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Bank of America Unlimited Cash Rewards review: one rate, nothing to track

Two percent back on everything for the first year, then 1.5%, with no annual fee and no categories to activate. How good it stays depends on how much you keep with the bank.

CTBy the Credairy teamUpdated August 30, 2026
✓Edited by the Credairy team

We are not a bank and we do not approve applications. Every rate and fee here comes from the issuer and was checked on August 30, 2026.

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The verdict

A strong first year and an ordinary second one. Two percent on everything with no categories is genuinely easy, and the welcome bonus plus 15 billing cycles of 0% make year one competitive. From year two, 1.5% sits below what several flat-rate cards pay, unless your balances with Bank of America push you into a rewards tier.Jump to:The full review
Official Website Takes you to bankofamerica.com. Rates and fees as published by the issuer.
Bank of America Unlimited Cash Rewards
Regular APR17.49% to 27.49% variable APRissuer terms, checked Aug 30, 2026
Rewards rate2% on everything in year one, then unlimited 1.5%
Credit lineSet at approval
Intro APR0% intro APR for 15 billing cycles on purchases, and on transfers made in the first 60 days
Who can applyGood to excellent credit
How to applyOnline at bankofamerica.com, or at a branch

Rates and fees in detail

  • No annual fee.
  • 0% intro APR for 15 billing cycles on purchases, and on balance transfers made in the first 60 days, then 17.49% to 27.49% variable.
  • Balance transfer fee of 3% in the first 60 days, then 5%.
  • Foreign transaction fee of 3%, so this is not a card to take abroad.
  • See the full terms on Bank of America's page.

More details

  • The welcome bonus has run at $200 and, as a limited-time offer, at $250 after $1,000 in purchases in the first 90 days. Check which one is live.
  • Rewards do not expire while the account is open and there is no cap on how much you can earn.
  • Rewards tiers can add meaningfully to the rate, but they depend on deposit and investment balances with the bank and Merrill.
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Pros and cons

What works

  • No annual fee

  • 2% on every purchase in the first year

  • No categories, no activation, no caps

  • 15 billing cycles of 0% intro APR

What does not

  • Drops to 1.5% after year one

  • 3% foreign transaction fee

  • The best rates require keeping money at the bank

  • No bonus categories at all

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The full review

Most cash back cards ask something of you: activate this, pick that, remember the cap. This one asks nothing. Every purchase earns the same rate, which is the entire pitch and, for a lot of people, enough.

The first year is the strong part. Two percent on everything, a welcome bonus after $1,000 of spending, and more than a year of 0% intro APR add up to real money on a card with no fee.

Year two is where you have to be honest with yourself. At 1.5% the card sits below flat-rate competitors unless you qualify for a rewards tier, and those tiers are about how much you keep at the bank rather than how much you spend. Moving deposits just to chase a card rate rarely pays off.

» MORE: The rotating 5% alternative

» MORE: A no-foreign-fee card for travel

The basics

Annual fee: $0

Rewards: 2% for the first year, then 1.5% on everything

Regular APR: 17.49% to 27.49% variable

Foreign transaction fee: 3%

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How it compares

Bank of America Unlimited Cash Rewards
Official Website
Regular APR17.49% to 27.49% variable APR checked Aug 30, 2026
Credit lineSet at approval
Rewards rate2% first year, then 1.5%
Who can applyGood to excellent credit
Chase Freedom Flex
Official Website
Regular APR18.24% to 27.74% variable APR checked Aug 30, 2026
Credit lineSet at approval
Rewards rateUp to 5% on rotating categories
Who can applyGood to excellent credit
U.S. Bank Cash+ Visa Signature
Official Website
Regular APR17.74% to 27.99% variable APR checked Aug 30, 2026
Credit lineSet at approval
Rewards rate5% on two categories you choose
Who can applyGood to excellent credit

Issuer terms as published, checked Aug 30, 2026.

Compare before you applySee every card we cover side by side, with the rates and fees each issuer publishes.
See all cards

Common questions

Is the 2% permanent?
No. The 2% rate applies for the first year from account opening. After that the card earns 1.5% on every purchase, before any rewards tier bonus.
Do I need a Bank of America account?
Not to hold the card. You do need deposit or investment balances with Bank of America and Merrill to reach the tiers that raise the rate.
Can I use it overseas?
You can, but the 3% foreign transaction fee cancels out the rewards. A card without that fee is a better travel companion.

About the author

CT

Credairy team

We compare credit cards using the terms issuers publish, and we say plainly when a card only works for a narrow kind of spender.