Bank of America Unlimited Cash Rewards

The Bank of America Unlimited Cash Rewards is a flat-rate cash back card: 1.5% on every purchase, no categories, no caps, no annual fee. On its own the rate stays at 1.5%. The card's actual pitch is to people who keep serious money at Bank of America or Merrill, whose relationship bonus can push the effective rate up to about 2.62%. The base numbers as of October 14, 2026: unlimited 1.5% cash back, a $250 online cash rewards bonus (a limited time online offer, with no end date stated) after at least $1,000 in purchases in the first 90 days, and 0% intro APR for the first 15 billing cycles on purchases and on balance transfers made within 60 days of opening (with a 3% intro transfer fee, then 5%). Once the intro period ends, a 17.74% to 27.74% variable APR applies. Rewards never expire while the account is open, and redemption is simple: statement credits, deposits into BofA or Merrill accounts, or a check. The relationship boost is the differentiator. Bank of America's BofA Rewards program (previously called Preferred Rewards) raises the card's earn rate by 10% to 75% depending on your combined balances across Bank of America deposits and Merrill investments: 10% at the Member tier (no minimum balance), 25% at Preferred Plus ($30,000), 50% at Preferred Honors ($100,000) and 75% at Premier ($1,000,000). At the Premier tier, which requires $1,000,000 in combined qualifying balances, the boost turns 1.5% into roughly 2.62% on every purchase. At lower tiers the effect is smaller: a 25% boost yields about 1.87% and a 50% boost about 2.25%. Bank of America says the bonus is not applied to the account opening bonus or to non-standard rewards. The drawbacks are straightforward. Without a relationship boost the card earns a flat 1.5%, so it depends on a Bank of America relationship to earn more. Foreign transactions cost 3% of the U.S. dollar amount, which makes it a costly choice for international spending. And the $250 bonus requires applying online to get the advertised version. Get this card if you already bank or invest with Bank of America and Merrill, especially at the higher relationship tiers, and the 15-cycle 0% window is a useful bonus if you need to finance a purchase. Skip it if you have no BofA relationship and no plans to start one: without a boost the card earns a flat 1.5%.