| Last updated on January 25th, 2024
Bank of America® Customized Cash Rewards Credit Card for Students
Bank of America® Customized Cash Rewards Credit Card for Students
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on creditworthiness and Prime Rate Cash Advance APR
- 0% for 18 months from account opening date Intro Purchase APR
At a Glance
The Bank of America® Cash Rewards Credit Card for Students is a solid means for students to build their financial borrowing reputation while covering everyday purchases. Unlike most student cards, earn up 3% cash back which can be redeemed as a statement credit, check, or deposit in your Bank of America checking or savings account, as well as a $200 signup bonus.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory 0% purchase APR for your first 12 months
- Introductory 0% APR for 15 months
- Enjoy additional travel, auto rental, and purchase benefits
- 3% cash back on the category of your choice
- 2% back at grocery stores and wholesale clubs
- 1% back on all other purchases
- Free access to monthly FICO® Score
- Intro Purchase APR: 0% for 18 months from account opening date
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 18 months on transfers made within 60 days of account opening date
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 21.24% to 30.24% variable based on creditworthiness and Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: Up to 29.99% variable based on creditworthiness and the Prime Rate
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You want a card with no annual fee
- You can pay off your monthly balance in full
- You'll spend $1000 within the first 90 days of opening an account
- You want changeable 3% cash back categories to earn rewards for decorating your dorm, buying groceries, or booking plane tickets to visit home
Bank of America® Customized Cash Rewards Credit Card for Students Review
The Bank of America® Cash Rewards Credit Card for Students is a good credit card option for students with no credit. Eligible to those without any credit history, students have the ability to build their credit while earning practical cash back rewards. It is above-average compared to other student cards and has introductory 0% APR for 15 months, and surprisingly high cash back rewards in up to 3% in the category of your choosing, and no annual fee.
How to Redeem
The cash back rewards are very straightforward and easy to redeem; Bank of American provides students with multiple ways to automatically put cash back into their pockets. The one drawback is that this card has a high APR (atypical for student cards) which makes this less suitable for students with irregular income who might not be able to pay their balances in full.
New cardholders will earn a $200 signup bonus after spending $1000 within the first 90 days of opening account. While that spending limit might normally be a tad out of reach for unemployed students, the 0% APR for both purchases and balance transfers can help students meet the signup bonus requirements while also funding large school expenses like textbooks or a meal plan.
After this intro APR period ends, students should take heed that the card’s regular APR is higher than a typical student credit card. Students who might not be able to pay off their monthly balances may want to opt for a different student card (student cards with fewer rewards usually have a lower APR). Cardholders will earn 2% back on grocery purchases and 1% for everything else. The 3% cash back category is customizable from month-to-month so students can capitalize on their particular spending priorities and accommodate their changing spending needs:
- Gas (great for commuters)
- Online shopping
- Dining (great for students without a school meal plan)
- Travel (great for students attending an out-of-state college who frequently visit home)
- Drug stores
- Home improvement/furnishings
Be Wary of Fees
It is one of the few student credit cards with travel rewards, but foreign transaction fees don’t make this a suitable student card for traveling abroad. A student credit card with flexible categories is great for students who often experience a number of transitional changes like buying a car, living on their own for the first time and furnishing a dorm or apartment, or traveling abroad. When you first receive your card the default category for the Bank of America® Cash Rewards Credit Card will be Gas purchases – simply visit your BoA dashboard to update it.
You can choose a new 3% category which can be selected once each month so that you’re always earning cash for the things you purchase the most. Note that cash back earning for the 3% and 2% categories are capped at a combined $2,500 each quarter. Redeeming your Bank of America® Cash Rewards Credit Card for Students earnings is automatic and can be done in several ways.
Cash earnings can be redeemed for statement credits. deposits into a Bank of American checking or savings account, or a qualifying 529 account with Merrill Lynch (the latter requires a $25 minimum). Cash earning never expire as long as the account is active and in good standing.
Should You Apply for the Bank of America® Customized Cash Rewards Credit Card for Students?
The Bank of America Cash Rewards Credit Card for Students is a competitive option and performs wells compared to other student cards. For college students with little or no credit history, this card is a great tool for building a strong credit profile. Being a cardmember provides you with monthly FICO® score reports so you can monitor the progress of your financial health and analyze the factors that are impacting your score.
Learn good financial habits while also earning 3% cash back rewards. Students applying for this card with no previous credit history may be required to add guarantor, so be sure to have discussed this with a parent or prior to your application. For those with more extensive credit histories, the Citi Custom Cash℠ Card, or even the Freedom Flex might be a better option. The Citi Rewards+® Card is another popular gas rewards credit card, though it does not offer the flexibility of the Customized Cash.
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