This card now has a $250 sign-up bonus. Spend $1,000 within 90 days of account opening to get it. If you don't spend much, this option is simpler and more convenient. If you spend a lot, the $200 + extra 0.5% cash back offer is better; the first-year break-even point is $10,000 in spending.

This card has a new offer: an extra 0.5% cash back in the first year, which means 2% cash back on all purchases during the first 365 days after opening the account. After one year, it goes back to 1.5%, and the sign-up bonus is still $200, which you can get by spending $1,000 within 90 days of account opening.

Note: based on the information shown on the application page, this extra 0.5% cannot be boosted by BofA Rewards.

Bank of America Unlimited Cash Rewards Credit Card Overview:

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Full review

BofA Unlimited Cash Rewards Credit Card

1.5% cash back on all purchases; no annual fee!

  • Welcome bonus: $200 after spending $1,000 within 90 days of account opening + extra 0.5% cash back in the first year
  • Rewards: 1.5% on all purchases
  • Redemption: Redeem directly for cash back; BOA account holders can get up to a 75% bonus
  • Annual fee: $0
  • Apply now>>

BofA card benefits

  • Free museums: On the first full weekend of each month, just bring your BofA credit card or debit card and your own ID to get free admission to about 250 museums and cultural institutions nationwide. If you are an authorized user, you can do this too. You can check the full museum list at the link below. If you have time, it is worth stopping by and taking a look: BofA free museum list
  • BofA Deal: Offers 5%-15% cash back or a fixed cash amount at various merchants. Some good deals that have appeared before include Sears 15% cash back ($25 cap), Nordstrom Rack 15% cash back ($37.5 cap), and an extra $5 for using any BofA Deal. For details, see “BofA Deals guide”
  • Free credit score: BofA now provides FICO Score, credit reports, and personalized credit information for free through My Credit, while the old FICO Score Program is being phased out. See: comparison of free credit scores

Cons

  • Unless you have a higher-tier BofA Rewards boost, it is not much better than a 2% cash back card

BofA Rewards

 If you join BofA Rewards, your everyday card cash back can earn extra rewards based on your membership tier, and all purchases can earn up to 1.5%*1.75=2.625% cash back.

The tiers are as follows:

  • BofA Rewards Member (with an eligible personal checking account and no minimum balance requirement) can get an extra 10% cash back bonus, making all purchases equivalent to 1.65% cash back
  • Preferred Plus (three-month average balance of eligible deposit and investment accounts over $30,000) can get an extra 25% cash back bonus, making all purchases equivalent to 1.875% cash back
  • Preferred Honors (three-month average balance of eligible deposit and investment accounts over $100,000) can get an extra 50% cash back bonus, making all purchases equivalent to 2.25% cash back
  • Premier (three-month average balance of eligible deposit and investment accounts over $1,000,000) can get an extra 75% cash back bonus, making all purchases equivalent to 2.625% cash back
  • See the requirements here: official link

My take:

The appearance of this card is not surprising, because Citi, Chase, Wells Fargo, and AMEX all have their own flat-rate cash back cards that offer 1.5%-2% cash back on all purchases. Now BofA has joined the field as well. For people with a higher tier of BofA Rewards, this is a very good option, but for most people it does not matter much. If you already have multiple Customized cards that offer 3%, 2%, and 1%, then converting other annual-fee cards into this one is also a good choice.

Compared with the BofA Travel Rewards card (1.5x points on all purchases, 3x when booking travel through Bank of America Travel Center, also with BofA Rewards boosts, and up to 2.625x points on everyday spending), the biggest advantage is that cash back is simpler. Travel Rewards can also now be redeemed for cash directly, but each point is worth only 0.6 cent when redeemed for cash; when used to offset eligible travel and dining purchases, each point is worth 1 cent. This card lets you earn cash back directly, without having to think about redemption options.

[2021.7 Update] Many BofA credit card holders have now received offers to product change into this card. Some users can even see an offer for $200 cash back after product changing and meeting a spending requirement. If you do not have much use for your current card, switching it to this one is a good option. After all, you may be able to pick up another $200 without a new hard pull or a new account.

How to apply:

  • BOA application status check link, or call: (800) 732-9194
  • 2/3/4 rule: at most 2 cards approved within 2 months, 3 within 12 months, and 4 within 24 months. However, BofA’s system is not very reliable, and sometimes a card may be approved at first but later shut down.
  • The welcome bonus on the same card can only be received once every 24 months, and you need to make sure the card is closed before applying again>
  • You need to be a Resident to apply for a BOA credit card online: when applying for a BofA credit card online, if you select Non resident alien, you will not be able to continue and must apply by phone. However, BofA’s definition of Resident alien is different from the IRS definition of Resident alien for tax purpose. No matter what immigration status you used to enter the US, if you have lived in the US for 183 days within the past two years, then select Resident Alien. If you just arrived in the US and cannot meet this requirement, follow the prompt on the online application page and call 1.800.932.2775 to apply.
  • You can call the reconsideration line (888-593-6092) to speed up credit card approval or request a review of a denied application.
  • More about applying for BofA credit cards

Application link