Bank of America Cash Rewards Credit Card for Students Review

Bank of America Cash Rewards Credit Card for Students
Full Review

The Bank of America Cash Rewards Credit Card for Students is a great student card. Its easy qualification process, sign up bonus, and strong rewards rate make it one of the simplest and most valuable student credit cards on the market.

Most student credit cards don’t offer useful rewards. That puts the Bank of America Cash Rewards Credit Card for Students ahead of the pack. Beyond those great cash-back rates, though, the card comes with other perks, like the ubiquity of Bank of America branches and a free monthly FICO score. There are myriad reasons to make this your student credit card.

If you’re still not sure, check out the CardCruncher tool to find the card that’ll give you the most rewards for how you spend. Otherwise, read on to find out all about the Bank of America Cash Rewards Credit Card for Students.

Bank of America Cash Rewards Credit Card for Students Highlights

Here are the highlights of the Bank of America Cash Rewards Credit Card for Students:

Annual Fee: $0

APR: 0% for 12 months, then 16.24% to 26.24%

Sign-Up Bonus: $150

Bank of America Cash Rewards Credit Card for Students Benefits:

  • Earn 3% cash back on a category of your choice
  • Earn 2% cash back on grocery and wholesale club purchases
  • Earn 1% cash back on all other purchases
  • Get a free FICO score each month
  • Get a 25% to 75% rewards bonus if you’re a Preferred Rewards client

Bank of America Cash Rewards Credit Card for Students Minimum Payment:

If your balance is less than $25, then the full statement balance. Otherwise, your minimum payment will be 1% of your balance, plus new interest charges and any late fees, rounded down to the nearest dollar, plus past due amounts.

Bank of America Cash Rewards Credit Card for Students Fees:

  • Up to $39 for late payment
  • Up to $28 for returned payments

Why Apply for the Bank of America® Cash Rewards for Students Credit Card

There are a few reasons you would consider applying for the Bank of America Cash Rewards Credit Card for Students.

You want to earn a strong cash-back rate

The Bank of America Cash Rewards Credit Card for Students offers two great ways to earn rewards. You can earn right away with a sign-up bonus of 0% for 12 months, then 16.24% to 26.24% when you spend $500 in the first 90 days. This is bonus is on par with those offered by non-student cards. You’ll also earn ongoing rewards, with 2% cash back at grocery stores and wholesale clubs, and 3% cash back on a category of your choice. Your options include gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You’ll earn those great rates on the first $2,500 you spend in those categories each quarter. For everything else, you’ll earn 1% cash back.

You already bank with Bank of America

Bank of America is one of the largest banks in the country, so if you already bank with them, getting this card will keep things simple. You’ll have your bank account and credit card all in the same place. Plus, if you have enough money in your bank accounts, your credit card even qualifies for bonus rewards through Preferred Rewards—up to 75% more cash back on every dollar.

Bank of America Cash Rewards Credit Card for Students: Drawbacks and Downsides

Here are a few reasons you might want to avoid the Bank of America Cash Rewards Credit Card for Students.

High fees

Though the Bank of America Cash Rewards Credit Card for Students has an annual fee of $0, it charges other fees. For example, a late payment will cost you up to $39. If you need a cash advance, that’ll cost 3% of the amount you take, with a minimum $10 charge. The foreign transaction fee is also hefty, at 3%. If you plan to study abroad or even just take a trip overseas, you’re better off with a different card.

Cap for bonus rewards

The 3% cash back on your preferred category and 2% cash back on groceries and wholesale store purchases is enticing. The problem is, Bank of America caps these rewards rates to the  first $2,500 in combined purchases each quarter. After that, you’ll earn the standard 1% cash back. If you’re buying groceries or other supplies for your home, you could easily hit this limit.

Bank of America Cash Rewards Credit Card for Students Alternatives

Here are some popular alternatives to the Bank of America Cash Rewards Credit Card for Students.

Discover it Student Cash Back Credit Card

If you want a credit card that offers huge rewards on rotating categories, consider the Discover it Student Cash Back Credit Card. This card offers 5% cash back on categories that change every three months. Those categories have previously included Amazon.com, wholesale stores, hardware stores, and more. If you can take advantage of these bonus categories, you stand to earn a lot of cash back. For all other purchases, you’ll earn 1% cash back.

Bank of America Travel Rewards Credit Card for Students

If you want a credit card that offers travel rewards and perks, consider the Bank of America® Travel Rewards Credit Card for Students. Earning cash back is nice, but if your goal is to pay for a vacation or spring break, this card can help you do that. It comes with a sign-up bonus of 25,000 points after you spend $1,000 in the first 90 days. You’ll also earn 1.5 points per dollar spent, with no categories to think about. You’ll even earn 10% more points if you have a Bank of America checking or savings account, too.

Bank of America Cash Rewards Credit Card for Students FAQs

Here are some common questions that people have about the Bank of America Cash Rewards Credit Card for Students

How does a cash rewards credit card work?

Cash rewards credit cards earn a percentage back on every purchase in the form of rewards points or cash back. You can then redeem your rewards points for a statement credit or cash deposited into your bank account.

Which Bank of America credit card is best for students?

There’s no one answer to this question, as the best card will depend on your personal situation and goals. If you want to earn cash back while building your credit, the Bank of America Cash Rewards Credit Card for Students is a great choice. If you want to travel, you might prefer the Bank of America Travel Rewards Credit Card for Students.

Bottom Line: Should You Apply for the Bank of America Cash Rewards Credit Card for Students?

The Bank of America Cash Rewards Credit Card for Students is a great choice for most students. It offers a strong sign up bonus, the ability to choose your own bonus category, and a solid cash-back rate. If you’re just getting started with credit cards, you probably don’t want to track bonus categories. And if you’re already a Bank of America customer, you can keep things simple by having a credit card there, too. Best of all, you get a 10% boost in your cash-back earnings by having a Bank of America bank account. All in all, the Bank of America Cash Rewards Credit Card for Students is a solid choice—but check out the CardCruncher tool make sure it’s the right card for you.

 

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Bank of America Cash Rewards Credit Card for Students
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CARDS MENTIONED IN ARTICLE
Bank of America Cash Rewards Credit Card for Students
Bank of America Cash Rewards Credit Card for Students
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