Bank of America® Cash Rewards Credit Card for Students review
Why you can trust Bankrate
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to:
- Meet you wherever you are in your credit card journey to guide your information search and help you understand your options.
- Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions.
- Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you.
At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
How We Make Money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Best for students who want to earn rewards
- Rewards Rate: Earn 3 percent back in a category of your choosing among gas, online shopping, dining, travel, drugstores or home improvement/furnishings, 2 percent back at grocery stores and wholesale clubs and 1 percent back on other purchases; 2 percent and 3 percent categories are capped on the first $2,500 in combined spending each quarter, after which you’ll earn 1 percent back
- Welcome Offer: $200 cash bonus when you spend $1,000 on your card within 90 days of account opening
- Annual Fee: $0
- Purchase Intro APR: 0 percent for 15 billing cycles, followed by a variable APR of 13.99 percent to 23.99 percent
- Balance Transfer Intro APR: 0 percent for 15 billing cycles for balances transferred within 60 days of opening your account, followed by a variable APR of 13.99 percent to 23.99 percent
- Regular APR: Variable APR of 13.99 percent to 23.99 percent
The Bank of America® Cash Rewards Credit Card for Students is ideal for young adults who want to earn rewards on their spending and build credit without an annual fee. Applicants also get the chance to benefit from a 0 percent APR on purchases and balance transfers for 12 billing cycles (variable APR of 13.99 percent to 23.99 percent thereafter), which can be useful if you need to pay down a large purchase or want to consolidate high-interest credit card debt.
The $200 cash bonus this card offers is easy to earn with just $1,000 in spending within 90 days of account opening, and you’ll even get a free FICO credit score with your monthly credit card statement. When it comes to student credit cards, the value proposition the Bank of America Cash Rewards for Students offers is hard to beat.
Bank of America Cash Rewards for Students: Current sign-up bonus
The Bank of America Cash Rewards for Students offers an initial bonus that should be relatively easy for most people to earn. Once you sign up, you’ll earn a cash bonus of $200 when you spend $1,000 on your card within 90 days of account opening. That only works out to around $334 in spending per month during that time, which should be easy to reach if you use your credit card for regular purchases and bills.
Generally speaking, this offer is generous when compared to other student credit cards, many of which don’t offer a sign-up bonus at all.
Bank of America® Cash Rewards Credit Card for Students: 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 cash back credit card, 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.
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.
Bank of America Cash Rewards for Students: Benefits
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.
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.
Set up alerts that inform you when a purchase is made on your card, a 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.
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 12 billing cycles, although you’ll pay a variable APR of 13.99 percent to 23.99 percent after that.
If you do decide to transfer a balance, you should know that a 3 percent (minimum $10) balance transfer fee will apply. Other fees to be aware of include:
- Cash advance fee: 3 percent (minimum $10)
- Late payment fee: $40
- Return payment fee: $29
How the Bank of America Cash Rewards for Students compares to other student credit cards
There are a lot of starter credit cards 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 Discover it® Student Cash Back 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 Capital One SavorOne Student Cash Rewards Credit Card, which carries the same impressive cash back power as the full-fledged Capital One SavorOne Cash Rewards Credit Card. 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.
|Feature||Bank of America® Cash Rewards Credit Card for Students||Capital One SavorOne Student Cash Rewards Credit Card||Discover it® Student Cash Back|
(after spending $1,000 within the first 90 days)
|N/A||Cash Back Match
(All cash back earned within the first 12 months will be matched)
Best cards to pair the Bank of America Cash Rewards for Students with
Your focus should be to build credit with your student card and upgrading to a full credit card rather than maximizing rewards. However, if you have access to another student card, a flat-rate cash back card 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 Capital One Quicksilver Student Cash Rewards Credit Card 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 top travel and rewards credit cards on the market today.
- Earn a $200 bonus when you spend $1,000 on your credit card within 90 days of account opening
- Earn 3 percent back and 2 percent back in one of six choice categories (up to a quarterly combined limit of $2,500 for the 3 percent and 2 percent categories) as well as 1 percent back on all other purchases
- One of the best intro APRs among student cards: 0 percent on purchases and balance transfers for 15 billing cycles (transfer must be made within 60 days of opening your account)
- No annual fee
- Limited rewards redemption options
- Bonus categories come with a $2,500 cap per quarter
- Light on cardholder benefits
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.