Bank of America® Customized Cash Rewards for Students review
A no-annual-fee card with accelerated cash back on a category of your choice.
finder.com’s rating: 4.4 / 5
- Get this card if you are a student and want to earn cash back.
- Pick something else if you want a travel card or a longer intro APR period.
- Apply with a limited credit history or with a fair credit score of 580 or higher.
Up to 3%
Intro purchase APR
for the first 15 statement closing dates (then 13.99% to 23.99% variable)
|Welcome offer||$200 after spending $1,000 in the first 90 days|
|Rewards||3% and 2% cash back on the first $2,500 in combined choice category, grocery and wholesale club purchases each quarter, then 1%|
|Purchase APR||0% intro for the first 15 statement closing dates (then 13.99% to 23.99% variable)|
|Balance transfer APR||0% intro for the first 15 billing cycles (then 13.99% to 23.99% variable)|
|Minimum Credit Score||580|
Kliment Dukovski is a credit cards and investments writer. He's written over 600 articles to help readers find and compare the best credit cards. Kliment has also written on money transfers, home loans and more. Previously, he ghostwrote guides and articles on foreign exchange, stock market trading and cryptocurrencies.
The Bank of America® Customized Cash Rewards for Students is essentially the same card as the Bank of America® Customized Cash Rewards, except it’s made for students. It offers up to 3% cash back on eligible purchases, a $200 signup bonus after you spend $1,000 in your first 90 days, a 0% intro APR period on purchases and balance transfers and it has no annual fee.
This card is similar to the Bank of America® Customized Cash Rewards, which is a good thing. The similar rewards structure of the Bank of America® Customized Cash Rewards for Students means that this card has one of the highest rewards rates available for a student card, with the flexibility to match. Its main competitors are the Discover it Student Cash Back card and the Capital One SavorOne Student Cash Rewards — both of which also offer a 3% cashback rewards rate, though the SavorOne does not have a quarterly cap to your earnings.
Students also get a long intro APR period on balance transfers and purchases and get accelerated cash back at grocery stores and wholesale clubs. It’s tough to find a student card this generous, which led to this card earning a place on our Best of 2020 list.
How to apply for the Bank of America® Customized Cash Rewards for Students
You can apply with a fair credit of 580 or higher, or with a limited credit history. The process to apply is simple. Follow these steps:
- Visit the Bank of America website and find the Bank of America® Customized Cash Rewards for Students.
- Click Apply now and fill out the application form.
- Review the form and submit.
Bank of America® Customized Cash Rewards for Students benefits
- Signup bonus. Spend $1,000 in your first 90 days of card membership to earn a $200 online cash reward bonus.
- Cash back. Earn 3% cash back on a category you choose, such as online shopping, dining, gas, drug stores, travel or home improvements. You can change your category every calendar month through your mobile app or online. You’ll also earn 2% cash back at grocery stores and wholesale clubs. Each quarter, you’ll earn 3% and 2% cash back up to $2,500 in combined purchases. After that, you’ll get the revert 1% cash back rate. This is also the rate you’ll earn on all other purchases. You have a few options for redeeming your cash back: statement credit, deposit made directy into a Bank of America checking of savings account, credit to an elgible account with Merrill Lynch or Merrill Edge, contribution to a qualifying 529 account with Merrill Lynch or Merrill Edge or a check.
- Intro APR period on purchases and balance transfers. Use a 0% intro APR period for the first 15 billing cycles on purchases and balance transfers. After the intro period ends, a variable APR of 13.99% to 23.99% applies.
- Preferred rewards. If you become a preferred rewards client, you can get 25% to 75% bonus cash back on every purchase.
- No annual fee. You get to earn cash back and use a long intro APR period without paying an annual fee.
Bank of America® Customized Cash Rewards for Students drawbacks
- Balance transfer limitations.
To use the intro APR period, make your balance transfers within the first 60 days of card membership.
- Foreign transaction fees. Using the card abroad will incur a 3% fee of the amount of each transaction you make.
Compare credit cards for students
If this card isn’t right for you, check out other competitors on the market. To choose the student card that best fits your needs, consider how each product might help you build credit and if they offer additional benefits.
Students looking for a cashback credit card may find the Bank of America® Customized Cash Rewards for Students useful. You get to earn a decent signup bonus and you get a long intro APR period on purchases and balance transfers.
If you think there could be a better card for you, compare other credit cards until you find the right fit for your financial situation.
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