Bank Of America Cash Rewards Credit Card For Students Review

Bank Of America Cash Rewards Credit Card For Students Review

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Bank of America Customized Cash Rewards Credit Card for Students review

Written by Author, Award-Winning Writer Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing Aug. 22, 2022 Reviewed by Editor Aug. 22, 2022

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Snapshot

3.7 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon , many of which don't offer a sign-up bonus at all.

Earning rewards

The Bank of America Cash Rewards for Students offers a tiered earning structure that makes it unique among student credit cards. Best of all, you actually get to pick the category you earn the most in each quarter of the year.

Earning cash back

When you sign up for this card, you'll earn 3 percent back in a category of your choosing among gas, online shopping, dining, travel, drugstores or home improvement/furnishings. You'll also earn 2 percent back at grocery stores and wholesale clubs and 1 percent back on other purchases. However, you should note that the 2 percent and 3 percent bonus rewards only apply to the first $2,500 in combined spending each quarter, after which you'll earn 1 percent back.

Redeeming cash back

As a , the Bank of America Cash Rewards for Students comes with a fairly limited selection of redemption options. You can redeem your rewards for cash back in any amount as statement credits made to your credit card account, for a deposit into a Bank of America checking or savings account, or into an eligible account with Merrill, such as a 529 college savings account. The main benefit you'll receive with the Bank of America Cash Rewards for Students is the ability to earn rewards on your spending. Not only will you earn 1 to 3 percent back on your purchases, but you'll also be eligible for an initial bonus of $200 when you spend just $1,000 on your card within 90 days of account opening.

How much are points worth

This card offers cash back as a percentage of your spending in lieu of rewards "points." For each $100 you spend, you'll earn $3 in rewards in the 3 percent bonus categories, $2 in rewards in the 2 percent categories and $1 in rewards on all other purchases.

Benefits

Other benefits you'll receive with this card include:

Free FICO score report

If you're trying to build your credit score with a student credit card, you'll be happy to know this card gives you free FICO score access each month. You can monitor this score over time to see the progress you make as you build a history of responsible credit use.

Zero percent fraud liability

You won't be liable for any fraudulent purchases charged to your credit card.

Account alerts

Set up alerts that inform you when a purchase is made on your card, payment becomes due or a payment has been made. These alerts can help you stay on top of your spending and upcoming due dates on your credit card.

Chip technology

The Bank of America Cash Rewards for Students comes with chip technology for enhanced security and protection.

Rates and fees

The Bank of America Cash Rewards for Students doesn't charge an annual fee, which makes it similar to other student credit cards. You'll also avoid interest on purchases and balance transfers for the first billing cycles, although you'll pay a variable APR of to after that. If you do decide to transfer a balance, you should know that a 3 percent (minimum $10) balance transfer fee will apply.

How the Bank of America Cash Rewards for Students compares to other student credit cards

There are a lot of for students on the market today, and many of them have similar benefits. The following chart shows how this card stacks up to two other top student credit cards in terms of fees and rewards. As you can see, the Bank of America Cash Rewards Credit Card for Students is the only card in our student credit card comparison that offers a real sign-up bonus. The will match all the rewards you earn after the first year, but you have to wait a full 12 months to receive this bonus, and it's entirely dependent on how much you spend on your card. The Bank of America Cash Rewards for Students also stands out in terms of its 3 percent and 2 percent back bonus categories, although these categories are capped each quarter (the 3 percent and 2 percent categories share a $2,500 spending limit, then 1 percent back). Note that the Discover it Student Cash Back does offer 5 percent back (activation required) in quarterly rotating bonus categories like dining and Amazon.com (then 1 percent), but this category is also capped at $1,500 in spending each quarter. Perhaps one of the best student cards to launch in recent years is the , which carries the same impressive cash back power as the full-fledged . Its unlimited 3 percent cash back on key student categories like dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart and Target) for no annual fee certainly make it a top choice. That said, both the Discover it Student Cash Back and Bank of America student cash back cards offer much lower interest rates in case you ever have an emergency expense and need to carry a balance.

Bank of America® Customized Cash Rewards Credit Card for Students

star icon star icon star icon star icon star icon star icon star icon star icon star icon star icon Bankrate Score Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. Annual fee Intro offer Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening Rewards rate 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishing on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter 2% cash back at grocery stores and wholesale clubs on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter 1% cash back on all other purchases Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Capital One SavorOne Student Cash Rewards Credit Card

on Capital One's secure site Annual fee Intro offer Limited Time Offer: Earn $100 when you spend $100 in the first three months Rewards rate Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart and Target) Earn 1% on all other purchases. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Discover it® Student Cash Back

on Discover's secure site Annual fee Intro offer Intro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Rewards rate Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically. Recommended credit A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Best cards to pair the Bank of America Cash Rewards for Students with

Your focus should be to and upgrading to a full credit card rather than maximizing rewards. However, if you have access to another student card, a would be the perfect partner since it can earn boosted cash back on bonus category transactions beyond your quarterly spending limit and on all other purchases. The new might be the best example since it's a streamlined, low-fee option that earns unlimited 1.5 percent cash back on almost any major student expense you'll find.

Bankrate s Take - Is the Bank of America Cash Rewards for Students worth it

The Bank of America Cash Rewards for Students is definitely worth considering if you're a student who wants to earn rewards while building your credit score. You'll get the chance to earn a bonus of $200 within the first 90 days of account opening after you spend $1,000, and you'll earn a minimum of 1 percent back for each dollar you spend. This card is somewhat light in terms of the cardholder benefits you'll receive, but that's pretty common for credit cards geared to students. At the end of the day, the Bank of America Cash Rewards for Students is a solid offering with plenty of perks and rewards for those just getting started on their credit journey. Also, remember that your student credit card is just a starting point. After you have built up your credit score and your credit history, you can take the leap and sign up for one of the on the market today. The information about the Bank of America Cash Rewards Credit Card for Students has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

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Written by Holly D. Johnson Author, Award-Winning Writer Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Reviewed by Editor

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Bankrate.com is an independent, advertising-supported comparison service. The offers that appear on this site are from companies from which Bankrate.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Bankrate.com does not include the entire universe of available financial or credit offers.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. * See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer. Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
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