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

If you love the idea of customizing your cash back rewards to fit your spending, the Bank of America® Customized Cash Rewards Credit Card for Students may be the card for you. It’s one of the best cash back credit cards you’ll find for students. It offers a tiered cash back 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 a rare feature for a student credit card: a 0% Intro APR for 15 billing cycles for purchases. After the promotional period, a 18.24% - 28.24% Variable APR will apply.

But if you don’t want to keep track of spending categories, another student credit card like the Capital One Savor Student Cash Rewards Credit Card or Bank of America® Unlimited Cash Rewards Credit Card for Students might be better for you.

How much does it cost to own?

The average cardholder will pay $0 in annual fees and will earn around $256 in cash back in the first year.

Rewards breakdown

	Estimated spending	Cash back earned
Sign-up bonus	$1,000 in first 90 days	$200
3% on restaurants	$545	$16.35
2% on groceries	$947	$18.94
1% on other purchases	$2,108	$21.08
Total		$256.37

→ Looking for more student credit card options? See our list of best student credit cards.

• Annual fee: $0
• Sign-up bonus: Earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
• Rewards: 3% cash back 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% cash back on all other purchases.
• Intro purchase APR: 0% Intro APR for 15 billing cycles for purchases
• Intro balance transfer APR: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
• Regular purchase and balance transfer APR: 18.24% - 28.24% Variable APR
• Balance transfer fee: 3% for 60 days from account opening, then 4%
• Foreign transaction fee: 3%
• Other benefits: Free FICO® Score access, $0 Liability Guarantee and Overdraft protection
• Recommended credit: Good / Excellent

• Cash rewards tailored to your spending

  The Bank of America® Customized Cash Rewards Credit Card for Students allows you to rotate spending categories each month depending on your spending habits. You’ll earn 3% cash back 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% cash back on all other purchases.

  Categories that earn the higher rewards rate are:

  • Gas and EV charging stations
  • Online shopping (including cable, internet, phone plans and streaming)
  • Dining
  • Travel
  • Drugstores and pharmacies
  • Home improvement and furnishings

  With lucrative spending categories like gas, dining and groceries, it’s one of the most rewarding student cash back cards you can find. But there are cards that offer even higher cash back rates. The Discover it^® Student Cash Back lets you earn 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically. Also, the Capital One Savor Student Cash Rewards Credit Card offers 3% cash back on similar categories without a quarterly cap.

  As you can see from our estimates below, these cards have higher earning potential:
  

  *Based on LendingTree’s value methodology

  Tip: You can earn a lot of cash back with the Bank of America® Customized Cash Rewards Credit Card for Students, even if you don’t  switch categories each month. You can select a high earning category like dining and just leave it. And if you don’t set the category at all, it will automatically default to gas and EV charging stations.

• Generous sign-up bonus

  With the Bank of America® Customized Cash Rewards Credit Card for Students, you’ll 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 is a large sign-up bonus for a student credit card with a fairly low spending requirement. In comparison, you’ll only earn $100 Cash Back when you spend $300 in the first three months with the Capital One Savor Student Cash Rewards Credit Card.

• Intro APRs on purchases and balance transfers

  If you’re looking to finance a large purchase or transfer a balance using your Bank of America® Customized Cash Rewards Credit Card for Students, you’ll be able to save on interest charges for more than a year. There’s a 0% Intro APR for 15 billing cycles for purchases and 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. Then, a 18.24% - 28.24% Variable APR applies.

  This is a big perk of the Bank of America® Customized Cash Rewards Credit Card for Students. Most student credit cards don’t offer a 0% intro APR, and the ones that do aren’t nearly as long. For example, the Discover it^® Student Cash Back only offers a 0% Intro APR for 6 months on purchases. After that, a 17.24% - 26.24% Variable APR applies.

  → See How to Pay for College Without Your Parents’ Help

• You have to keep track of spending categories

  If you don’t want to keep track of 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. For example, the Capital One Quicksilver Student Cash Rewards Credit Card lets you earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).

• Cap on the 3% earning rate

  Additionally, the Bank of America® Customized Cash Rewards Credit Card for Students has a $2,500 cap on its elevated earnings. At most, you can earn $75 every quarter, or $300 a year in these categories before you hit the spending cap. After that, you’ll only earn 1% cash back on all your purchases.

  There are student cards that don’t have a cap on rewards. For example, the Capital One Savor Student Cash Rewards Credit Card has a solid cash back rate in several popular categories with no cap on how much you can earn.

• Few cardholder benefits

  The Bank of America® Customized Cash Rewards Credit Card for Students is a little light on additional benefits. For example, there is no cellphone insurance or any travel protections, like lost luggage insurance, roadside assistance or auto rental insurance.

  If you’re looking for this type of coverage, there are student cards that offer additional benefits. The Capital One Savor Student Cash Rewards Credit Card and Capital One Quicksilver Student Cash Rewards Credit Card offer extended warranty, rental car coverage, roadside assistance and more.

  → Learn more about credit card travel insurance

• 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, but your card’s APR could also shoot up to a whopping 29.99%.

  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.

  → Learn more: 9 Common Credit Card Fees And How To Avoid Them

• Foreign transaction fee

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

  The Bank of America® Travel Rewards Credit Card for Students is a good choice if you’re looking for a student card to take with you abroad. There’s a $0 annual fee and no foreign transaction fees. Plus, you can earn 1.5 points per $1 spent on all purchases. Points can be used to cover flights, hotel stays, vacation packages, cruises, rental cars, baggage fees, dining and more.

  → Read: Foreign Transaction Fee: What is It? How Does It Work?

Bank of America® Customized Cash Rewards Credit Card for Students vs. Discover it^® Student Cash Back

If you don’t meet the credit score requirements for the Bank of America® Customized Cash Rewards Credit Card for Students, you should check out the Discover it^® Student Cash Back — there’s no credit score required to apply. It’s a potentially more rewarding card that allows you to earn 5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically. It will also match your cash back at the end of the first year for new cardholders.

However, if you plan to carry a balance, the Bank of America® Customized Cash Rewards Credit Card for Students may be a better choice. The Discover it^® Student Cash Back card has a much shorter intro APR than the Bank of America® Customized Cash Rewards Credit Card for Students. You’ll get a 0% Intro APR for 6 months on purchases. Then, a 17.24% - 26.24% Variable APR applies.

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Bank of America® Customized Cash Rewards Credit Card for Students vs. Capital One Savor Student Cash Rewards Credit Card

The Capital One Savor Student Cash Rewards Credit Card offers similar spending categories, plus much greater rewards potential because there’s no cap on its rewards. You’ll earn 3% Cash Back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services, 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply), 8% Cash Back on Capital One Entertainment purchases, 1% Cash Back on all other purchases. You’ll also earn $100 Cash Back when you spend $300 in the first three months.

But this card doesn’t come with an intro APR on purchases and balance transfers (see rates & fees). If you need to transfer a balance or finance a purchase, the Bank of America® Customized Cash Rewards Credit Card for Students is the better card.

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Bank of America® Customized Cash Rewards Credit Card for Students vs. Bank of America® Unlimited Cash Rewards Credit Card for Students

If you want a straightforward cash back program that doesn’t require you to keep track of any categories, the Bank of America® Unlimited Cash Rewards Credit Card for Students is a good option. You’ll get 2% cash back on purchases for the first year from account opening. Thereafter, you'll earn unlimited 1.5% cash back on all purchases. Similar to the Bank of America® Customized Cash Rewards Credit Card for Students, you’ll get a 0% Intro APR for 15 billing cycles for purchases. Then, a 18.24% - 28.24% Variable APR will apply.

Deciding between these two cards depends on if you want to earn a higher rate of cash back on specific categories that you choose each quarter or if you’d prefer a flat-rate cash back card that allows you to earn accelerated rewards on every purchase.

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, you’ll get the option to select from six different cash back categories to earn 3% cash back, as well as earn a competitive rate on food and wholesale club purchases.

Just know that the accelerated rewards rates are capped at $2,500 in combined purchases each quarter. If you’d prefer a card that has more handy benefits or a card that offers unlimited cash back, you may want to check out another student card like the Capital One Savor Student Cash Rewards Credit Card or Bank of America® Unlimited Cash Rewards Credit Card for Students.