Bank of America Cash Rewards Credit Card for Students Review
Building a good credit score while you’re still in college is a smart move and a credit card is an easy way to do it.
The Bank of America Cash Rewards Credit Card for Students is designed for young adults who are ready to improve their credit history while earning cash back.
This card pays 3% cash back on gas, 2% at grocery stores, and 1% on everything else, boone county high school basketball up to $2,500 in grocery/wholesale club/gas quarterly spend.
Students who already have a Bank of America checking or savings account have a chance to rack up even more cash back.
If you’re in school and you’re looking for a way to establish good credit habits before graduation day, keep reading to learn how this card can help you do it.
Top Card Features
This card offers students more than just a convenient way to spend. Members also enjoy these benefits:
- Cash back rewards - Students get cash back on every purchase.
Main Highlight: Cash Back Rewards
The cash back rewards program is the real star of the show and the BankAmericard Cash Rewards Credit Card for Students caters to the typical student’s spending habits. This card allows you to earn cash back at three different levels:
- 3% back at gas stations
- 2% back at grocery stores
- 1% cash back on everything else
- All on up to $2,500 in grocery/wholesale club/gas quarterly spend
You always get 1% cash back on anything that doesn’t fall into the gas station and grocery store categories.
If you’re already a Bank of America customer, you can squeeze even more value out of the purchases you make with the card.
That’s because Bank of America gives you a 10% cash back bonus when you redeem your cash back as a direct deposit into a linked Bank of America checking or savings account.
Card Rates and Fees
If you’ve never had a credit card before, one thing you need to be aware bank of america credit card student review is the annual percentage rate or APR.
This rate determines how much the card will cost you on a yearly basis if you don’t pay your balance in full every month.
Generally, the card does come with a special introductory period that lasts for a limited period of time.
Card Protections
Identity theft can ruin your credit history before you’ve even had a chance to really establish it.
The Bank of America Cash Rewards Credit Card for Students offers several protections for students who are worried about falling victim to fraud.
For example, there’s ShopSafe, which creates a temporary card number for you any time you shop online. That enables you to shop online without giving away your permanent credit card number at the time of your purchase.
When you’re shopping in stores, you can protect yourself by taking advantage of your card’s built-in EMV security chip. As long as you use the chip reader at the register versus swiping your card, you’re getting an added layer of security.
If you’re in a store that doesn’t have chip terminals, you don’t have to sacrifice your peace of mind. You can link your card to Apple Pay, Android Pay, or Samsung Pay for secure transactions.
As if that’s not enough, Bank of America monitors your account for fraud and they’ll give you a heads-up if they detect suspicious activity. In the event that your card is compromised, you’re covered by a $0 liability guarantee.
That means you pay nothing if your card is used to make unauthorized purchases.
Before You Apply
You can apply for this card if you’re over 18 but your ability to get approved depends on your financial status (your credit score plays a large role in this).
If you’re under 21, you’ll need to be able to provide proof of income, either from a job, an inheritance, an investment account or some other source.
Essentially, you have to be able to show that you have a consistent way to keep up with the monthly payments on the account.
If you don’t have any income to report, you’ll likely need to ask a parent to cosign on the card for you.
Co-signing makes them equally responsible for any charges you make on the card. The account is also reflected on their credit history so if you pay late or default altogether, that hurts both of you in the process.
In general, this card is suited for students who have already established a minimal credit history.
If you’ve never had any kind of credit in your name before, you may be better off applying for a BankAmericard Secured Credit Card instead.
This card requires a minimum security deposit of $300 and it has a $39 annual fee but it can be a useful way to build credit if you’re an absolute beginner.
Final Verdict
The BankAmericard Cash Rewards Credit Card for Students is ideal for young adults who want to get cash back while growing their credit score.
We wouldn’t recommend this card if you’re looking for travel miles or points instead.
On the other hand, if you’re already a Bank of America customer, this card is an excellent choice for amping up your cash rewards.
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Bank of America credit cards: Which one is best?
The best Bank of America credit cards
The best Bank of America credit cards generate value while fulfilling a specific role needed in your wallet, such as balance transfers or travel perks. Finder’s experts looked at all of Bank of America’s available credit cards and compared them based on a number of factors such as reward categories, earning rates, intro APR opportunities and additional perks and features. We ranked the top performers to give you an idea of what your best pick is for your circumstance. Our trustworthy, unbiased evaluations are solely meant to help you choose the best credit card for your financial needs.
Quick look at the best Bank of America credit cards
Best card for cashback rewards
Bank of America® Customized Cash Rewards
- Signup bonus. Make at least $1,000 in purchases within 90 days of opening your account to earn a $200 bonus cash reward.
- No annual fee. Get cash back without the weight of making up for an annual fee.
- Intro APR. Enjoy a 0% intro APR on purchases for 15 billing cycles. The APR reverts to a standard 13.99% to 23.99% variable after the promotional period is up.
- Foreign transaction fees. Avoid using the card abroad or online with foreign merchants or you'll pay a 3% fee of the amount.
- Balance transfer limitations. Transfer your balance within the first 60 days when you open your account or you won't get the 0% intro APR period on balance transfers.
| Annual Fee | $0 |
|---|---|
| Purchase APR | 0% intro for the first 15 billing cycles (then 13.99% to 23.99% variable) |
| Balance transfer APR | 0% intro for the first 15 statement closing dates (then 13.99% to 23.99% variable) bank of america credit card student review home savings and loan bellevue ohio |
| Welcome offer | $200 after spending $1,000 in the first 90 days |
| Estimated welcome offer value | |
| Rewards | 3% cash back on a chosen category and 2% at grocery stores and wholesale clubs for the first $2,500 each quarter combined, then 1% after that and on everything else |
Best card for travel rewards
Bank of America® Travel Rewards Credit Card
Points welcome offer
- Intro APR period on purchases. Get a 0% intro APR on purchases for the first 15 billing cycles your account is open. A variable 13.99% to 23.99% APR applies after the intro period expires.
- Signup bonus. Get 25,000 bonus points after you spend $1,000 on purchases in the first 90 days your account is open. Paired with the intro APR, this is quite the deal.
- 0% foreign transaction fee. Use the Bank of America® Travel Rewards Credit Card abroad without paying additional fees glenview state bank review your purchases.
- No intro APR period on balance transfers. You won't be able to save money on interest if you make a balance transfer with this card.
- Penalty APR. If you miss a payment, Bank of America may impose a penalty APR of up to 29.99% variable.
| Annual Fee | $0 |
|---|---|
| Purchase APR | average american savings 2020 0% intro for the first 15 billing cycles (then 13.99% to 23.99% variable) |
| Balance transfer APR | 13.99% to 23.99% variable judy holliday images |
| Welcome offer | 25,000 points after spending $1,000 in the first 90 days |
| Estimated welcome offer value | $250 based on Finder's valuation |
| Rewards | 1.5x points on all purchases |
Best card for airline rewards
Alaska Airlines Visa Signature® Card
Miles welcome offer
- Bonus miles. Earn 40,000 bonus miles when you spend $2,000 on purchases in the first 90 days your account is open.
- Companion fare bonus. If you're shooting for bonus miles, you might land a special version of Alaska's Famous Companion Fare. Spend $2,000 on purchases within the first 90 days your account is open to earn a code that allows you to buy a second ticket on your round-trip itinerary for just the cost of taxes and fees.
- Multiple redemption options. Redeem your miles for more than baptist health fort smith ar jobs Alaska Airlines and Virgin America tickets. Use them toward airfare purchases with Air France, American Airlines, KLM, Korean Air, Qantas and Japan Airlines.
- Annual fee. The card comes with a $75 annual fee.
- No intro APR period. You don't get a 0% intro APR period on balance transfers and purchases.
| Annual Fee | bank of america credit card student review $75 |
|---|---|
| Purchase APR | 15.99% to 23.99% variable |
| Balance transfer APR | 15.99% to 23.99% variable |
| Welcome offer | 40,000 miles and companion pass after spending $2,000 in the first 90 days |
| Estimated welcome offer value | |
| Rewards | 3x miles on Alaska Airlines purchases and 1x miles on all other purchases |
Best card for building credit
BankAmericard® Secured Credit Card
- A return of your deposit. The bank reviews BankAmericard® Secured Credit Card accounts periodically, and you might qualify for a deposit return if your overall credit history improves to BofA's satisfaction.
- Grace period. Pay off your balance before it's due each month to avoid paying interest. Generally your due date is at least 25 days after the close of your billing cycle.
- Opportunity to upgrade. You just might graduate to an unsecured card after a periodic review by Bank of America.
- No rewards program. You won't earn any rewards on your purchases.
- No intro APR period. You won't have any grace period to not pay interest on purchases.
| Annual Fee | ashley genesis credit card $0 |
|---|---|
| Purchase APR | 22.99% variable |
| Balance transfer APR | 22.99% variable |
| Welcome offer | N/A |
| Estimated welcome offer value | |
| Rewards | N/A |
Best card for small businesses
Bank of America® Platinum Plus® Mastercard® Business card
- Signup bonus. Spend at least $3,000 on purchases within 90 days of opening your account to get a $300 statement credit.
- Low intro APR. Enjoy a 0% intro APR on purchases for the first 7 billing cycles after opening your account. After the promo expires, you'll pay a 10.24% to 21.24% variable APR.
- No cost for additional cards. Adding employee cards to your account costs nothing more.
- No rewards program. You won't earn any rewards on your purchases.
| Annual Fee | $0 |
|---|---|
| Purchase APR | 0% intro for the first 7 billing cycles (then 10.24% to 21.24% variable) bank of america credit card student review |
| Balance transfer APR | 10.24% to 21.24% variable |
| Welcome offer | $300 after spending $3,000 in the first 90 days |
| Estimated welcome offer value | |
| Rewards | N/A |
Best card for students
Bank of America® Customized Cash Rewards for Students
- Signup bonus. Earn a $200 online cash bonus after you spend $1,000 in your first 90 days when you open your account.
- 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. You're capped on up to $2,500 in combined purchases in both 3% and 2% cashback categories. After that, your rate reverts to 1% cash back, which is the rate you earn on all other purchases.
- Intro APR period. Get 15 billing cycles of 0% intro APR period on balance transfers and purchases. A variable APR of 13.99% to 23.99% applies thereafter.
- Foreign transaction fees. Every transaction made abroad or online with foreign merchants will cost you 3% of the amount.
| Annual Fee | $0 |
|---|---|
| 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) |
| Welcome offer | $200 after spending $1,000 in the first 90 days |
| Estimated welcome offer value | |
| Rewards | 3% and 2% cash back on the first $2,500 in combined choice category, grocery and wholesale club purchases each quarter, then 1% |
How to apply for a credit card with Bank of America
You can easily apply for a Bank of America credit card through its website. To apply, you can do the following:
- Go to the Bank of America homepage.
- At the top menu bar, click on Credit cards.
- From the drop-down menu, you can select your desired category or click on Shop all credit cards to view all available cards.
- Review the cards to find the one you want and click Apply now.
- Fill out your personal information, including any card option preferences such as if you’re performing a balance transfer, and click Save and continue to complete the application.
You can also use the Bank of America prequalification tool to see which cards you’re more likely to obtain.
Eligibility criteria
- You must be at least 18 years old — or at least 21, if a permanent resident of Puerto Rico.
- You must have a valid Social Security number.
Required documents
- Full name and contact information
- Phone number and email address
- Social Security number and date of birth
- Employment status
- Total annual income
Types of Bank of America Credit Cards
Bank of America offers a robust selection of credit cards, though it is best known for having strong rewards cards that aren’t attached to a rewards program. The Bank of America® Customized Cash Rewards is the best example of this, as it earns solid rewards on categories of your choosing.
Compare Bank of America credit cards by card type
What no annual fee Bank of America credit cards are there?
There are more than a dozen Bank of America credit cards with no annual fee, which is a rather substantial portion of Bank of America’s card lineup. Outside of the bank’s cobranded travel cards, only the Bank of America Premium Rewards card has an 50 degrees c to f fee. That means you have a healthy selection of cashback, travel and student cards with no annual fee to choose from.
Will I earn more rewards if I pay an annual fee?
Generally speaking, yes. But you’re most likely to see this difference on certain travel cards. For example, with the $95 annual fee Bank of America® Premium Rewards® Credit Card, you get to earn 2x points on travel and dining purchases compared to the 1.5x points you’d earn on the $0 annual fee Bank of America® Travel Rewards Credit Card. This annual fee also lets you earn a higher signup bonus and additional travel perks, like $200 in combined travel credit and TSA PreCheck and Global Entry application fee credit. Here’s a small breakdown of the reward and feature differences between the two cards.
| Bank of America® Travel Rewards Credit Card | Bank of America® Premium Rewards® Credit Card | |
|---|---|---|
| Annual fee | $0 | $95 |
| Points | 1.5x points on all purchases |
|
| Signup bonus | 25,000 bonus miles after spending $1,000 in the first 90 days | 50,000 bonus miles after spending $3,000 in the first 90 days |
| Other perks | N/A |
|
| Points earned with monthly spending of $1,000 on travel and dining and $1,000 on all other purchases | 36,000 points annually | 42,000 points annually |
| Total points for the first year if you clear the signup bonus | 61,000 points (around $610 value when redeemed for travel) | 92,000 points (around $920 value when redeemed for travel) |
Standout benefits of a Bank of America credit card
- No annual fee cards. Bank of America’s biggest claim to fame is the sheer number of strong cards they offer that possess no annual fee.
- Museums on Us®. Show your Bank of America credit card to get free museum entry at eligible museums across the US on the first full weekend of every month.
- Choose your accelerated rewards. The Bank of America Cash Rewards Credit Card allows you to choose your highest earning categories from a preselected list. This is one of just a handful of rewards cards that let you do so.
- Affinity cards. Bank of America has a few cards that let you personalize your card design from a variety of designs.
Bank of America reward programs
Depending on the card you sign up for, you might earn Bank of America points and miles on your spending. Plus, all Bank of America credit and debit cardholders get access to BankAmeriDeals offering cash back based on your spending habits in various categories.
Spirit has Free Spirit™ miles, Amtrak has Amtrak Guest Rewards® points, Norwegian Cruise Line has WorldPoints® reward points and so on.
How can I redeem points and miles?
Many brand-partnered cards earn points and miles that must be redeemed on the partner’s website. Follow the instructions provided by Bank of America when you’re ready to redeem points and miles from a brand-partnered card.
You can redeem your Bank of America® Travel Rewards Program points at the Travel Center through BofA’s site.
You can redeem Bank of America® Cash Rewards Program points toward statement credit, or deposit points into a Bank of America checking or savings account or an eligible Cash Management Account® with Merrill Lynch Wealth Management® or Merrill Edge®. You can redeem or deposit these points through your account page on the Bank of America site.
Preferred Rewards program
Enrolling in the Preferred Rewards program gives you access to bonus rewards of up to 25%. Qualifying Bank of America deposit accounts and Merrill Edge and Merrill Lynch investment accounts receive even more benefits with enrollment in the program.
Each tier of the program offers increasing rewards, with a sliding scale of Gold, Platinum and Platinum Honors, each with their own set of qualification parameters.
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Wells Fargo Cash Back College Visa card
4.1 rating
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*All information about the Citi Rewards+ Student Card has been collected independently by CreditCards.com and has not been bank of america credit card student review by the issuer. The Citi Rewards+ Student Card is no longer available through CreditCards.com.
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3.4 rating
Last reviewed: December 21, 2020
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Capital One Quicksilver Student Cash Rewards Credit Card
3.3 rating
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Bank of America Travel Rewards Card for Students
3 rating
Last reviewed: September 10, 2020
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2.8 rating
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2.7 rating
Last reviewed: December 21, 2020
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Deserve® EDU Mastercard for Students
2.6 rating
Last reviewed: July 27, 2020
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