Review of the Bank of America Cash Rewards™ Credit Card for Students
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The Bank of America Customized Cash Rewards™ Credit Card for Students can help you build credit from practically (or literally) nothing.
It offers 3% cash back in your choice of one of six useful categories, including gas, dining, and online shopping. And you’ll get 2% cash back at grocery stores and wholesale clubs.
There’s no annual fee, and the card comes with an introductory 0% APR plus a cash rewards bonus.
|Introductory Bonus Offer|
You can also earn a 10% bonus on your rewards if you choose to redeem your cash back into a Bank of America checking or savings account. The bonus is awarded when you redeem the cash back.
An even bigger bonus is available If you typically have a very high account balance in your Bank of America bank account (unlikely for a student). If you have a balance of at least $25,000 combined in your Bank of America and/or Merrill Edge® investment accounts, you’ll earn a 25-75% bonus instead, with higher account balances earning a larger discount.
There are just a few additional benefits for owning this card.
Cardholders are covered by a $0 liability guarantee, so you won’t be held responsible for any fraudulent charges made with the account.
You’ll also be protected by an additional service: SafePass® requires a one-time 6-digit code to be used when banking online.
Optional overdraft protection is available, which will help prevent declined purchases and late fees by linking a Bank of America checking account. You may be charged transfer fees if a transfer between accounts is necessary.
This card also comes with Chip-and-Signature EMV technology, a new standard that provides better security as well as accessibility with more terminals in foreign countries.
|Annual Fee||Intro APR for Purchases and Balance Transfers||Regular APR||Regular Balance Transfer APR||Cash Advance APR||Foreign Transaction Fee|
|$0||0% for 15 billing cycles||13.99%–23.99% Variable||13.99%–23.99% Variable||16.99%–28.99% Variable||3%|
|Penalty APR||Late Fee||Returned Payment Fee|
|Up to 29.99% Variable||Up to $40||Up to $29|
The Bottom Line
This is a solid rewards credit card for students who want to build their credit, with no annual fee or immediate interest rate to worry about.
Having your choice of a 3% category is an excellent feature, giving you plenty of flexibility. You’ll be able to pick the category you plan to spend most in each month, giving you more bang for your buck. The 2% back on groceries is sure to come in useful as well. Having a Bank of America account to redeem into makes this card a bit more rewarding still.
The introductory APR for 15 billing cycles is solid for a student card, and the cash back bonus is about as good as they come.
Do you use and like this Bank of America student credit card? Do you prefer a different credit card? Let us know in the comments below, and share this article if you found it useful!
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