Bank of America Student Credit Card

Bank of America offers a range of credit cards tailored specifically for students, providing access to essential financial tools while helping them build credit responsibly.

In our comprehensive review of Bank of America’s student credit card offerings, we delve into the features, benefits, and suitability of these cards for students’ diverse needs. From evaluating welcome bonuses to assessing rewards programs and fee structures, we provide insights to help students make informed decisions about which Bank of America student credit card aligns best with their financial goals and lifestyle preferences.

Bank of America® Customized Cash Rewards Credit Card for Students:

• Generous Rewards: Earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.
• Lucrative Welcome Bonus: Enjoy a $200 online cash rewards bonus after spending $1,000 within the first 90 days of account opening.
• Introductory APR Offer: Benefit from a 0% intro APR on purchases for 15 billing cycles and on balance transfers made within the first 60 days, followed by a competitive variable APR.

Comprehensive Review

Overview: Students seeking cash back rewards with flexibility in category selection may find the Bank of America® Customized Cash Rewards credit card for Students appealing. With the ability to change bonus categories monthly, it offers control over earning higher rates of cash back.

Best For: Ideal for individuals who prioritize control over their bonus categories to maximize cash back earnings. Suitable for both traditional and non-traditional students looking to manage expenses efficiently.

Rewards:

Earn 3% cash back in the category of your choice and an automatic 2% cash back at grocery stores and wholesale clubs. Bonus earnings are capped at the first $2,500 in combined purchases in the 3% and 2% categories each quarter.

Additionally, earn unlimited 1% cash back on all other purchases.

Pros & Cons:

Pros:

• Free access to FICO® Score, allowing students to monitor their credit progress over time.
• Introductory APR offer with a generous term, providing flexibility in managing expenses.
• Competitive cash-back reward rates, with the flexibility to customize bonus categories.
• Solid welcome bonus, offering immediate rewards for qualifying purchases.

Cons:

• 3% foreign transaction fee, potentially increasing costs for international purchases.
• Higher penalty APR applies to late payments, emphasizing the importance of responsible credit management.

Welcome Offer:

Enjoy a $200 cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening.

Annual Fee:

$0 annual fee, making it cost-effective for students.

Other Benefits and Drawbacks:

Benefit from an introductory purchase APR, providing flexibility to manage expenses, particularly for purchasing textbooks or other educational materials.

Non-traditional students may find the balance transfer option advantageous for consolidating debt and reducing interest, although regular APR applies after the introductory period.

Access to free FICO Score monitoring enables students to track their credit progress over time.

Why you Choose Bank of America® Customized Cash Rewards Credit Card ?

• Enjoy a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of opening your account.
• Earn 3% cash back in a category of your choice, automatic 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined quarterly purchases), and unlimited 1% cash back on all other purchases.
• Choose from various categories for 3% cash back, including gas and EV charging stations, online shopping, cable/internet/phone plans/streaming services, dining, travel, drug stores/pharmacies, or home improvement/furnishing purchases.
• Benefit from no annual fee, and your cash rewards won’t expire as long as your account remains open.
• Enjoy a 0% introductory APR for 15 billing cycles for purchases and any balance transfers made within the first 60 days. After the introductory period, a variable APR of 18.24% – 28.24% will apply. A 3% introductory balance transfer fee applies for the first 60 days, then 4% for future balance transfers.
• Responsible credit card usage can help you build your credit history, which can be beneficial when applying for apartments, car loans, or employment. Access your FICO® Score for free through Online Banking or the Mobile Banking app.
• Experience the convenience and security of contactless cards, combining the security of chip technology with the ease of tap-to-pay.
• Please note that this online-only offer may not be accessible if you navigate away from this page or visit a Bank of America financial centre. Take advantage of this offer by applying now.

In summary, the Bank of America® Customized Cash Rewards credit card for Students offers a customizable rewards structure and valuable benefits tailored to student needs. While it provides flexibility and potential savings, students should be mindful of managing balances responsibly to avoid accruing interest charges.

Methodology ;

To determine the best student credit cards, we undertook a comprehensive assessment, evaluating numerous factors such as:

Welcome Bonuses: We analyzed the introductory offers provided by each card, considering the value and accessibility of these bonuses for new cardholders.

Fees: We scrutinized the fee structures associated with each card, including annual fees, late payment fees, and foreign transaction fees, to assess their impact on cardholders’ overall costs.

Rewards: We examined the rewards programs offered by each card, assessing the earning rates, redemption options, and any limitations or restrictions on reward accrual and redemption.

Other Perks: We considered additional benefits and features provided by the cards, such as complimentary insurance coverage, access to exclusive events, and personalized customer service.

0% Introductory APR: We evaluated whether the cards offered introductory APR periods on purchases and balance transfers, assessing the duration of these periods and any associated terms and conditions.

Our methodology involved comparing and ranking the student credit cards based on their performance across these key criteria, ensuring that our recommendations align with the needs and preferences of student cardholders.