Bank of America® Cash Rewards credit card for Students review
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 content in this post was last updated on 03.03.2020.
If you’re a part- or full-time student looking to build credit, the Bank of America Cash Rewards Credit Card for Students is a solid option. In fact, the credit requirements are more lenient than other cash-back rewards cards, making it easier for people with little or no credit history to apply.
Bank of America® Cash Rewards credit card for Students: Details and benefits
You won’t need to be a seasoned credit expert to qualify for this card, although you will need at least fair credit. Regardless of where you are on your credit journey, this card allows you to earn a good amount of cash rewards for spending money in a variety of categories. It’s easy to earn cash rewards with this card, especially if you’re a student looking to save on gas for your daily commute or stock up on groceries for meal prep.
Cardholders will get 3% cash back in their category of choice (options include gas, online shopping, dining, travel, drug stores or home improvement), 2% back at grocery stores and wholesale clubs and 1% on all other purchases. You can earn 3% and 2% in those two categories on up to $2,500 in combined purchases per quarter. After that, rates in both categories will revert to 1%.
There’s no annual fee on this card, which makes it a more affordable cash back card, especially when you factor in its modest sign-up bonus. New cardholders will get a $200 cash rewards bonus after spending $1,000 in the first 90 days of opening an account.
This card offers some leeway if you need to finance a purchase without having to worry about interest. Cardholders will enjoy an introductory purchase APR offer for the first 15 billing cycles before a 15.49% – 25.49% variable APR applies. A similar offer applies for balance transfers, in case you want to pay down some debt while avoiding high interest charges.
Is the Bank of America Cash Rewards credit card for Students worth it for you?
This card offers the same rewards structure as the Bank of America® Cash Rewards credit card. As a busy student or someone looking to build credit, you’ll want to think about how to best leverage the Bank of America Cash Rewards Credit Card for Students rewards offerings. To reap the most benefit each quarter, you’ll want to select the category in which you spend the most. (However, you can make changes to your calendar through online or mobile banking once per month or keep it the same for the entire quarter.)
Get the most value from the Bank of America Cash Rewards credit card for Students
You’ll want to consider your personal spending habits before opting for this card. Do you commute every day? Frequently shop online? Are you renovating your apartment? This card can work with a busy student lifestyle, but you need to know what your heftiest costs are to reap the most rewards. Then again, you also don’t want to find yourself spending more than you normally would just to maximize your cash back earnings (which are valid for the life of the card and can be redeemed in the form of statement credits).
If you’re trying to build credit, the Bank of America Cash Rewards Student card can help you stay on track — know where you stand with free monthly FICO Score reports that you can view online or in the mobile app. And if you need help establishing a budget based on your spending habits, Bank of America provides insights and tips online to help you establish spending goals. Don’t forget that BofA Preferred Rewards members can see the value of their points increase by 25% – 75%. The Preferred Rewards boost is one of the keys to maximizing this card’s value.
How much are the Bank of America Cash Rewards credit card for Students rewards worth?
This particular card didn’t make it into our lineup for the best student credit cards, mainly because our top picks are geared more toward cards requiring little or no credit history, have softer APRs, fees or, in some cases, more lucrative rewards structures. But that doesn’t mean this card isn’t worthwhile for some people. You can start earning rewards after opening your account, and you can spend $1,000 within the first 90 days of opening your account to earn a $200 bonus.
While the sign-up bonus is on the modest end of the spectrum compared to premier rewards and travel cards, there’s no annual fee to factor into the equation. Note, you’ll only be able to earn a certain amount of cash back from the 3% and 2% categories each month. Say, for example, you spend $2,000 on your category of choice and $500 on groceries — that’s $60 back for your selected category and $10 back for grocery/wholesale club purchases. After that, all purchases in these categories will revert to a 1% cash back rate. This card is eligible for Preferred Rewards. This means if you have a qualifying BofA or Merrill account, you can earn 25%-75% more points on every purchase.
There are a few travel perks, but if you’re studying abroad or spending your sabbatical in another country, we suggest opting for a dedicated travel credit card with no foreign transaction fee. The Bank of America Cash Rewards credit card for Students offers a travel rewards option under the 3% choice category, which includes qualifying airlines, transportation and lodging merchants (for example: American Airlines, Uber and Airbnb, respectively). The Cash Rewards foreign transaction fee is 3% of the U.S. dollar amount of every transaction.
How to redeem rewards
Cash back rewards for this card can be redeemed at any time and in any amount as a statement credit, deposits made directly into a Bank of America checking or savings account or for credit to an eligible Merrill account. Log into your account via desktop or mobile to redeem.
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.