Bank of America offers a variety of cash rewards credit cards, but the two best options for students are the Bank of America® Customized Cash Rewards credit card for Students and the Bank of America® Unlimited Cash Rewards credit card for Students.
Bank of America® Customized Cash Rewards credit card for Students
This card offers the following benefits:
- Earn 3% cash back in the category of your choice (gas, online shopping, travel, dining, or groceries) and 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined purchases each quarter).
- No annual fee.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- 0% introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% – 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
To maximize your rewards with this card, choose a category that you spend the most money on each month. For example, if you spend a lot of money on gas, choose gas as your 3% cash back category. You can also earn 2% cash back on groceries and wholesale club purchases, which is a great way to save money on everyday expenses.
Bank of America® Unlimited Cash Rewards credit card for Students
This card offers the following benefits:
- Earn unlimited 1.5% cash back on all purchases.
- No annual fee.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- 0% introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% – 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
This card is a good option for students who want to earn cash back on all of their purchases, regardless of the category. It’s also a good option for students who are looking for a simple cash back rewards program without any annual fee.
Tips for using your Bank of America cash rewards credit card
- Pay your bill in full and on time each month to avoid interest charges.
- Set a budget and track your spending so you don’t overspend.
- Use your card to earn rewards on your everyday purchases.
- Redeem your rewards for cash back, travel rewards, or merchandise.
Additional tips for students using a Bank of America cash rewards credit card
- Be mindful of your spending. It’s important to remember that credit cards are not free money. Make sure to only spend what you can afford to pay back each month.
- Use your credit card to build your credit history. Responsible credit card use can help you build a good credit history, which can lead to lower interest rates on loans in the future.
- Be aware of the fees. Credit cards can come with a variety of fees, such as annual fees, late payment fees, and foreign transaction fees. Make sure to read the terms and conditions of your card carefully so you know what fees you may be charged.
- Consider using a secured credit card. If you have no credit history or bad credit, you may want to consider getting a secured credit card. Secured credit cards require a deposit, which acts as your credit limit.
How to choose the right Bank of America cash rewards credit card for you
To choose the right Bank of America cash rewards credit card for you, consider the following factors:
- Your spending habits: What are the categories of purchases that you spend the most money on each month? Once you know your spending habits, you can choose a card that offers bonus rewards in those categories.
- Your financial goals: Are you trying to build your credit, save money, or earn travel rewards? Choose a card that aligns with your financial goals.
- Your credit score: Bank of America has different credit score requirements for its credit cards. Make sure to choose a card that you are eligible for.
Here are some specific ways that students can use their Bank of America cash rewards credit card to save money:
- Earn rewards on textbooks and other school supplies. Buy your textbooks and other school supplies with your credit card to earn rewards. You can also use your credit card to pay for online classes and other educational expenses.
- Earn rewards on transportation. If you commute to school by car, you can use your credit card to pay for gas and parking. If you take public transportation, you can use your credit card to pay for fares and passes.
- Earn rewards on dining out. If you eat out with friends or family, use your credit card to pay for the bill. You can also use your credit card to order food delivery or takeout.
- Earn rewards on entertainment. If you go to the movies, concerts, or sporting events, use your credit card to pay for the tickets. You can also use your credit card to stream movies and TV shows or play video games online.
How to apply for a Bank of America Cash Rewards Credit Card For Students
To apply for a Bank of America Cash Rewards Credit Card for Students, you can follow these steps:
- Go to the Bank of America website and click on the “Credit Cards” tab.
- Under “Student Credit Cards”, select the “Bank of America® Customized Cash Rewards credit card for Students” or the “Bank of America® Unlimited Cash Rewards credit card for Students”.
- Click on the “Apply Now” button.
- Enter your personal information, including your name, address, date of birth, and Social Security number.
- Enter your employment and income information.
- Review your application and submit it.
Bank of America will review your application and make a decision within a few days. If you are approved, you will receive your credit card in the mail within 7-10 business days.
Conclusion
The Bank of America Cash Rewards credit card is a good option for students because it has no annual fee, offers unlimited 1.5% cash back on all purchases, and has a $200 welcome bonus. However, it is important to use the card responsibly and pay your bill in full and on time each month to avoid interest charges.
Frequently Asked Questions (FAQ)
Is there an annual fee for Bank of America Unlimited Cash Rewards credit card for students?
No, there is no annual fee for the Bank of America Unlimited Cash Rewards credit card for students.
What is the credit limit for Bank of America customized cash rewards for students?
The credit limit for the Bank of America customized cash rewards for students varies depending on your credit history and income. However, the minimum credit limit is $500.
Is Bank of America Cash Rewards credit card good?
Yes, the Bank of America Cash Rewards credit card is a good card for students. It offers no annual fee, unlimited 1.5% cash back on all purchases, and a $200 welcome bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
Is Bank of America Cash Rewards credit card hard to get?
The Bank of America Cash Rewards credit card is not particularly hard to get, but it does require good to excellent credit. If you have no credit history or bad credit, you may want to consider applying for a secured credit card first.
Does Bank of America waive fees for students?
Bank of America waives some fees for students, such as ATM fees and monthly maintenance fees on checking accounts. However, the Bank of America Cash Rewards credit card does not have any fees that are waived for students.
What is the student limit for Bank of America?
There is no specific student limit for Bank of America. However, the minimum credit limit for all Bank of America credit cards is $500.
Can international students get student bank accounts in USA?
Yes, international students can get student bank accounts in the USA. However, the requirements may vary depending on the bank. You may need to provide a valid student visa and other documentation.
What is the best bank account for students?
The best bank account for students depends on your individual needs and preferences. However, some popular options include the Bank of America Advantage SafeBalance Banking® account, the Wells Fargo College Checking account, and the Chase College Checking account.
What is the annual percentage rate for Bank of America student credit card?
The annual percentage rate (APR) for the Bank of America student credit card is 18.24% – 28.24% Variable APR. The APR you receive will depend on your creditworthiness.
