The Bank of America® Customized Cash Rewards Credit Card for Students offers outsized rewards compared to other student cards, but it lacks accessibility for most young people. See all the pros and cons of this card, and who is most likely to qualify.
Annual fee: $0
Welcome offer: $200 cash rewards bonus after you spend $1,000 in the first 90 days
Rewards:
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3% cash back on an eligible category of your choice*
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2% cash back at grocery stores and wholesale clubs*
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1% back on all other purchases*
*Reward earnings in these categories are limited to $2,500 in combined spending each quarter, after which you will earn 1%
More details: Introductory 0% APR promotion; free access to your FICO score; requires good credit to get approved
APR
The standard purchase APR is 18.24% to 28.24% variable, depending on your creditworthiness.
Annual fee
The Customized Cash Rewards Card for Students doesn’t charge an annual fee.
Welcome offer
As a new cardholder, you can earn a $200 bonus when you spend $1,000 in the first 90 days from account opening. That breaks down to about $333 in monthly spending.
Intro offer
New cardholders will also enjoy an introductory 0% APR for 15 billing cycles on purchases, as well as on balance transfers made within the first 60 days from account opening. After that, the variable APR ranges from 18.24% to 28.24%.
Note that there is a balance transfer fee of 3% of the transferred amount, which is added to your balance. If you transfer a balance after the first 60 days of account opening, the fee is 4%.
Rewards rate
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3% cash back on an eligible category of your choice:
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Gas and electric vehicle charging stations
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Online shopping, including cable, internet, phone plans, and streaming
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Dining
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Travel
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Drug stores and pharmacies
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Home improvement and furnishings
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2% cash back at grocery stores and wholesale clubs
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1% cash back on all other purchases
How to earn rewards
The Customized Cash Rewards Card for Students offers a lot of flexibility to earn bonus cash back on your top spending categories.
For the card’s 3% rewards rate, you can choose your bonus category — and even change your selection once a month through your online account or mobile app.
It’s important to keep in mind, though, that both the 3% and 2% categories are capped at a combined $2,500 in quarterly spending. If you spend more than that in those areas of your budget, additional purchases will earn just 1% back.
How to redeem rewards
There are a few different ways you can redeem your cash back earned with the card, including:
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A deposit into a Bank of America checking or savings account or an eligible account with Merrill Lynch
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Statement credits on your credit card account
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Contribution to a qualifying 529 account with Merrill Lynch
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Paper check
Note that 529 plan contributions and paper checks require a minimum redemption of $25. There’s no minimum for statement credits or deposits. If you only want cash deposits, you can opt for automatic redemptions starting at $25.
Additional benefits
The card also offers access to your FICO credit score, which can help you track your progress as you work to build and maintain good credit.
Who is the Bank of America Customized Cash Rewards for Students best for?
The card is best suited for graduate students or older undergraduates who have had a chance to build a good credit history. In some cases, college students under the age of 21 may be able to get the card — more on that in a minute — but there’s no guarantee.
If you qualify for the card based on those scenarios, consider it if you want flexible bonus rewards on a card that offers value that rivals some of the best cash-back credit cards on the market.
Bank of America Customized Cash Rewards for Students pros
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Great rewards: While it’s a student credit card, it offers the same welcome bonus and rewards rates as its non-student counterpart.
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Introductory APR promotion: While 0% APR promotions are common among cash-back credit cards, they’re rare among student credit cards.
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No annual fee: You don’t need to worry about paying for the privilege of earning rewards and building your credit history.
Bank of America Customized Cash Rewards for Students cons
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Requires good credit: Most college students have a limited credit history or no history at all, making this card difficult to qualify for. If you’re under the age of 21, you may be able to get the card if you have a guarantor who is willing to repay the debt in the event that you can’t. However, you can’t add a guarantor during the application process; you’ll need to apply to see if you’re eligible to add one.
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Caps on rewards: Students aren’t usually big spenders, but you may bump up against the card’s rewards caps. If you commonly spend more than $2,500 per quarter (about $830/month) in the higher reward categories, the card’s value may be limited.
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Penalty APR: If you miss a payment, your interest rate can jump to up to 29.99% variable. What’s more, it could remain there indefinitely.
Where can you use the Bank of America Customized Cash Rewards Credit Card for Students?
As a Visa credit card, you can use the Customized Cash Rewards Card for Students just about anywhere, including internationally.
How to make a Bank of America Customized Cash Rewards for Students payment
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Online: Log in to your online account and use the bill pay feature, or use your mobile app and select the “Make a payment” button.
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Phone: Call 800-236-6497 and follow the prompts.
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Branch or ATM: Visit your local Bank of America branch or ATM to pay in person. The card issuer’s ATMs accept both cash and checks.
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Mail: Send payment in the mail to P.O. Box 15019, Wilmington, DE 19850-5019
Customized Cash Rewards for Students customer service info
Alternative cards to consider
If you don’t have good credit or you’re not sure the Bank of America Customized Cash Rewards for Students is worth it, take some time to compare other top student credit cards. Here are a few to consider.
Capital One Quicksilver Student Cash Rewards Credit Card
Why we like it: The Capital One Quicksilver Student Cash Rewards Credit Card offers an unlimited 1.5% cash back on every purchase you make. You can also earn a cool $50 when you spend $100 in the first three months.
If you like to order food delivery or rely on rideshares to get around, you’ll also enjoy 10% cash back on Uber and Uber Eats purchases, along with an Uber One membership covered through November 14, 2024. The card has no annual fee.
Capital One SavorOne Student Cash Rewards Credit Card
Why we like it: If you spend a lot on food and entertainment, it’s hard to go wrong with the Capital One SavorOne Student Cash Rewards Credit Card. It offers 3% cash back on dining, entertainment, popular streaming services, and grocery stores, plus 1% back on all other purchases.
Like the Quicksilver Student card, this one also offers a $50 bonus when you spend $100 in the first three months, plus 10% cash back on Uber and Uber Eats purchases and an Uber One membership through November 14, 2024. There’s no annual fee.
Capital One Quicksilver Secured Cash Rewards Credit Card
Why we like it: If you’re having trouble getting an unsecured credit card, consider the Capital One Quicksilver Secured Cash Rewards Credit Card. It offers 1.5% cash back on all of your purchases and no annual fee, but it doesn’t offer a welcome bonus or Uber benefits.
Additionally, the card requires a security deposit equal to your desired credit limit, with a $200 minimum. After six months, however, you may be eligible for unsecured credit line increases, and you can get your deposit back at some point if you use the card responsibly.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers.