Bank of America Unlimited Cash Rewards

Rewards by category

Our take

The Unlimited Cash Rewards is the card for people who refuse to think about categories. It pays a flat 1.5% cash back on everything, with no annual fee, no bonus categories to track, and no caps on what the base rate covers. If your spending is spread across the usual mix of bills, errands, and one-off purchases, a flat rate like this keeps every dollar working without any planning.

The fine print worth knowing: the old 2.62% headline is gone. Bank of America replaced Preferred Rewards with the BofA Rewards program in May 2026, and while the card page still promises a rewards bonus for enrolled customers, it no longer states a multiplier — so plan around the plain 1.5%. Rewards come as straightforward cash back — a dollar of rewards is worth a dollar, with no points valuation to second-guess. The real catch is the 3% foreign transaction fee: abroad, the fee is double what the card earns back.

In a small wallet, treat it as the floor. Let a bonus-category card take groceries, dining, or wherever your biggest bills land, and route everything unmatched to this one at 1.5%. Since it charges no annual fee, the floor costs nothing to hold — and if you keep serious balances with Bank of America or Merrill, whatever bonus BofA Rewards grants enrolled customers arrives on top of it.

Common questions

Does Bank of America Unlimited Cash Rewards have an annual fee?

No — Bank of America Unlimited Cash Rewards has no annual fee.

What rewards does Bank of America Unlimited Cash Rewards earn on everything else?

1.5% on all other purchases, in Cash Back.

Can the Bank of America Unlimited Cash Rewards earn more than 1.5% back?

It used to, through Preferred Rewards — the Platinum Honors tier pushed the rate to about 2.62%. Bank of America replaced that program with BofA Rewards in May 2026, and the card page now advertises a bonus for enrolled customers without stating a multiplier, so the old figure can't be verified anymore. Treat 1.5% as the card's number and any BofA Rewards bonus as unquantified upside — check your own enrollment before relying on more.

Should I use the Unlimited Cash Rewards for purchases abroad?

It's a poor fit for that. The card charges a 3% foreign transaction fee — double the 1.5% it earns — so purchases made outside the US come out roughly 1.5% behind after the fee. Save this card for spending at home and carry one without a foreign transaction fee when you travel.