Bank of America
Bank of America® Customized Cash Rewards Credit Card for Students
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | $200 online 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. |
| Regular APR | Standard APR 17.49% - 27.49% variable |
| Other Fees | 3% of each transaction 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 decent option for students looking to build credit and earn rewards. Its strengths include the customizable 3% cash back category, the $200 sign-up bonus, and the absence of an annual fee. However, the card's high APR range (17.49% - 27.49% variable) and the limited quarterly spending cap on bonus rewards are considerable drawbacks. While Bank of America has a strong reputation, this particular card may be difficult for students with limited credit history to obtain. Considering the balance of strengths and weaknesses, the card earns an overall rating of 3.2 out of 5. It's a good choice for students who can manage their spending and avoid carrying a balance, but those who need more flexibility with payments or who plan to spend heavily in bonus categories may find it less appealing.
Pros & Cons
What's great
- No annual fee
- Introductory APR period for purchases and balance transfers
- Generous sign-up bonus
- High cashback rewards rate
- Customizable bonus categories
Things to consider
- High regular APR
- High balance transfer fees
What this card offers
Sign-up bonuses
- Plus, a $200 online cash rewards bonus offer.
- 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.
- After the first year from account opening, you'll earn 3% cash back on purchases in your choice category.
Other features
- There's no annual fee and your cash rewards don't expire as long as your account remains open.
- Redeem your cash rewards for any amount, anytime for statement credits, deposits made directly into a Bank of America checking or savings account, or for credit to an eligible account with Merrill, or to pay for eligible purchases when you shop at Amazon.com or check out with PayPal.
- Redemptions for a contribution to a qualifying 529 account with Merrill or for a check start at $25.
- You may set up automatic redemptions into an eligible Bank of America or Merrill account. Automatic redemptions start at $25. Statement credits, checks and contributions into a qualifying 529 account are not eligible for automatic redemption enrollment.
- 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.
- 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.
- Opt for paperless credit card statements and increase account security while reducing paper consumption.
- Discover more ways to pay by adding your Bank of America credit card to your mobile device then shop in-store or in-app using Apple Pay, Google Pay or Samsung Pay.
- Access to our award-winning Online and Mobile Banking. Bank on the go from almost anywhere quickly and securely. Pay your credit card bill online, transfer funds, check available credit and more.
- Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
- Learning to handle your credit is a big responsibility. A little knowledge can go a long way with Better Money Habits.
- Manage your money from almost anywhere. From home, the library and everywhere else, help stay in control of your finances with our award winning Mobile Banking app.
- Want to talk to someone one-on-one? No problem. We're here with you every step of the way. Set up an appointment at a time and place that works for you.
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.