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

Features

• Cash Back: Unlimited 1.5% on all purchases.
• Annual Fee: $0, making it budget-friendly for students.
• Welcome Bonus: $200 after spending $1,000 within the first 90 days.
• Intro APR: 0% for purchases and balance transfers made within the first 15 billing cycles within the first 60 days.
• Regular APR: Variable, currently 18.24% - 28.24% after the intro period.
• Balance Transfer Fee: 3% intro fee for the first 60 days, then 4%.

Benefits

• Rewards Program: Earn consistently on every purchase without tracking categories.
• Credit Building: Designed to help students build a credit history.
• Introductory Offers: The 0% APR period allows for manageable early payments.
• No Annual Fee: Cost-effective for students managing finances.
• FICO® Score Access: Free, aiding in financial awareness and credit improvement.
• Preferred Rewards: Increased cash back for members, enhancing earning potential.

Drawbacks

• Balance Transfer Terms: The introductory balance transfer fee increases after 60 days.
• Foreign Transaction Fee: 3%, which may limit its use during international travel or study abroad programs.
• High Regular APR: After the intro period, the variable APR may be high for students carrying a balance.

Product Summary

The Bank of America® Unlimited Cash Rewards Credit Card for Students presents an appealing opportunity to earn cash back on all purchases with no annual fee and an introductory 0% APR. While offering a straightforward rewards structure and financial tools to help build credit, its post-introductory APR and balance transfer fee structure necessitate careful management to avoid high costs. This card is ideally suited for students seeking simplicity in rewards and those new to credit, providing a valuable tool for financial education and growth.