Bank of America Unlimited Cash Rewards vs. BankAmericard
Key takeaways
- The BankAmericard® credit card comes with a great introductory APR, making it a solid option for those wanting to pay off credit card debt over time.
- The Bank of America® Unlimited Cash Rewards credit card offers good long-term value with access to cash back, the ability to earn a welcome bonus and a nice introductory APR offer.
- Both credit cards come with basic benefits like free FICO score access, $0 fraud liability, account alerts and access to Museums on Us and BankAmeriDeals.
Information about the Bank of America® Unlimited Cash Rewards credit card and BankAmericard® credit card was updated on May 8, 2024.
Comparing a card that offers rewards to a card that doesn’t might feel like comparing apples to oranges. But both the Bank of America® Unlimited Cash Rewards credit card and BankAmericard® credit card* primarily serve the same type of consumers — those who are looking either to consolidate high-interest credit card debt through a balance transfer or to finance an upcoming purchase without paying interest.
That said, the Bank of America Unlimited Cash Rewards offers a welcome bonus and 1.5 percent cash back on all purchases. This can make it a more attractive option than the BankAmericard, which doesn’t offer a welcome bonus or ongoing rewards. However, both cards have their pros and cons, so let’s dig into the details.
Main details
| Cards | Bank of America Unlimited Cash Rewards credit card | BankAmericard credit card |
|---|---|---|
| Welcome bonus | $200 online cash rewards bonus after spending $1,000 within the first 90 days | None |
| Rewards rate | 1.5% cash back on all purchases | None |
| Intro APR | 0% intro APR for 15 billing cycles on purchases and balance transfers; balance transfers must be made in the first 60 days to qualify and a 3% intro balance transfer fee will apply for the first 60 days your account is open, then 4%; variable APR of 19.24% to 29.24% after | 0% intro APR for 18 billing cycles on purchases and balance transfers; balance transfers must be made in the first 60 days to qualify and a 3% intro balance transfer fee will apply for the first 60 days your account is open, then 4%; variable APR of 16.24% to 26.24% after |
| Annual fee | $0 | $0 |
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Welcome bonus winner: Bank of America Unlimited Cash Rewards
When choosing between credit cards, comparing their welcome offers can be a determining factor on which card is better for you. The Bank of America Unlimited Cash Rewards offers a $200 online cash rewards welcome bonus after spending $1,000 within the first 90 days of account opening. The BankAmericard doesn’t offer a welcome bonus, easily making the Unlimited Cash Rewards card the winner of this category.
Rewards rate winner: Bank of America Unlimited Cash Rewards
The Bank of America Unlimited Cash Rewards card offers an unlimited 1.5 percent cash back on all purchases. This category has a clear winner too, since the BankAmericard doesn’t offer any type of rewards program.
Annual fee winner: Tie
Annual fees can eat into the value of your credit card’s benefits and perks. Thankfully, we don’t have to worry about that here. Since neither card charges an annual fee, they tie in this category.
Foreign transaction fee winner: Tie
Neither of these cards are a particularly good fit for travel or shopping in a foreign currency. If you need a card without foreign transaction fees or would like to earn travel rewards, you should consider one of our top travel cards instead. Bank of America Unlimited Cash Rewards and BankAmericard both carry a 3 percent foreign transaction fee, so they also tie — but not in a good way — in this category.
Which card earns the most?
Choosing the best credit card for you often comes down to matching a card’s reward structure with your personal spending habits. Many cards offer elevated cash back or rewards for spending in certain categories, while others offer a flat rate across all purchases. Earning a flat 1.5 percent cash back on all purchases, the Bank of America Unlimited Cash Rewards card clearly packs more long-term earnings value than the BankAmericard — which doesn’t offer a rewards program.
Spending example
Say you spend about $1,000 per month ($12,000 per year) with the Bank of America Unlimited Cash Rewards credit card. In that case, you’ll earn $15 per month ($180 per year) in cash back. If you spend the same amount per month with the BankAmericard, you won’t earn any rewards on that same spending.
That’s not to say that a card’s earnings rate is the only thing you should consider. For example, the BankAmericard’s introductory APR offer lasts three billing cycles longer than the intro APR offer on the Unlimited Cash Rewards card. Depending on the size of your balance, giving yourself extra time to pay it off at zero interest could easily offset any cash back gains you may have earned during those months. It also comes with a lower ongoing regular APR of 16.24 to 26.24 percent (variable). However, in a pure earnings sense, the Unlimited Cash Rewards card is the only one that offers the ability to earn ongoing rewards on your spending.
Why should you get the Bank of America Unlimited Cash Rewards?
The Bank of America Unlimited Cash Rewards card might be worth it if you’re interested in an introductory APR offer for balance transfers and purchases while also looking to earn rewards on your purchases over the long run. Plus, the cash back you can earn is unlimited.
Additional benefits
The Bank of America Unlimited Cash Rewards’ benefits include FICO credit score access, $0 fraud liability and account alerts. You’ll also receive access to Bank of America’s “Museums on Us” and BankAmeriDeals. Museums on Us allows free entry to select museums during the first weekend of every month while BankAmeriDeals lets you earn cash back on activated, limited-time offers with participating merchants.
If you’re eligible to become a Bank of America Preferred Rewards client, the advantage of the Bank of America Unlimited Cash Rewards card over the BankAmericard credit card is even more pronounced. Depending on the tier you qualify for, being a Preferred Rewards member will boost your card’s 1.5 percent cash back rate to 1.87 percent, 2.25 percent or 2.62 percent cash back.
To qualify for Preferred Rewards, customers must have an eligible Bank of America checking account and a three-month average combined daily balance of $20,000 or more in eligible Bank of America or Merrill accounts.
Redemption options
You can easily redeem rewards for a statement credit to reduce your card balance. You can also redeem cash back as a direct deposit to a Bank of America checking or savings account or a credit to an eligible Merrill account. Automatic redemption into your eligible Bank of America or Merrill accounts is also available, which is fairly unique among cash back cards and makes redeeming your cash back rewards even easier. Finally, you can use your rewards to pay for purchases with Amazon or when you check out with Paypal.
Recommended credit score
The Bank of America Unlimited Cash Rewards recommends that applicants have a good to excellent credit score of 670 to 850.
Why should you get the BankAmericard?
There aren’t many compelling reasons to choose the BankAmericard over the Bank of America Unlimited Cash Rewards, except for the glaring one: If you truly need a longer intro APR period and don’t care about rewards or welcome bonuses, the BankAmericard might be worth it for you. Plus, since the BankAmericard has a lower regular variable APR of 16.24 percent to 26.24 percent, you might want that safety net in case you can’t pay off your balance completely during the introductory period.
Additional benefits
Like the Bank of America Unlimited Cash Rewards, the BankAmericard’s benefits include account alerts, $0 fraud liability and FICO credit score access. You’ll also have access to the BankAmeriDeals program and Museums on Us.
Redemption options
Since this card does not offer a rewards program, there are no redemption options available.
Recommended credit score
The recommended credit score range for the BankAmericard is good to excellent (670 to 850).
The bottom line
Thanks to its rewards program and fairly long intro APR offer, the Bank of America Unlimited Cash Rewards credit card ultimately offers better long-term value than the BankAmericard credit card. Consumers who aren’t able to pay off their balance every month, however, may be better off with the BankAmericard due to its lengthier intro APR offer and lower regular variable APR.
With the Unlimited Cash Rewards card, current Bank of America or Merrill customers can enjoy even bigger cash back rewards through the Preferred Rewards program. This tiered program allows customers with eligible account balances to boost their cash back rewards as high as 2.62 percent on all purchases. This rivals many of the best cash back cards on the market, although the average balance needed to qualify for the top rate is quite large. Be sure to compare it with other top cash back credit cards before making a decision.
*Issuer-required disclosure statement
Information about the BankAmericard® is collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.
