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Bank of America® Cash Rewards for Students review

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

$200

Welcome offer

Up to 3%

Cash back

$0

Annual fee

0%

Intro Purchase APR

for the first 15 statement closing dates (then 15.74% to 25.74% variable)

Details

Product NameBank of America® Cash Rewards for Students
Annual fee$0
Purchase APR0% intro for the first 15 statement closing dates (then 15.74% to 25.74% variable)
Balance transfer APR0% intro for the first 15 billing cycles (then 15.74% to 25.74% variable)
Cash advance rate18.74% to 26.74% variable
Cash advance fee$10 or 3% of the cash advance amount, whichever is greater
Penalty APR29.99% variable
Foreign transaction fee3% of the transaction value
Interest free periodUp to 25 days
Late payment feeUp to $39
Returned payment feeUp to $28

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 monthly payments
  • 1% cash back on purchases right away
  • No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee
  • Build credit alongside tens of thousands of Petal Card members
  • Cash flow technology can help applicants without credit history get approved
  • $500 - $10,000 credit limits
  • 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
  • Petal reports to all 3 major credit bureaus
  • 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 15 billing cycles on purchases and balance transfers. After the intro period ends, a variable APR of 15.74% to 25.74% 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
26.46% variable
$0
580
Earn 1% cash back on all purchases or get 1.25% cash back for months you pay on time.
14.74% to 25.74% variable
$0
670
Build your credit with no fees: Apply if you're new to credit or have a fair to good score.
20.49% variable
$0
580
Designed for college students to build credit history and earn rewards.
24.74% 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.
17.24% variable
$0
580
Credit card for professionals relocating to America without a US credit history.

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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