Bank of America® Cash Rewards credit card for Students

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Natalie Campisi @NatalieMCampisi  in  Student Advertiser Disclosure
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Recommended Credit Score

Good to Excellent (670 - 850)

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.

Annual Fee:
$0
Purchase Intro APR:
0% Introductory APR on purchases for 12 billing cycles
Balance Transfer Intro APR:
0% Intro APR for 12 billing cycles for balance transfers made in the first 60 days
Regular APR:
16.24% - 26.24% Variable APR on purchases and balance transfers
Terms and Restrictions Apply

Bankrate Rating

Commonly used for: 0% Introductory APR, Auto Rental Insurance, Balance Transfer, Cash Back, EMV, Excellent Credit, Extended Warranty Program, FICO Score, Gas, Lost Luggage Reimbursement, Mobile Pay Ready, No Annual Fee, Popular, Purchase Protection, Rewards, Travel Accident Insurance, Unsecured credit card, World Mastercard®, Zero Fraud Liability.

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our 0% apr category page.

Editor’s note: Some of the offers on this page may be expired. Check out our Best Credit Cards page for the most up-to-date offers for our favorite credit cards.

 

The Bank of America Cash Rewards credit card for Students is designed for people who are enrolled in school either full- or part-time. The credit requirements are more lenient than on other cash-back rewards cards, making it easier for people with little or no credit history to qualify.

Review

For current students with no or less-than-great credit history, this card is definitely worth considering — especially if you own a Bank of America checking or savings account. The Bank of America Cash Rewards credit card for Students is relatively easy to qualify for — you must have fair credit — and rewards you for spending money on everything.

Earning rewards is effortless with this card. Cardholders will get 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 all other purchases. The maximum amount you can earn per quarter in the 3% and 2% categories combined is $2,500, then earn 1%.

If you can, put your gas and grocery purchases on the card first in order to get the most value out of the rewards. As a special bonus, new cardholders will get $200 cash rewards bonus after spending just $1,000 in purchases in the first 90 days of account opening.

Finally, if you plan on making a big purchase that you can’t pay off all at once, this card has a generous 0% introductory APR for 12 billing cycles (16.24% – 26.24% variable APR thereafter)made within 60 days of opening your account. This is like getting an interest-free loan, provided you pay off the balance in full before the intro period expires.

This card is less forgiving than other student credit cards when it comes to paying late. You’ll face a late fee of up to $39. The issuer says it could apply a variable penalty APR of up to 29.99% after one late payment. That penalty APR would apply indefinitely.

If you’ve been late in making payments in the past or you think this might be a problem for you, steer clear of this credit card.

Who should get this card

Students who want to establish credit while earning rewards will likely find a lot of value in this card. There’s no annual fee, so it’s budget-friendly.

Advantages
  • You don't have to have excellent credit to qualify.
  • There’s no annual fee.
  • The cash back rewards are competitive.
  • You'll earn an online $200 cash rewards after spending $1,000 within the first 90 days of account opening.
Disadvantages
  • After the introductory period, the APR is on the higher end of the spectrum (16.24% - 26.24% variable APR thereafter).
  • There's a maximum amount of top-tier cash back rewards you can earn.
  • Fees and penalties can be bruising if you pay late.

Fees and APR

  • Enjoy an introductory 0% APR for 12 billing cycles (16.24% – 26.24% variable APR thereafter) this applies to purchases and to any balance transfers made within 60 days of opening your account
  • Pay no annual fee.
  • There is a late payment penalty APR that can be up to 29.99%, based on your creditworthiness.
  • If you transfer a balance, you’ll have to pay either $10 or 3% of the amount of each transaction, whichever is greater.
  • Cardholders who make purchases outside of the U.S. will pay a foreign transaction fee of 3%.

Extras, perks and using points

New customers are eligible for an online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of opening the account.