The Bank of America Cash Rewards for Students offers the same features as its non-student counterpart, but you do not have to be a college graduate with a good credit history to access it. If you need a solid cash-back credit card that you can hold onto even after graduating, this one is worth your consideration.
The Bank of America Cash Rewards™ Credit Card for Students could help you in building credit from practically (or literally) nothing. It offers 3% cash back in your choice of one of six useful categories which includes gas, dining, and online shopping. And you’ll get 2% cash back at grocery stores and wholesale clubs.
There isn’t an annual fee, and the card comes with an intro 0% APR for 12 months, before the regular rate of 16.24%–26.24%Variable begins. Also, there is a $200 cash rewards bonus for spending $1,000 in the first 90 days.
3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on every other purchases.
You will earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%
Enjoy no yearly fee while selecting how you earn rewards and getting on the path to building your credit.
Easily manage your bank accounts and finances online with Online Banking and our award winning Mobile Banking App that help students stay in control of their finances and make payments.
You can now access your FICO Score updated monthly for free, within your Mobile Banking app or in Online Banking. Join to receive your score, the key factors affecting your score, and other information that can help you in keeping your credit healthy.
Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days period of opening your account
Flexible rewards-earning scheme: This card offers the chance to earn double and even triple cash back on certain spending categories—and you get to choose your 3% rewards category from a list of common everyday merchant categories. If your spending habits change, good. You can change it every month.
Big sign-up bonus: A lot of student credit cards do not offer a sign-up bonus and most of the ones that do don’t give you much. While the $1,000 spending requirement for the bonus may be steep for a college student, it is not impossible.
Generous 0% APR promotion on purchases and balance transfers: It is best to avoid racking up debt on a credit card, but if you need to, or you already have high-interest balances on other cards you need to pay off through a balance transfer, you will have 15 months to pay down your balance interest-free.
Free FICO score access: The card gives you free access to your credit score, making it easy to track your progress while you build credit.
High ongoing APR: The card’s introductory 0% APR promotion can be helpful. But once it’s over, your APR will be high, so it’s best to pay your bill in full each month.
May require a co-signer: While it’s a student credit card, it’s not clear whether you can get approved with a limited credit history. That said, Bank of America is one of the few major card issuers that still allows co-signers. So if one of your parents has good credit, consider getting them to co-sign if you can’t get approved on your own.
Bonus rewards are capped: Once you hit the quarterly cap on bonus earnings, everything after that will net you just 1% back. This may not be an issue for younger college students, but it could be for anyone who wants to keep the card for the long run.
Rates and Fees
Issuer Name: Bank of America
Credit Needed: New to credit
Annual Fee: $0
APR: 15.49% to 25.49%, based on your creditworthiness
Penalty APR: Up to 29.99%
Purchase Intro APR: 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account
Balance Transfer Intro APR: 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account
Balance Transfer Fee: $10 or 3% of the amount of each transaction, whichever is greater
Cash Advance Fee: Direct Deposit and Check Cash Advances: Either $10 or 3% of the amount of each transaction, whichever is greater ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater Overdraft Protection Cash Advance: $12 for each transaction
Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction (1) made in a foreign currency, or (2) made in U.S. dollars if the transaction is made or processed outside of the United States
Why get the Bank of America Cash Rewards Card for Students?
You’re a student looking to establish a credit history.
You’re already a Bank of America customer.
You want a student card with a large cash rewards program.
You’re carrying a large balance on another card.
You want to finance a new purchase at 0 percent (and you have the discipline to pay it off in 12 billing cycles).
Bank of America Cash Rewards Credit Card for Students Benefits
Zero dollar liability guarantee for fraudulent transactions
Account alerts for balances and due dates
Monthly FICO credit score access for free
Overdraft protection when you link your eligible Bank of America checking account to your credit card
Maximizing Rewards With the Bank of America Cash Rewards Credit Card for Students
Planning your purchases to earn this card’s sign-up bonus is a great way to maximize rewards. You should also plan purchases to align with the card’s bonus categories of grocery stores, wholesale clubs.
Bank of America Cash Rewards Credit Card for Students cardholders are qualified for the Preferred Rewards program. There are no charges for enrolling in Preferred Rewards. Benefits are awarded in three tiers and include free ATM withdrawals, increases in the percentages of your cash back rewards, higher interest rates on your Bank of America money market accounts, and discounts on mortgage fees and auto loan rates.
The Bank of America Cash Rewards Credit Card for Students offers several benefits to help students manage their budgets, such as no annual fee and up to 3% cash back.
Also, the Bank of America Cash Rewards Credit Card for Students offers secure chip card and digital wallet technologies, online and mobile banking account alerts and optional overdraft protection.
Though some other credit cards offer higher rewards rates in certain categories, this card offers consistent earnings on every purchase.