with a large Bank of America or Merrill relationship, and the 3% foreign transaction fee makes it a poor card for travel. There are no travel or purchase protections listed.
Keep it after year one?
There’s no fee, so keeping it costs nothing and helps your credit history. With $100,000 or more at Bank of America or Merrill it should be your everyday card; without that, keep it open for the credit line and use a 2% card for spending.
Offer history
I don’t have a dated record of past offers for this card; the $200 offer with 2% cash back for the first year has been its usual public offer.
Quick Answers
No. It has no annual fee, but it charges a 3% foreign transaction fee.
As of October 14, 2026, $250 after $1,000 in purchases in the first 90 days (Frequent Miler and the bank’s page). Doctor of Credit lists a $200 version that adds 2% cash back for the first year.
1.5% base, then 1.65% (Member), 1.875% ($30,000), 2.25% ($100,000) or 2.625% ($1,000,000) depending on your combined Bank of America and Merrill balances.
No. Since May 27, 2026 the 75% bonus needs $1 million; $100,000 gets 50%, or 2.25% on this card. Former Platinum Honors members keep 75% until their first enrollment anniversary after November 2026.
No. It charges 3% on foreign currency purchases and has no travel insurance.
Last checked: October 14, 2026. Card terms change often, so confirm on the bank’s page before you apply. There are no affiliate or referral links on this site, ever; links go to the bank’s own page.