Bank of America® Unlimited Cash Rewards Credit Card
- Best for: Bank of America and Merrill clients whose balances average $100,000 or more
- What Sets It Apart: Merrill investments count with Bank of America deposits toward a BofA Rewards bonus of up to 75% on every purchase
- Welcome Offer: $250 once purchases reach $1,000 within 90 days of opening
- Rewards: 1.5% on every purchase with no cap; with BofA Rewards, 1.65% for any member, 1.87% at $30,000 in balances, 2.25% at $100,000, and 2.62% at $1 million
- Features: Cash back on demand in any amount as a statement credit, a Bank of America deposit, or a credit to a Merrill Cash Management Account; no expiration while open
- Annual Fee: $0
- Intro APR: 0% for 15 billing cycles on purchases and on balances transferred within 60 days of opening
- APR: 17.74% to 27.74% variable
- Cost: Balance transfer fee 3% for the first 60 days, then 5%; 3% foreign transaction fee
- Pros: 2.25% or more from $100,000 in balances; no categories to track; over a year without interest on purchases
- Cons: At most 1.87% below $100,000 in balances, less than a no-fee 2% card; BofA Rewards needs Bank of America checking, which may charge a monthly fee below $30,000
Get the Bank of America® Unlimited Cash Rewards Credit Card if your balances at Bank of America and Merrill average $100,000 or more. The bank’s free BofA Rewards program then lifts the card’s flat 1.5% cash back to at least 2.25% on every purchase, with no annual fee. With less there, a no-fee 2% card earns more.
BofA Rewards, the free program that replaced Preferred Rewards in May 2026, raises the card’s rate for members, and anyone with one of the bank’s eligible checking accounts can join. Your tier, set by your three-month average balance across qualifying Bank of America and Merrill accounts, decides by how much.
Key Features
- $0 annual fee and 1.5% cash back on all purchases, with no cap or expiration while the account is open
- With BofA Rewards, 1.65% for any member, 1.87% at $30,000 in average balances, 2.25% at $100,000, and 2.62% at $1 million
- Limited-time online bonus of $250 when your purchases reach $1,000 within 90 days of opening the account
- Intro rate of 0% for 15 billing cycles on purchases and on balances transferred within 60 days of opening, then a variable rate of 17.74% to 27.74%
- Cash back on demand in any amount as a statement credit, a deposit to Bank of America checking or savings, or a credit to a Merrill Cash Management Account
Pros
- 2.25% or more on every purchase once your balances average $100,000
- No annual fee or spending categories to track
- More than a year without interest on purchases
Cons
- At most 1.87% below $100,000 in average balances, less than a no-fee 2% card pays
- BofA Rewards needs a Bank of America checking account, which may charge a monthly fee below $30,000 in balances
- 3% foreign transaction fee
- 5% fee on balance transfers after the first 60 days
Bank of America customers whose balances there and at Merrill average $100,000 or more earn 2.25% or more on everything, more than a flat 2% card pays. Others earn more with a no-fee 2% card, and the Customized Cash Rewards beats this card’s 1.5% when one category takes over a quarter of spending, since it pays at least 3% there on up to $2,500 a quarter.
Learn more about the Bank of America® Unlimited Cash Rewards Credit Card or see how it compares to the best cash back credit cards.
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