Best College Student Credit Cards

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

No-fee student card with flexible cashback & intro APR offer.

Rickie C. Keys, Ph.D., MPH

Mar 29, 2024 — 1 min read

Features

Cash Back Rates: 1%-3% on purchases.
Annual Fee: $0, making it accessible for students.
Welcome Bonus: $200 after $1,000 purchases within the first 90 days.
Intro Purchase APR: 0% for 15 billing cycles, offering a break on interest for new purchases.
Regular APR: 18.24% - 28.24% Variable, depending on creditworthiness.
Balance Transfer: Intro fee of 3% for the first 60 days, then 4%.

Benefits

Flexible Rewards: Earn 3% cash back in a choice category and 2% at grocery stores/wholesale clubs on up to $2,500 in combined purchases each quarter.
Build Credit: Designed to help students build credit history.
Intro APR Offer: Beneficial for students planning large purchases or needing to pay off other credit card debt.
No Annual Fee: Keeps costs low for budget-conscious students.
FICO® Score Access: Free access helps students monitor their credit health.

Drawbacks

Foreign Transaction Fee: 3%, which is not ideal for students studying abroad.
Cash Advance Fees: Terms apply, potentially adding cost if the feature is used.
Complex Reward Categories: The need to choose categories and track spending might be cumbersome for some.

Product Summary

The Bank of America® Customized Cash Rewards Credit Card for Students offers a compelling blend of cashback rewards, introductory APR offers, and no annual fee, catering well to students' financial needs. Earning significant cash back in flexible categories aligns with varied spending habits, from textbooks to travel. Despite its strengths, the card's foreign transaction fees and complex reward structures may require careful management. Overall, it stands out as a tool for building credit while earning rewards on everyday purchases.

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