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Bank of America® Cash Rewards Credit Card for Students

Credit needed
Good
APR
13.99% to 23.99%.
Annual Fee
$0

Card Summary

Students can enjoy a variety of benefits from the Bank of America Cash Rewards credit card, including no annual fees and up to 33% cashback.

The Bank of America Cash Reward Credit Card for Students also offers digital wallet and secure chip technology, alerts via online or mobile banking, and overdraft protection.

While some credit cards have higher rates for certain types of purchases, this card provides consistent earnings.

Bank of America's Cash Rewards Credit Card for Students Card Review:

The Bank of America cash rewards credit card for students is a great choice for student spending.

It offers attractive bonus categories as well as additional benefits that will help you build good money habits.

Card Summary - Cons

Rates and fees

Issuer Name
Bank of America
Penalty APR
Maximum 29.99%
Credit Needed
Good
Balance Transfer Fee
Balance Transfer Intl APR For transactions that were made within the 60-day period following opening of the account, 0% Introductory Annual APR Transfer fee for balance. The greater of $10 or 3% depending on the transaction amount, whichever is higher
Annual Fee
$0
Cash Advance Fee
For each transaction: Direct deposit and check cash advances: $10, or 3%, depending on the transaction amount ATM, Over the Counter, Same Day Online, and Cash Equivalent Cash Advances are $10, or 5%, depending on the transaction amount.
APR
13.99% to 23.99%.
Foreign Transaction Fee
If the transaction was made or processed in the United States, 3% of any U.S. Dollar amount is charged.
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The Best Features

There is no annual fee for the Bank of America Cash Reward Credit Card Student. This allows you to earn greater rewards every year.

Introductory 0% interest for 15 billing cycles Based on creditworthiness, you will be charged a variable rate of 13.99% to 23.99%.

After making at least $1,000 of purchases within the first 90 day, new cardholders will receive $200 in cash rewards. This bonus does not require you to spend as much as other reward cards.

Reward points: The card gives you 3% cashback in any category, such as gas, online shopping and dining. You also get 2% cashback at wholesale clubs or grocery stores, and 1% back for all purchases. You can earn a 3% or 2% cashback on purchases up to $2,500 from grocery stores and wholesale clubs each quarter. Rewards don't expire.

Access to your credit score: All cardholders have free access to their FICO credit scores each month. Once you sign up for the credit score program your FICO score will be updated each month. You also get tips and advice about how to improve your credit score.

Additional protections: Students can get the Bank of America Cash Rewards credit card for students. It offers many protections that will save you money while protecting your credit.

Fraudulent transactions are covered by a $0 guarantee. Account alerts will be sent to you about your account balance, and the due date. You can also get overdraft protection if you connect your Bank of America checking account with your credit card.

Rewards

Sign up bonus

APR Requirements

Drawbacks

Limitation on quarterly bonus reward categories: You have to spend $2,500 each quarter on the category you choose and on the bonus reward categories for grocery stores or wholesale clubs.

High interest rates: The Bank of America Cash Rewards credit card for students has a 0% interest for the 15 first billing cycles. However, depending on your creditworthiness, you could see a 13.99% to 23.99% interest rate by the 15th billing cycle.

Balance transfer fee: The card has a balance transfer fee of 3% with a minimum amount of $10

Highlights

You will receive 3% cashback in your chosen category: online shopping, gas, food, and travel. Each quarter you'll receive 3% to 2% cashback on your first $2,500 of combined category/ grocery shop/ wholesale store purchases.

After that, you will earn 1%.There is no annual fee and you can choose how to earn rewards. This will help you build your credit.

Bank of America – MONEY 'Best Bank For College Students' Winner Online Banking allows you to manage all your finances online. Also, offer a mobile banking app that helps students make and receive payments.

You can now access your FICO score updated monthly free of charge via your mobile banking app or online banking. To receive your FICO Score, key factors that affect it, as well as other useful information to help keep you credit healthy, opt-in.

You will receive $200 in cash rewards if you make at least $1,000 of purchases within the first 90 day after opening your account.

Benefits

Comparative Analysis with Other Cards

Bank of America Cash Rewards credit card for students vs. Capital One offers Journey Student Rewards

Annual Fee: There is no annual fee for both cards.

Reward: Bank of America Cash Rewards Credit Card For Students provides 3% cashback in any category, such as gas, online shopping and dining. There is also 2% cashback at wholesale clubs and grocery stores, and 1% back on all purchases. You can earn 3% or 2% cashback on purchases up to $2,500, depending on whether you shop at a grocery store or wholesale club.

Capital One Cardholders who have Journey Student Rewards are eligible for 1% cashback on all purchases You can get as many rewards as you want. Cash back can be increased to 1.25 if your payments are made on time.

Sign up bonus: If you spend at least $1,000 within the first 90-days of your account opening, The Bank of America Cash Reward Credit Card for Students will give you a $200 cash reward bonus. Capital One's Journey Student Rewards does not offer any sign-up bonuses.

Benefits: Students can get free access each month to their FICO credit scores with the Bank of America Cash Reward Credit Card. Capital One's Journey Student Rewards comes with benefits like fraud protection and emergency card services.

Bank of America Cash Rewards credit card for students vs. Discover It Student Cash Back

Annual Fee: There is no annual fee for both cards.

Reward: Students who have the Bank of America Cash Rewards credit card can earn 3% cashback in any category, such as gas, online shopping and dining. They also get 2% cashback at wholesale clubs and grocery stores, and 1% back on all purchases. You can earn 3% or 2% cashback on purchases up to $2,500 from combined grocery stores and wholesale clubs each quarter. Then 1%. Earn 5% cashback every quarter by enrolling in the program each quarter, including Amazon.com, grocery shops, restaurants, gas stations, and PayPal payments up to the maximum quarterly limit. All other purchases are eligible for unlimited 1% cashback automatically.

Sign up bonus: If you spend at least $1,000 within the first 90-days of your account opening, the Bank of America Cash Reward Credit Card for students offers $200 in cash rewards. If you are a first cardholder, the Discover it Student Cashback will match any cash earned during the first year.

Benefits: The benefits of both cards include free monthly access to your FICO score. Cardholders with Discover it Student Cash Back can also use the Freeze it App, which lets them freeze or unfreeze any card at anytime.

Bank of America Cash Reward Credit Card:

How to Earn Rewards?

Annual rewards valued at $296.

Value of your sign-up bonus: $200.

Value of first-year incentives: $496.

Bank of America Cash Rewards Credit Card for Students provides 3% cashback in your chosen category, automatic 2% grocery store and wholesale club purchases (up to $2,500 combined category/ grocery stores/ wholesale clubs quarterly purchases), and an unlimited 1% for all other purchases.

To earn 3% cashback, cardholders can choose one of these categories: Dining Drug stores Gas Home improvement/ furnishings shopping online Reisen only 1% of all nonbonds purchases earns cash back.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

Student Bank of America Cash Rewards Credit Cards:

How do I redeem my rewards?

Redeem your Bank of America Cash rewards Credit Card for Students Rewards for any amount. This includes a statement credit or a direct deposit to a Bank of America checking, savings, or credit account.

Merrill also offers a 529-compliant account. You may also choose to receive a $25 paper check. You can make automatic transfers of $25 or more to eligible Merrill accounts if you do not want to redeem cash back. When depositing to your Bank of America account, one-time redemptions do not require a minimum amount.

How much does the Bank of America Cash Reward Credit Card cost for students?

Annual fee: This card does not have an annual fee.

Fee for foreign transactions: 3% fee applies to all international transactions that are made in foreign currencies or in U.S. Dollars but not in the United States.

Transfer fee for balance: This fee is either $10 or 3.3% depending on the transaction amount.

Fee for cash advance: Check cash advances or direct deposit have a $10 fee or 3% depending on the transaction amount. The fee for ATM, cash equivalent, cash equivalent, online, and over-the counter cash advances is $10.

Transfers to linked Bank of America deposits are currently subject to an $12 transaction fee. These fees will soon be phased out and no charge for overdraft cash advances on your credit card accounts after Aug. 20, 2021.

Penalty Fees: A late payment fee of up to $40 is charged. A returned payment fee of up to $29 is charged.

How much is the APR on the Bank of America Cash Reward Credit Card for Students?

Introduction APR: The Bank of America Cash Rewards Credit Card For Students has a 0% intro APR. This applies to purchases or balance transfers that are made within the 60-day period of account opening. The standard APR is 13.99% to 23.99% after the initial period. This will depend on how creditworthy you are.

Cash Advance APR: The APR ranges from 16.99% to 26.99% depending on your creditworthiness.

Penalty APR Rate: You may face penalties APR rates up to 29.99% if you are late paying.

Questions about the Bank of America Cash Reward Credit Card for Students

The Bank of America Cash Reward Credit Card for Students is a credit card that's good?

For students looking for an all-around cashback card, the Bank of America Cash Reward Credit Card is a great choice. Students can also get additional benefits from Bank of America through its Better Money Habits Program.

What is the purpose of a cash reward credit card?

You can redeem rewards from the Bank of America Cash Reward Credit Card for Students as either a statement credit or a deposit to a qualified account

Which Bank of America Cash Rewards Credit Cards for Students can I use?

The card can be used anywhere Visa is accepted.

Do You Need the Bank of America Student Cash Rewards Credit card?

If you are:

You want a card that has no annual fees.
You are a student who plans to regularly spend in the bonus categories.
You have moderate spending habits so you won't be affected by the maximum bonus limit.
You will need a 0% APR deal for new balance purchases and transfers.
Do not plan on traveling internationally with this card.
There is a 3% fee for foreign transactions.
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