Best Bank of America Cash Rewards Credit Card For Students

The Bank of America Customized Cash Rewards Credit Card for Students is filled with appealing features which are not often obtained in student credit cards. This card includes a sign-up bonus and lets you select your own rewards spending category from a variety of possibilities like internet purchasing, travel, and dining.

This indicates that for the right cardholder, there is potential for good earnings. You’ll also receive a 0% introductory APR on balance transfers and purchases.

Should You Get the Bank of America Cash Rewards Credit Card for Students

• This Cash Rewards Credit Card for Students is a fantastic credit card, but it isn’t the best choice for everyone. If you meet the following requirements, we recommend applying for this card:
• You spend a lot on travel, gas, drug stores, internet shopping, eating out, or house remodelling/furniture and food purchases. You don’t spend more than $2,500 every quarter on these expenses.
• You will spend $1,000 within the first 3 months after receiving the card.
• You have excellent credit, but you only have a small credit history.
• You want to borrow enough money for a purchase you can repay in 15 months.

Fees For The Bank of America Cash Rewards Credit Card For Students

• Annual fee: No annual fee is charged with this card.
• Foreign transaction fee: A fee of 3% is charged for each transaction amount that takes place in a foreign currency or in United States dollars but outside the U.S.
• Balance transfer fee: A fee of $10 or 3% is charged on the amount transacted.
• Cash advance fee: Cash advances are subject to a $10 fee or 3% of the amount of every transaction. Same-day online cash advances, ATMs, equivalent cash credits, and over-the-counter cash advances have a $10 or 5% fee.
• Overdraft protection fee: In the past the fee for transferring money to a linked Bank of America deposit account is $12 per transaction. Currently, the cost of each overdraft cash advance will be debited from your credit card account without any additional charge.
• Penalty fees: A late payment fee of $40 is charged. A returned payment fee of up to $29 is levied.

Bank of America Cash Rewards Credit Card For Students Approval Odds

Below are the best Cash Rewards Credit Cards for students Approval Odds:

1. Bank of America Unlimited Cash Rewards for Students

This student’s credit card is a fantastic card for students, with a solid offer including a fantastic low intro APR on balance transfers and purchases. Its main drawback is that it lacks the major advantages that come with reward cards.

• Rewards: You’ll earn unrestricted 1.5% cash back on purchases.
• Welcome offer: Cardholders that are new earn a cash reward of $200 after spending up to $1000 on purchases in the 1^st 90 days of account creation.
• Annual fee: $0

2. Bank of America Customized Cash Rewards Credit Card for Students

The card gives cardholders a cash back of 3% in the choice category every month, plus the option to swap categories once a month. The 2% cash back on wholesale clubs and groceries may prove more valuable in the long run, despite its appealing headline.

• Rewards: You’ll get 3% cash back on purchases in your chosen category, as well as an automatic 2% back at wholesale clubs and grocery stores. You’ll also earn 1% on every purchase. 
• Welcome offer: You’ll receive a $200 bonus if you make $1,000 in purchases within the first 90 days of account creation.
• Annual fee: $0

3. Bank of America Travel Rewards Credit Card for Students

Bank of America Travel Rewards credit card does not charge any annual fee. It offers easy to earn rewards and provides a great welcome bonus. This card is suggested for study abroad usage because it lacks foreign transaction fees.

• Rewards: Get unrestricted 1.5 points for each $1 spent on all purchases worldwide, anytime and no expiration date on points.
• Welcome offer: You’ll receive a $25,000 bonus if you make $1,000 in purchases within the first 90 days of account creation which may be used for a $250 statement credit on travel expenses.
• Annual fee: $0

Other Cash Rewards Credit Card For Students

1. Discover it Student Cash Card

Discover it Student Cash Back is a unique student credit card that provides a unique combination of high earnings rates and a bonus most student cards don’t have. Cardholders may earn big rewards if they use the card carefully.

• Rewards: 5% back on regular purchases at a range of stores each quarter, including gas stations, restaurants, Amazon.com, grocery shops. You’ll also earn 1% cash back on other purchases.
• Welcome offer: After your first year, Discover will correctly match all of the cash back you have earned. Therefore, you might turn $50 into $100. Alternatively, you may turn $100 into $200.
• Annual fee: $0

2. Discover it Student Chrome

This credit card gives you a constant category bonus on gas and restaurants. It is therefore ideal for students who cannot stand the cooking of their roommates or go to school. After your first year as a cardholder, Discover will match any cash back you earn.

• Rewards: You’ll earn 2% cash back on up to $1,000 in purchases made at restaurants and gas stations each quarter. You may also get unlimited 1% cash back automatically on other transactions.
• Welcome offer: After your first year, Discover will correctly match all of the cash back you have earned. Therefore, you might turn $50 into $100. Alternatively, you may turn $100 into $200.
• Annual fee: $0

3. Capital One SavorOne Student Cash Rewards Credit Card

Although the Capital One SavorOne Student Cash Rewards Credit Card provides cash back and great perks, it does not make our list due to a high APR, lack of an intro APR, and absence of a welcome offer. The benefits are enormous on grocery stores, dining, and entertainment, but the risks of accumulating debt if not repaid on time are substantial. These concerns are especially serious for students, who may be unaware of the ins and outs of a frequently unkind lending system.

• Rewards: Cash back is unlimited for Card Members on dining, grocery stores, common streaming services, and entertainment. You’ll earn 1% cash back on other purchases as well as 8% on Vivid Seats ticket purchases.
• Welcome offer: N/A
• Annual fee: $0

4. Capital One Quicksilver Student Cash Rewards Credit Card

This card provides a lofty 26.99 percent APR and therefore will not be on our top list because of it’s solid flat-rate cash rewards and excellent benefits such as extended warranties, mobile phone protection, and price protection for appropriate purchases. It also offers no annual charge, cash back incentives, and no foreign transaction fees hence making it worth considering only for individuals who understand the dangers of a high APR and are certain about making on-time payments.

• Rewards: Cardholders will earn 1.5% cash back on all purchases.
• Welcome offer: N/A
• Annual fee: $0

5. Chase Freedom Student Credit Card

This card is worth it because of its benefit that including warranty protection, purchase protection, and travel insurance. In addition, the card provides a lower APR compared to other student cards.

• Rewards: You’ll get 1% cash back on purchases.
• Welcome offer: A bonus of $50 on the first purchase initiated on the first three months of account creation.
• Annual fee: $0

6. Deserve EDU Mastercard for Students

This credit card doesn’t need a cosigner, credit history, or a social security number (SSN). It offers various benefits such as no foreign transaction fee and no annual fee.

• Rewards: You’ll earn 1% cash back on every purchase.
• Welcome offer: After making $500 in the first 3 billing cycles, new cardholders can get one year of Amazon Prime Student for free on Deserve.
• Annual fee: $0

7. Citi Rewards Student Card

This credit card is very important to students who make frequent and modest purchases because the card offers a special “round up” function. It also includes a solid rewards program for gas station and supermarket purchases with cardholders getting two ThankYou points for every dollar spent.

• Rewards: You’ll get 2 times ThankYou points at gas stations and supermarkets as well as 1% cash back on all purchases.
• Welcome offer: You’ll receive a $2500 bonus if you make $500 in purchases within the first 90 days of account creation.
• Annual fee: $0

Best Cash Rewards Credit Card For Students Comparison Table

Credit Card	Best For	Credit Score	Annual Fee	Welcome Bonus
Discover it Student Cash Back	Best overall	New/Fair to Credit	$0	Cashback Match
Bank of America Travel Rewards Credit Card for Students	Studying Abroad	Good/Excellent	$0	25,000 points
Discover it Student Chrome	Bad Cooks and Commuters	New/Fair to Credit	$0	Cashback match
Capital One SavorOne Student Cash Rewards Credit Card	Good for the benefits	Fair, Average, Limited	$0	N/A
Chase Freedom Student Credit Card	Lyft and DoorDash	Good/Excellent Credit	$0	$50
Bank of America Unlimited Cash Rewards for Students	Intro APR for students	Excellent/Good	$0	$200 cash rewards
Capital One Quicksilver Student Cash Rewards Credit Card	Easy Cash Back Rewards	Fair, Average, Limited	$0	N/A
Bank of America Customized Cash Rewards Credit Card for Students	Choosing Your Own Adventure	Fair	$0	$200 Cash Rewards
Deserve EDU Mastercard for Students	International Students	Limited or No Credit	$0	N/A
Citi Rewards Student Card	Earning ThankYou points at gas stations and supermarkets	Good/Excellent	$0	2,500 bonus points

APR of The Bank of America Cash Rewards Credit Card For Students

• Introductory APR: For balance transfers and purchases made within a period of 60 days since account creation, the Bank of America Cash Rewards Credit Card for Students provides you a 0% intro APR for 15 months.
• Standard APR: The APR on the card ranges from 13.99 percent to 23.99 percent, depending on your credit worthiness, after the introductory period ends.
• Cash advance Annual Percentage Rate: Cash advances have an interest rate of 16.99% to 26.99%, according to creditworthiness.
• Penalty APR: You may be subjected to the penalty APR rate for late payments, which is up to 29.99 percent.

Ways to Redeem Rewards Using the Bank of America Cash Rewards Credit Card

Bank of America Cash Rewards Credit Card for Students can be used to earn rewards in the amount you want, as a deposit directly made to Bank of America savings or checking account, as a credit statement, or as a credit to an eligible Merrill account.

You can as well choose to contribute to a qualifying 529 plan through Merrill or receive a paper check for at least $25.

If you do not want to deal with cash back redemption, you may set up regular deposits of up to $25 into a Merrill bank account or Bank of America. When you make a deposit into your Bank of America account, there is no minimum amount required. Redemptions are one-time only and have no set amount limit.

Bottom Line

If you do not use this card to its full potential, you will not get any benefits from it. The key is to make the most of your cash back rewards by spending approximately $2,500 each quarter in the bonus categories. Search for a cash back credit card that offers you rewards points if you are likely to spend less or more frequently.

However, this is still among the most substantial student credit cards available making it an excellent option for those with limited credit.

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