Bank of America® Unlimited Cash Rewards
Simple cash back with Preferred Rewards boost
Practical Recommendation
Want one card to swipe everywhere with no mental load? This is that—1.5% back on everything (bumped to 2% in year one). The value jumps if you bank with Bank of America or Merrill and qualify for Preferred Rewards, which boosts your earned cash back by 25%–75%. If you don't have that status, a plain 2% card is usually the higher floor.
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) – 2% on all purchases in the first 12 months, then 1.5% unlimited. Rewards don't expire while the account is open. Good "one card" setup if you don't want categories.
- Preferred Rewards boost (25%–75%) – If you hold qualifying balances with Bank of America/Merrill and enroll, your earned cash back gets a 25%/50%/75% bonus (e.g., 1.5% → 1.875% / 2.25% / 2.625%). Doesn't change the base categories—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.
Preferred Rewards: How to Boost Your Cash Back
If you bank with Bank of America or Merrill, you can boost your cash back by 25% to 75%. Here's how it works:
How to Qualify
Step 1: Open a Bank of America checking account (required)
Step 2: Maintain qualifying balances across your accounts:
- 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
$20,000 - $49,999
$50,000 - $99,999
$100,000 - $999,999
What It Does to This Card
Preferred Rewards boosts your earned cash back by:
- Gold: +25% boost
- Platinum: +50% boost
- Platinum Honors: +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
- First-year 2% promo: This is separate from Preferred Rewards and doesn't get further boosted