Bank of America
Bank of America® Customized Cash Rewards Credit Card for Students
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | 200 Cash Rewards Bonus |
| Rewards Rate | 1%-6% Cash Back |
| Intro APR | 0% Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 17.74% to 27.74% will apply. |
| Regular APR | 17.74% - 27.74% variable |
| Other Fees | 3% Intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 5%. |
About this card
The Bank of America® Customized Cash Rewards Credit Card for Students is a very strong 'Good' option, teetering on 'Excellent' for the right student, offering a compelling blend of benefits and a few notable drawbacks. Its greatest strengths lie in its fee structure and rewards program. The $0 annual fee is a significant advantage, making it an accessible and valuable tool for students to build credit without incurring yearly costs. The rewards program is exceptional for a student card, featuring a customizable 6% cash back category for the first year (then 3%), 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined quarterly purchases), and an attractive $200 sign-up bonus. Furthermore, the 0% Intro APR for 15 billing cycles on purchases and balance transfers is a highly valuable feature, providing crucial breathing room for initial expenses or debt management. However, the card's most significant weakness is its high regular variable APR, which can range up to 27.74%. While the intro APR is excellent, this high ongoing rate poses a considerable risk for students who may carry a balance, potentially negating the rewards earned. The quarterly cap on bonus categories also limits earning potential for higher spenders, and the balance transfer fee increases significantly after the introductory period. Overall, for a disciplined student who can pay off their balance in full each month and effectively utilize the customizable rewards categories, this card offers substantial value. Its strong rewards, no annual fee, and introductory APR position it as a top-tier student card, but the high potential regular APR prevents it from achieving an 'Excellent' rating across the board, making it a very solid 'Good' choice.
Pros & Cons
What's great
- No annual fee
- Intro APR period
- Generous sign-up bonus
- High rewards rate
- Cashback on purchases
- Customizable bonus categories
Things to consider
- High regular APR
- High balance transfer fee
What this card offers
Sign-up bonuses
- Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
Rewards
- Earn 3% cash back + 3% first-year cash back bonus in the category of your choice
- Automatic 2% cash back at grocery stores and wholesale clubs
- Unlimited 1% cash back on all other purchases
- Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
- Choose which category you want to earn 6% cash back in – for the first year: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings
Other features
- Achieve more with BofA Rewards program—starting with a rewards bonus on every credit card purchase
- Your cash rewards don't expire as long as your account remains open
- Stay Protected: We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions
- Balance Connect for overdraft protection: An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America checking account to your credit card. No transfer fees. Other fees may apply
- Paperless Statement Option
- Digital Wallet Technology: add your card to Apple Pay, Google Pay or Samsung Pay
- Online & Mobile Banking: access, pay your bill, transfer funds, check available credit and more
- Account Alerts: choose from several types of customer email or text alerts
Additional Notes
This offer may not be available elsewhere if you leave this page. Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.