Start with a hypothetical household that puts $2,000 a month, or $24,000 a year, on one credit card. On the Bank of America Unlimited Cash Rewards card, the base rate of 1.5% returns $360 a year. Now layer on the bank’s relationship program, BofA Rewards, which in 2026 adds a percentage bonus on top of every credit card purchase depending on how much you keep with Bank of America and Merrill:
| BofA Rewards tier | Combined balances | Card bonus | Effective rate | Cash back on $24,000 |
|---|---|---|---|---|
| Not enrolled | n/a | None | 1.5% | $360 |
| Member | No minimum | 10% | 1.65% | $396 |
| Preferred Plus | $30K to under $100K | 25% | 1.875% | $450 |
| Preferred Honors | $100K to under $1M | 50% | 2.25% | $540 |
| Premier | $1M or more | 75% | 2.625% | $630 |
The table shows the entire case for this card. On its own, it is an average flat-rate card. With a big enough banking relationship, it becomes one of the better no-fee cash back cards in the country.
In short
The Unlimited Cash Rewards card charges no annual fee, pays an unlimited 1.5% on every purchase, offers a $250 online welcome bonus and a 15-billing-cycle 0% intro APR on purchases and early balance transfers. Customers at the Preferred Honors or Premier tiers of BofA Rewards earn 2.25% to 2.625%, which beats standard 2% cards. Everyone else can probably do better elsewhere. JustMobs rating: 4.0/5.
The card’s terms, as of 2026
- Annual fee: $0.
- Rewards: unlimited 1.5% cash back on all purchases. Rewards don’t expire while the account is open.
- Welcome offer: $250 online cash rewards bonus after $1,000 in purchases in the first 90 days. Offers can change.
- Intro APR: 0% for 15 billing cycles on purchases, and on balance transfers made within 60 days of opening.
- Regular APR: 17.74% to 27.74% variable.
- Balance transfer fee: 3% for the first 60 days, then 5%.
- Foreign transaction fee: 3%, according to the card’s published terms as reported by major comparison sites; the official product page doesn’t feature it, so confirm in the pricing details.
Redemption is flexible. You can take cash back as a statement credit, a deposit into an eligible Bank of America checking or savings account, or use it at Amazon.com or PayPal checkout. Bank of America says you can redeem any amount at any time.
How BofA Rewards changed the math
Until May 2026, Bank of America’s loyalty program was called Preferred Rewards, and its credit card bonus started at 25% for the Gold tier. The new BofA Rewards program reshuffled the tiers. The good news: there’s now a 10% Member tier with no minimum balance. The less good news: a 50% bonus now takes $100,000 in combined balances, up from what the old Platinum tier required, and the 75% top bonus now requires $1 million.
Customers enrolled before the switch may hold on to their previous bonus for a transition period, according to the program pages. If you are deciding based on an old blog post that cites 2.62% for “Platinum Honors,” check your current tier inside online banking first. The number that matters is the one you’ll actually earn.
Balances are measured as an average across qualifying Bank of America deposit accounts and Merrill investment accounts, which means retirement savings held at Merrill Edge can count. For someone with a $150,000 IRA already at Merrill, moving everyday spending to this card is close to free money.
What we like
- No categories, no caps. Every dollar earns the same rate.
- A long intro APR for a rewards card. Fifteen billing cycles at 0% covers more than a year of purchases.
- Easy redemption with no minimum and direct deposit to a BofA account.
- Top-tier earning that beats 2% for customers with large balances.
What holds it back
- 1.5% is below the market for flat-rate cards if you don’t qualify for a meaningful tier.
- Foreign transaction fee makes it a poor card to use abroad.
- The relationship requirement is steep. Moving $100,000 just to raise card rewards rarely makes sense on its own.
- The 2026 program change trimmed bonuses for many existing customers in the middle tiers.
How it stacks up
A flat 2% card, such as Wells Fargo’s Active Cash, pays $480 on our $24,000 example with no banking relationship required. That beats the Unlimited Cash Rewards card for anyone below Preferred Honors. Above it, Bank of America wins.
If your spending is concentrated, a category card can do even better. The Citi Custom Cash pays 5% on your top eligible category each billing cycle up to a monthly limit, and the Wells Fargo Autograph earns 3X on dining, gas, travel and more. Pairing one of those with a flat-rate card is a common strategy, and this card can fill the flat-rate slot for BofA customers.
If you prefer travel credit to cash, Bank of America’s sister card, reviewed in our Bank of America Travel Rewards review, earns at the same base rate, gets the same BofA Rewards boost and drops the foreign transaction fee.
Common questions
Does the BofA Rewards bonus apply to the welcome offer?
The program bonus applies to rewards earned on purchases. The program pages state that for cash back cards the bonus is calculated after base and bonus cash rewards on a purchase, but promotional welcome bonuses are generally treated separately. Read the terms in your offer to be sure.
Do I need a Bank of America checking account to get this card?
No. Anyone can apply, and the card still earns 1.5% without a banking relationship. You only need qualifying accounts to earn the BofA Rewards bonus.
Is using the 0% intro APR on a balance transfer worth the fee?
It can be if you will clear the balance within the 15 billing cycles. On a $5,000 transfer, a 3% fee costs $150, which is less than a few months of interest at a typical card rate. The CFPB’s credit card resources explain how to compare transfer costs.
Can I lose my tier?
Yes. Tiers are based on average balances, so if your combined balances fall below the threshold, the bank can move you to a lower tier and your card bonus drops with it.
Is it worth it?
For Bank of America and Merrill customers with six-figure combined balances, yes. A no-fee card earning 2.25% to 2.625% on everything is hard to beat, and the 15-cycle intro APR is a nice extra. For everyone else, it is an ordinary 1.5% card in a market where 2% is easy to find. Run your own numbers through the tier table above, then check current terms on the official Bank of America Unlimited Cash Rewards page.
