- Rewards rate: Unlimited 1.5 percent cash back on all purchases
- Welcome offer: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
- Annual fee: $0
- Purchase intro APR: 0 percent for 15 billing cycles
- Balance transfer intro APR: 0 percent for 15 billing cycles for transactions made within the first 60 days.
- Regular APR: 18.24 percent to 28.24 percent (variable)
Current welcome offer
The Unlimited Cash Rewards Credit Card for Students comes with a one-time welcome bonus worth $200 in online cash back rewards, but a student must spend $1,000 in purchases within 90 days of opening a new account to qualify. The anticipated cost of $1,000 for three months of purchases comes to roughly $333.33 per month, making it a very reasonable offer that is easily achievable for students via spending on everyday staples like groceries and dining.
Given that the Unlimited Cash Rewards Card for Students offers one of the highest cash back rates compared to other student cards such as the Chase Freedom® Student credit card* and the (Journey Student Rewards from Capital One is no longer available) Journey Student Rewards from Capital One , 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 in online cash rewards. However, students should also consider if they can afford to repay $1,000 in purchases once the introductory APR period has ended.
The Bank of America Unlimited Cash Rewards credit card for Students 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
This student version of the Bank of America® Unlimited Cash Rewards credit card 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:
- Deposit into your eligible Bank of America® checking or savings account
- Credit into your eligible Merrill® accounts, including 529 accounts
- Statement credit to your credit card
A minimum of $25 in cash back rewards can be redeemed with the card as statement credits, deposits directly into your eligible 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 Discover it® Student Cash Back Card, 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.