Bank of America® Unlimited Cash Rewards
Simple cash back with BofA Rewards boost
Practical Recommendation
Want one card to swipe everywhere with no mental load? This is that—1.5% back on everything. The first-year 2% promo that ran through 2025 and early 2026 is gone; in its place is a bigger $250 welcome bonus. The value jumps if you bank with Bank of America or Merrill and qualify for a BofA Rewards boost, which adds 10%–75% to the cash back you earn. If you don't have that status, a plain 2% card is usually the higher floor.
One thing to know: Bank of America renamed Preferred Rewards to BofA Rewards in May 2026 and made the top boost harder to reach—75% now takes $1 million in balances, and $100,000 gets you 50% instead. Bottom line: keep if you're in the BofA ecosystem or want a simple starter; skip if you chase best-in-class cash back.
Perks
- Earning structure (set-and-forget) – 1.5% unlimited on all purchases, no categories and no caps. Rewards don't expire while the account is open. Good "one card" setup if you don't want to think about it.
- BofA Rewards boost (10%–75%) – Just having a Bank of America checking account gets you the Member tier and a 10% bonus (1.5% → 1.65%). Qualifying balances move you up: Preferred Plus at $30k (1.875%), Preferred Honors at $100k (2.25%), Premier at $1M (2.625%). Doesn't change the base rate—just multiplies what you already earned.
- Flexible redemptions – Redeem as a statement credit or deposit to eligible Bank of America or Merrill accounts; automatic redemptions typically start at $25. Handy if you like set-and-forget payouts.
Protections
- $0 liability for fraud – You're not on the hook for unauthorized charges when reported promptly.
- Purchase protection – Helps with theft or accidental damage shortly after purchase; limits and windows vary by your benefits guide.
- Extended warranty – Adds time to eligible manufacturer warranties (typically up to one additional year on shorter warranties).
- Auto rental collision damage waiver – Collision/theft coverage when you pay with the card and decline the rental counter's coverage (usually secondary).
- Travel & emergency assistance – A hotline for referrals (doctors, transport, ticket replacement). You pay the service provider; the benefit is coordination.
- Heads-up: foreign transaction fee – Charges 3% on purchases outside the U.S., so it's not your international card.
BofA Rewards: How to Boost Your Cash Back
If you bank with Bank of America or Merrill, you can boost your cash back by 10% to 75%. Bank of America replaced Preferred Rewards with BofA Rewards on May 27, 2026. Here's how it works:
How to Qualify
Step 1: Open a Bank of America checking account (that alone gets you the Member tier and a 10% boost, with no balance minimum)
Step 2: Maintain qualifying balances across your accounts to move up:
- What counts: Any mix of Bank of America deposits + Merrill accounts (IRAs and 529s included)
- How to qualify: Keep the tier's 3-month average, or get early enrollment by hitting the balance within 30 days of opening your checking account
$30,000 - $99,999
$100,000 - $999,999
$1,000,000+
What It Does to This Card
BofA Rewards boosts your earned cash back by:
- Member: +10% boost (just a BofA checking account, no balance minimum)
- Preferred Plus: +25% boost
- Preferred Honors: +50% boost
- Premier: +75% boost (maximum for credit cards)
The boost applies to your earned cash back after purchase, but doesn't change the base earning rates.
Your Effective Rates
Important Notes
- The first-year 2% promo is over: Bank of America ran a 2%-everywhere first-year rate through mid-2026 and replaced it with the larger $250 welcome bonus. Don't apply expecting 2%.
- Foreign transaction fee: The 3% fee remains even at Premier status