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Bank of America Unlimited Cash Rewards Credit Card for Students review

Written by Re’Dreyona Walker is an Associate Editor for CreditCards.com and Bankrate.com, focusing on product guides and reviews. As a personal finance expert, she Aug. 22, 2022 Edited by Credit Cards Editor Nouri Zarrugh is a writer and editor for CreditCards.com and Bankrate, focusing on product news, guides and reviews. His areas of expertise include credit card strategy, rewards Reviewed by Credit Card Reviews Writer Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, Aug. 22, 2022

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Snapshot

3.4 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 Bottom line The Bank of America Unlimited Cash Rewards Credit Card for Students is an excellent choice for students seeking to earn cash back, save on interest, and properly manage their money using the financial management resources offered. and the , both of which only offer 1 percent cash back on all purchases, it may not seem too difficult to spend $1,000 to earn $200 cash back. However, students should also consider if they can afford to repay $1,000 in purchases once the introductory 0 percent APR period has ended.

Rewards rate

The Bank of America Unlimited Cash Rewards Student credit card allows you to earn streamlined cash back without the headache of tracking spending or enrolling in bonus categories, making it a great introduction to the world of credit card rewards for students.

How you earn

The student version of the Bank of America® Unlimited Cash Rewards Visa earns unlimited cash back of 1.5 percent on all eligible purchases just like the non-student version of the card. In comparison with Chase Freedom Student Card, which earns 1 percent cash back on all purchases, this card's 1.5 percent return rate is excellent for a student credit card.

How to redeem

This card offers several ways to redeem cash rewards. Among them are: Redemption for a statement credit of any amount. Placing the money into a Bank of America checking or savings account. Placing the money into an eligible Merrill Lynch of Merrill Edge account. Spending the redemption for contributions to a 529 college savings account. A minimum of $25 in cash back rewards can be redeemed with the card as statement credits, deposits directly into Bank of America checking or savings accounts or credit to a Merrill account. The minimum contribution to a Merrill 529 college savings plan is $25 as well, but you can only choose to contribute to a Merrill 529 account if you qualify. You can set up automatic deposits of at least $25 to an eligible Bank of America or Merrill Lynch account, but there is no minimum for one-time redemptions. The best way to redeem cash rewards is by converting them to statement credits or depositing into a Bank of America checking or savings account, as it can be used to reimburse yourself for everyday expenses, but it would be great if students had a greater range of ways to redeem their rewards. The , for example, lets students redeem cash rewards as gift cards, at Amazon.com. The Unlimited Cash Rewards Credit Card for students doesn't have the broadest range of redemption options and flexibility, but it offers a number of appealing features for students who are new to credit and wish to build credit and reduce the amount on their monthly statement.

Other cardholder perks

Generally, cash back cards with no annual fees don't offer a lot of benefits-especially those designed specifically for students. Despite its excellent rewards program, Bank of America's Unlimited Cash Rewards card boasts a less robust set of benefits than its competitors. There aren't many extra perks, except for access to Better Money Habits, which offers students credit management tips. Besides the basic benefits like contactless chip technology and account monitoring, there just aren't any notable benefits that aren't common with every student credit card.

Better Money Habits

With from Bank of America, you can access free educational content and tools that deliver financial education in an easy-to-understand manner. It provides information that is tailored to young college-aged adults, such as budgeting, credit building, investing, and other topics-and it connects students with relevant resources, tips and guides that can help them build the knowledge they need to achieve their financial goals.

How much are the rewards worth

Your earnings for the card's unlimited base cash back are equal to your cash back percentage for each dollar spent. For every dollar you spend, you will earn 1.5 cents back in cash rewards.

Rates and fees

As with most student cards, the Unlimited Cash Rewards Student credit card does not charge an annual fee, so earning rewards won't be affected by interest or purchases made studying abroad. The foreign transaction fee and minimum balance transfer fee is 3 percent (minimum $10), but missed payments or carrying balances will result in having to pay higher fees. With the card's 0 percent intro APR, you won't have to worry about interest charges for your first billing cycles, but after that, you'll face a variable APR of 16.24 percent to 26.24 percent (variable). That's still very low compared to the average , making this an excellent for students. It's worth noting, however, that Bank of America doesn't offer an intro APR for balance transfers, so you'll have to pay the full APR once you switch to the issuer. Defaulting on a payment won't result in a penalty APR, but you'll be charged for late payment. One of Bank of America's unique features is a graduated fee structure, which minimizes interest payments for past-due amounts. If you pay late on a balance of $100 or less, you'll only be charged around $20, and you may be charged up to $50 or more if the balance is higher.

How the Bank of America Unlimited Cash Rewards Student Card compares to other student credit cards

Bank of America Unlimited 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 $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening Rewards rate Earn unlimited 1.5% cash back on all 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.

Capital One Quicksilver 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 1.5% cash back on every purchase, every day 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.

Bank of America Unlimited Cash Rewards Student Credit Card vs Discover it Student Cash Back Credit Card

The only offers unlimited 1 percent cash back on all purchases, but you can earn up to 5 percent cash back by enrolling in a rotating category every quarter. Furthermore, if you're a new cardholder, Discover it Student Cash Back will automatically match all cash back earned at the end of the first year, which could be more rewarding than Bank of America's $200 cash rewards bonus (if you make at least $1,000 in purchases within the first 90 days). Despite Discover's big cash back earning potential, you are limited to $1,500 in spending every quarter. The could potentially provide you with a higher return on your cash rewards balance if you frequently shop on Amazon and eBay or at grocery stores, restaurants, or gas stations, but if the rotating categories don't align with your typical daily spending patterns, the card may not be worth it.

Bank of America Unlimited Cash Rewards Student Credit Card vs Capital One Quicksilver Student Cash Rewards Credit Card

The offers unlimited 1.5 percent cash back on purchases, but unlike the Bank of America Unlimited Cash Rewards Card for Students, there is no introductory APR or welcome bonus included. However, the Quicksilver Student Card outperforms the Unlimited Cash Rewards Student Credit Card in terms of benefits such as cell phone protection, collision waivers for car rentals and extended warranty protection. You can also redeem Quicksilver Student rewards for cash and gift cards, or use points to make purchases on Amazon.com or Paypal Pay, which might be more convenient than Bank of America's redemption options. Though the Quicksilver Student Cash Rewards Card offers more flexibility in cash rewards redemption and more protection benefits than the Unlimited Cash Rewards Card for Students, you should be aware that Capital One's student cards have a high APR of 17.99 – 27.99 percent (variable). This high-interest rate is higher than Bank of America's maximum APR bracket of 26.24 percent, which may be exceedingly risky for students who have not yet completely grasped the ins and outs of credit cards. Whether you're considering the Capital One Quicksilver Student card or the Unlimited Cash Rewards Card for Students, be sure you completely understand APR and what it implies before applying, as incurring substantial credit card debt as a new cardholder can quickly hinder your score.

Bankrate s Take Is the Bank of America Unlimited Cash Rewards Student Credit Card worth it

The Bank of America® Unlimited Cash Rewards Credit Card for Students is an excellent option for students looking for a credit card that makes earning unlimited 1.5 percent cash back on all purchases simple to understand and easy to attain. However, there are many other student credit cards that offer 1.5 percent cash back earnings or a 1.5 point reward value per dollar, and the perks of those other cards may be more beneficial to some students depending on their circumstances and buying habits. This card may not yield as much cash back as other premium student cards, but we feel it's still a great offering for college students and can serve its purpose for credit building. The information about the Bank of America® Unlimited 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.

Frequently Asked Questions

What credit score is required for the Bank of America Unlimited Cash Rewards Student credit card

Students applying for the Bank of America Unlimited Cash Rewards Student credit card must have fair or limited credit, which means they should have some credit history (and a FICO score between 620 and 690).

Do I need a Bank of America bank account to get the Bank of America Student Cash Rewards card

There is no requirement for you to have a Bank of America account in order to apply for the Bank of America Student Cash Rewards card.

How do I qualify for a student credit card

Students who apply for student credit cards will need to show proof of a steady income from a part-time or full-time job or include a co-signer who takes responsibility for late payments or missed payments. Also, you may have to show proof that you are enrolled either part-time or full-time in a postsecondary institution.

What is the average credit limit for a college student

A student credit card's credit limits usually range between $500 and $1,000, which is relatively low compared to unsecured, non-student cards. The credit limits for students are lower since they lack a credit history and income, and own few assets.

What is the best credit card to have for cash rewards

Obtaining a credit card that's affordable is crucial to increasing your earning potential. Among our top picks for cash back credit cards are the , the , and the .

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Written by Re'Dreyona Walker Re’Dreyona Walker is an Associate Editor for and , focusing on product guides and reviews. As a personal finance expert, she is dedicated to providing honest product reviews as well as in-depth, comprehensive guides to assist readers in building credit and finding the best credit cards for their needs. Edited by Credit Cards Editor Reviewed by Credit Card Reviews Writer

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