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Last updated on November 8th, 2021
Bank of America® Unlimited Cash Rewards Credit Card for Students
- Regular Purchase APR 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 19.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Annual Fee None
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Fair
- Intro Purchase APR 0% for 15 months
- Processing Network Visa
- No annual fee
- Unlimited 1.5% cash back on every purchase
- Build credit with responsible use
- 0% introductory APR for 15 months from account opening
- Intro Purchase APR: 0% for 15 months
- Regular Purchase APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months for transactions made within 60 days of account opening
- Balance Transfer APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 19.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
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At a Glance
The Bank of America® Unlimited Cash Rewards Credit Card for Students is the ideal mix of excellent rewards, a decent sign-up bonus, and a competitive APR. The card, which has no annual fee, also gives students the credit building tools they need to succeed – including FICO Score and Bank of America’s financial education program access.
Ideal for Those Who:
- Are a college student
- Want an accelerated cash back earning rate
- Plan to make use of the financial education tools
- Don’t want to pay an annual fee
Bank of America® Unlimited Cash Rewards Credit Card for Students Review
The Bank of America® Unlimited Cash Rewards Credit Card for Students is an exciting cash back rewards card for students. The card offers superior cash back on all purchases versus many of its competitors – all for no annual fee.
How to Earn Cash Back
Like the full-fledged version of the card, the Bank of America® Unlimited Cash Rewards Visa, the student version earns an unlimited 1.5% cash back on all eligible purchases. That 1.5% back earning rate is exceptional for a student credit card – especially when compared to the Chase Freedom Student Card, its main competitor. That card only earns 1% cash back on all purchases.
How to Redeem Cash Back
Like other Bank of America credit cards, one of the nice features of the Unlimited Cash Rewards Credit Card for Students is that cash back rewards are unlimited – and do not expire as long as the cardholder’s account is active and open.
The cash back rewards are straightforward to redeem; Bank of American lets cardholders use their cash rewards towards statement credits on the card account, as deposits into Bank of America checking or savings accounts, or into eligible investment accounts with Merrill. Obviously few students will have a Merrill or Merrill Edge investment account, so statement credits are probably the best bet. Still, that is a great feature for students that are new (or newer) to credit and want to build credit and reduce their monthly statement balances.
Introductory Statement Credit Bonus
The Unlimited Cash Rewards for Students also comes with an enticing introductory offer. New accounts earn an online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of opening their account. This bonus is equivalent to 20% cash back – an excellent offer.
Chase’s Freedom Student Card only provides a $50 statement credit as a sign-up bonus, though that offer requires the user to make a purchase within the first three months simply. While the BoA sign-up bonus requires a much bigger spend, it is still manageable for students – especially if they plan on using the new card to stock up on school or dorm supplies, buy textbooks, or make other everyday purchases.
Other Card Features
The Unlimited Cash Rewards Credit Card for Students also provides a variety of other benefits for students, with the ability to monitor their credit score being high on that list. Cardholders can easily monitor their credit score thanks to complimentary access to their FICO credit score each month.
Students will also receive online and mobile banking access through Bank of America’s app, which will allow them to pay bills, dispute transactions, set up alerts, and more through their mobile devices. They can also i8ncrease their financial knowledge through Bank of America’s Better Money Habits program.
Other notable features of the card include:
- Enhanced Security with EMV Chip Cards
- Contactless payment and digital wallet technology
- Visa Zero Fraud Liability
- No annual fee
Should You Apply for the Bank of America® Unlimited Cash Rewards Credit Card for Students?
The Bank of America® Unlimited Cash Rewards Credit Card for Students is an excellent credit card for students who want to get more rewards on everyday purchases but hate confusing categories. The card earns an unlimited 1.5% cash back on all eligible purchases and provides an easy-to-achieve statement credit bonus. Both features offer significantly more value than the Chase Freedom Student Card – its biggest competitor.
The card is a great steppingstone towards more impressive rewards credit cards through Bank of America. Still, it offers the perfect mix of functionality and rewards for the college student that is new to credit but doesn’t want that to keep them from lucrative credit card rewards.