Bank of America® Cash Rewards for Students review | finder.com

Bank of America® Cash Rewards for Students review

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Bank of America® Cash Rewards for Students

A no-annual-fee card with accelerated cash back on a category of your choice.

30-second take

  • 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.
Product NameBank of America® Cash Rewards for Students
Annual Fee$0
Standard Purchase APR16.24% to 26.24% variable
Intro Purchase APR0% for the first 12 statement closing dates (then 16.24% to 26.24% variable)
Standard Balance Transfer APR16.24% to 26.24% variable
Intro Balance Transfer APR 0% for the first 12 billing cycles (then 16.24% to 26.24% variable)
Cash Advance Rate19.24% to 27.24% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $39
Returned Payment FeeUp to $28
Minimum Age18 years of age
Rewards3% and 2% cash back on the first $2,500 in combined choice category, grocery and wholesale club purchases each quarter, then 1%
Base Rewards1% cash back

The basics

The Bank of America® Cash Rewards for Students is the same card as the Bank of America® Cash Rewards credit card, except it’s made for students. Using this card, students get a long intro APR period on balance transfers and purchases and get accelerated cash back at grocery stores and wholesale clubs. Each month, students also get to choose a category to earn accelerated cash back on.

Another credit card for students

Petal Cash Back Visa® Card

  • Up to 1.5% cash back after making 12 on-time payments
  • 1% cash back on all purchases - right away
  • No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee.
  • $500 - $10,000 credit limits
  • No credit history necessary for approval
  • Build credit by using responsibly.
  • Petal reports to all 3 major credit bureaus
  • Petal's mobile app makes it easy to manage your money, track your spending and automate payments
  • See if you're pre-approved within minutes without impacting your credit score.
  • No deposits required.
  • Card issued by WebBank, member FDIC.
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Card 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’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.
    • Intro APR period on purchases and balance transfers.
      Use a 0% intro APR period for the first 12 billing cycles on purchases and balance transfers. After the intro period ends, a variable APR of 16.24% to 26.24% 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.

What to watch out for

    • 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.

How to apply for the Bank of America® Cash Rewards for Students

  1. Visit the Bank of America website and find the Bank of America® Cash Rewards for Students.
  2. Click Apply now and fill out the application form.
  3. Review the form and submit.

What credit score do I need?

You can apply with a fair credit of 580 or higher, or with a limited credit history.

Compare credit cards for students

Name Product Filter values Purchase APR Annual Fee Recommended Minimum Credit Score
15.24% to 26.24% variable
$0
670
Build your credit with no fees: Apply if you're new to credit or have a fair to good score.
20.99% variable
$0
580
Designed for college students to build credit history and earn rewards.
25.24% variable
$0
650
Designed to help build credit history with no deposit required. Apply if you're new to credit or have a fair to good score over 650.
17.74% variable
$0
580
Credit card for professionals relocating to America without a US credit history.
0% intro for the first 7 months (then 16.74% to 26.74% variable)
$0
670
Earn 2,500 bonus points after you spend $500 in purchases with your card within the first 3 months of account opening.

Compare up to 4 providers

Bottom line

Students looking for a cashback credit card may find the Bank of America® 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.

Frequently asked questions

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