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

Bank of America® Customized Cash Rewards Credit Card for Students

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

Sign-Up Bonus
Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Rewards Rate
Earn 3% cashback in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases
Build Credit
When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Bank of America® Customized Cash Rewards Credit Card for Students best for?

The Bank of America® Customized Cash Rewards Credit Card for Students offers a tiered cashback rewards program, which lets you select among six different spending categories that can be changed every month. The card also comes with a nice sign-up bonus and $0 annual fee.

Plus, if you need to make a large purchase, like a laptop or school supplies, the Bank of America® Customized Cash Rewards Credit Card for Students offers an introductory APR of 0% Intro APR for 18 billing cycles for purchases After the promotional period, the standard APR of 16.99% - 26.99% Variable APR variable will apply.

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

    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
    • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
    • No annual fee and no expiration on rewards.
    • New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 16.99% - 26.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
    • When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
    • Contactless Cards - The security of a chip card, with the convenience of a tap.
    • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
  • Credit needed:
    720 850
    Excellent/Good
  • Digital Wallet technology
  • Overdraft protection
  • Contactless chip technology
  • Free FICO Score updated monthly

Intro Purchase APR

0% Intro APR for 18 billing cycles for purchases

Regular Purchase APR

16.99% - 26.99% Variable APR

Intro BT APR

0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days

Regular BT APR

16.99% - 26.99% Variable APR on balance transfers

Annual Fee

$0

Cash Advance Fee

See Terms

Foreign Transaction Fee

3%

Balance Transfer Fee

Either $10 or 3% of the amount of each transaction, whichever is greater.

Pros and cons of the Bank of America® Customized Cash Rewards Credit Card for Students

Pros

  • $0 annual fee
  • Cash rewards tailored to your spending
  • Sign-up bonus
  • Intro APR on purchases and balance transfers

Cons

  • Cap on spending to earn highest rewards rates
  • Foreign transaction fees
  • Limited benefits
  • High penalty APR if you make a late payment

What we like about the Bank of America® Customized Cash Rewards Credit Card for Students

  • Easy-to-earn sign-up bonus

    With the Bank of America® Customized Cash Rewards Credit Card for Students, new cardholders can earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

    This bonus can offset the cost of a big ticket item, and the spending requirement to earn it is low compared to other cash back rewards cards.

  • Intro APRs on purchases and balance transfers

    Save on interest charges for more than a year with the Bank of America® Customized Cash Rewards Credit Card for Students. The card offers an 0% Intro APR for 18 billing cycles for purchases After, a 16.99% - 26.99% Variable APR variable APR will apply.

    If you’re looking to move high-interest debt to another card offering a lengthy intro period, you can move that balance to the Bank of America® Customized Cash Rewards Credit Card for Students.

    The balance transfer offer is a 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days After this period, a variable APR, ranging from 16.99% - 26.99% Variable APR on balance transfers will apply.

    Note that a balance transfer fee of Either $10 or 3% of the amount of each transaction, whichever is greater. will apply.

  • Cash rewards tailored to your spending

    What’s unique about the Bank of America® Customized Cash Rewards Credit Card for Students is that you can rotate spending categories every calendar month depending on where you’ll be spending the most.

    Cardholders can earn 3% cashback in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases

    The six categories that earn the higher rewards rate are: online shopping, gas, drugstores, dining, travel or home improvement/furnishings.

    The downside, however, is the $2,500 cap in spending each quarter to earn the higher rewards rates — once you hit that cap, your rewards rate will drop to 1%.

What to watch out for with the Bank of America® Customized Cash Rewards Credit Card for Students

  • High penalty APR for late payments

    If you happen to miss a payment due on your card, you’ll not only be charged a late fee of up to $40, but your card’s APR could also shoot up to a whopping 29.99% variable.

    Unlike some issuers that will revert a penalty APR after consecutive on-time payments, be aware that Bank of America offers no such relief if you’re hit with the penalty rate. According to the card’s terms and conditions, the penalty APR will apply indefinitely once it’s increased.

  • Complicated rewards program

    While it’s great to have six cashback categories with an elevated rewards rate to choose from with the Bank of America® Customized Cash Rewards Credit Card for Students, you do have to make the effort to remember to select which category you want every calendar month (though you can leave your category unchanged).

    This requires some forward thinking — so if you’re not organized or don’t want the extra burden of having to remember to switch categories, you may be better off with a card that offers a flat cash back rate on every purchase or one that offers an elevated rate in categories that rotate quarterly.

  • Foreign transaction fees

    If your college adventures take you abroad, you’ll want to get a card that charges no foreign transaction fees. That’s because the Bank of America® Customized Cash Rewards Credit Card for Students assesses a fee of 3% on every purchase you make abroad.

  • Few cardholder benefits

    The Bank of America® Customized Cash Rewards Credit Card for Students is a little light on ancillary benefits. For example, there is no cellphone insurance, nor are there any travel protections, like lost luggage insurance, roadside assistance or auto rental insurance.

Alternate student credit card

Compare it to the Capital One Quicksilver Student Cash Rewards Credit Card

| Disclosures
Capital One Quicksilver Student Cash Rewards Credit Card
Capital One Quicksilver Student Cash Rewards Credit Card
on Capital One's secure site
N/A
17.99% - 27.99% (Variable)
$0
1.5% Cash Back on every purchase, every day; 5% Cash Back on
  • Earn unlimited 1.5% cash back on every purchase, every day
  • Limited Time Offer: Earn $100 when you spend $100 in the first three months
  • Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Enjoy no annual fee, foreign transaction fees, or hidden fees
  • Lock your card in the Capital One Mobile app if it's misplaced, lost or stolen
  • Earn up to $500 a year by referring friends and family when they're approved for a Capital One credit card
  • Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
  • Build your credit with responsible card use
  • Whether you're at a 4-year university, community college or other higher education institution, this card might be an option for you
540 659

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

The Capital One Quicksilver Student Cash Rewards Credit Card is a good credit card for students who want to build credit while taking advantage of a simple cashback program and $0 annual fee.

This card offers a flat rewards rate of 1.5% cash back on every purchase, every day; 5% cash back on hotels and rental cars booked through capital one travel (terms apply) — and its competitive rate is better than the 1% cash back rate many cashback credit cards offer on general purchases.

There are four ways to redeem your cash back: as statement credits, checks, credits towards previous purchases or gift cards. You can also set up automatic redemptions, either at a set time each calendar year or whenever your rewards reach a certain threshold ($25, $50, $100, $200, $500 or $1,500).

Rewards don’t expire (though if your account is closed, you’ll lose any rewards you haven’t redeemed yet), and there’s no limit to how much you can earn on purchases.

As for foreign transaction fees — the Capital One Quicksilver Student Cash Rewards Credit Card has none. The card also offers a complimentary concierge service and travel accident insurance, but no cellphone or car rental insurance.

Compare the Bank of America® Customized Cash Rewards Credit Card for Students to similar cards

Comparison of four different credit cards
Bank of America® Customized Cash Rewards Credit Card for Students Capital One Quicksilver Student Cash Rewards Credit Card Discover it<sup>®</sup> Student Cash Back Capital One SavorOne Student Cash Rewards Credit Card
Bank of America® Customized Cash Rewards Credit Card for Students Capital One Quicksilver Student Cash Rewards Credit Card Discover it® Student Cash Back Capital One SavorOne Student Cash Rewards Credit Card
Apply Now
on Bank Of America's secure site
Apply Now
on Capital One's secure site
Apply Now
on Discover's secure site
Apply Now
on Capital One's secure site
Annual Fee
$0 $0 $0 $0
Welcome Offer
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening Earn $100 when you spend $100 in the first three months Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. Earn $100 when you spend $100 in the first three months
Rewards Rate
3% cashback in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply) 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. 3% Cash Back on dining and entertainment; 3% Cash Back on popular streaming services; 3% Cash Back at grocery stores; 1% Cash Back on all other purchases. Earn 8% cash back on Capital One Entertainment purchases
Intro Purchase APR
0% Intro APR for 18 billing cycles for purchases N/A 0% Intro APR for 6 months on purchases N/A
Regular APR
16.99% - 26.99% Variable APR 17.99% - 27.99% (Variable) 15.99% - 24.99% Variable APR 17.99% - 27.99% (Variable)
Recommended Credit
Excellent/Good Fair/Limited Fair/Limited Fair/Limited
Card Details
Additional card details unavailable Capital One Quicksilver Student Cash Rewards Credit Card Discover it® Student Cash Back Capital One SavorOne Student Cash Rewards Credit Card

Is the Bank of America® Customized Cash Rewards Credit Card for Students right for you?

There’s plenty to like about the Bank of America® Customized Cash Rewards Credit Card for Students — including its easy-to-earn sign-up bonus, $0 annual fee and intro APR offer on purchases and balance transfers.

Plus, if you’d like the option to select from six different cashback categories with which to earn the highest rewards rate, as well as earn a competitive rate on food and wholesale club purchases, then the Bank of America® Customized Cash Rewards Credit Card for Students could be a good fit.

Just know that the accelerated rewards rates are capped at $2,500 in combined purchases each quarter. As such, the most you could earn in cash back at those rates would top out at $75 every quarter, or $300 a year (minus the first year signup bonus).

That said, if you’d prefer a rewards card that takes a little less work, or one that has more handy benefits, you may want to check our our list of the best student credit cards.