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Bank of America® Cash Rewards for Students review
Last updated:
A no-annual-fee card with accelerated cash back on a category of your choice.
finder.com’s rating: 4.4 / 5
★★★★★
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.
$200
Welcome offer
Up to 3%
Cash back
$0
Annual fee
0%
Intro purchase APR
for the first 12 statement closing dates (then 13.99% to 23.99% variable)
Details
| Product Name | Bank of America® Cash Rewards for Students |
|---|---|
| Annual fee | $0 |
| Purchase APR | 0% intro for the first 12 statement closing dates (then 13.99% to 23.99% variable) |
| Balance transfer APR | 0% intro for the first 12 billing cycles (then 13.99% to 23.99% variable) |
| Cash advance rate | 16.99% to 26.99% variable |
| Cash advance fee | $10 or 3% of the cash advance amount, whichever is greater |
| Penalty APR | 29.99% variable |
| Foreign transaction fee | 3% of the transaction value |
| Interest free period | Up to 25 days |
| Late payment fee | Up to $40 |
| Returned payment fee | Up to $29 |
Expert review
Review by
Kliment Dukovski
kliment.dukovski@findercrew.comKliment Dukovski is a credit cards 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.
Expert review
The Bank of America® Cash Rewards for Students is essentially the same card as the Bank of America® Cash Rewards Credit Card, 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® Cash Rewards Credit Card, which is a good thing. The similar rewards structure of the Bank of America® 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.
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.
Finder experts pick Bank of America® Cash Rewards for Students as a 2020 best product for credit cards.
How to apply for the Bank of America® Cash Rewards for Students
- Visit the Bank of America website and find the Bank of America® Cash Rewards for Students.
- Click Apply now and fill out the application form.
- 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.
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 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.
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.
Compare credit cards for students
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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