Bank of America
Bank of America® Unlimited Cash Rewards Credit Card for Students
Key Features
| Annual Fee | $0.00 |
| Sign-up Bonus | Online $200 cash rewards bonus |
| Rewards Rate | 1.5% - 2% 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 17.49% to 27.49% will apply. |
| Regular APR | After the intro APR offer ends, a Variable APR that's currently 17.49% to 27.49% will apply. 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® Unlimited Cash Rewards Credit Card for Students is a good choice for students looking to build credit and earn rewards, offering a solid blend of benefits and a few notable drawbacks. It earns a 3.8 rating, placing it in the 'Good' category. Its primary strengths lie in its excellent fee structure (4.1/5.0) and strong rewards program (4.1/5.0). The absence of an annual fee is a significant advantage for students, ensuring that all earned cash back is pure profit. The rewards program is competitive, featuring a generous $200 sign-up bonus, an introductory 2% cash back rate for the first year, and a solid unlimited 1.5% cash back thereafter on all purchases. Furthermore, the very competitive 0% Intro APR for 15 billing cycles on both purchases and balance transfers provides an excellent temporary cushion for managing expenses without accruing interest. However, the card is held back significantly by its APR Rating of 2.8/5.0. While the introductory APR is outstanding, the regular variable APR, ranging from 17.49% to a potentially very high 27.49%, is a major weakness. For students who may carry a balance, this high ongoing interest rate can quickly erode the value of the rewards earned. Additionally, the presence of a foreign transaction fee (typically 3%) is a drawback, particularly for students who might travel or study abroad, as many competitor student cards waive this fee. The standard balance transfer fee also increases to a higher 5% after the introductory period. Overall, the card's excellent no-annual-fee structure, generous sign-up bonus, and strong cash back program make it a compelling option. The extended intro APR is a valuable benefit. However, the high potential regular APR and foreign transaction fee prevent it from reaching an 'Excellent' rating, placing it firmly in the 'Good' category for its target audience.
Pros & Cons
What's great
- No annual fee
- Intro APR period for purchases and balance transfers
- Generous sign-up bonus
- Cashback on all purchases
Things to consider
- High regular APR
- Balance transfer fees apply
- Foreign transaction fees apply
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
- Plus, a $200 online cash rewards bonus offer.
Rewards
- Earn 2% cash back on purchases for the first year from account opening
- Thereafter, you'll earn unlimited 1.5% cash back on all purchases
- No limit to the amount of cash back you can earn and cash rewards do not expire as long as your account remains open
Other features
- Redeem your cash rewards for any amount, anytime for statement credits to your credit card, deposits made directly into a Bank of America® checking or savings account, or to pay for purchases when you shop at Amazon.com or check out with PayPal
- Credit card rewards bonus: When you join BofA Rewards™, you can earn bonus rewards on the purchase you already make using eligible Bank of America® credit cards.
- 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 Opt for paperless credit card statements and increase account security while reducing paper consumption.
- Digital Wallet Technology 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.
- Online & Mobile Banking 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.
- Account Alerts 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.
Additional Notes
This offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now. Note: minimum payments are applied to lower-interest balances first. Additional payments are applied to higher-interest balances first.