BofA Student Cash Rewards Review
The Bank of America Student Cash Rewards credit card is tailored for students. This review explores the card's cashback structure, fees, and how it can assist students in building their credit and earning cashback on their spending.
The Bank of America® Cash Rewards Credit Card for Students is a good option for students who want to earn cash back rewards on their everyday purchases and build their credit history. It offers a number of features and benefits, including:
- 1% - 3% cash back on purchases. Choose one category where you can earn 3% cash back each quarter, up to $2,500 in combined purchases each quarter, then 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in combined purchases each quarter), and 1% cash back on all other eligible purchases.
- $200 bonus cash back after you make at least $1,000 in purchases in the first 90 days of account opening.
- No annual fee.
- Regular APR of 18.24%-28.24%, Variable APR.
- Intro APR of 0% on purchases for 15 months from account opening.
Here is a more detailed review of the Bank of America® Cash Rewards Credit Card for Students:
Pros:
- Good cash back rates, especially if you can take advantage of the rotating 3% category
- $200 welcome bonus
- No annual fee
- Intro APR of 0% on purchases for 15 months from account opening
Cons:
- Regular APR is relatively high
- Rotating 3% category can change each quarter, so you may need to adjust your spending accordingly
Overall, the Bank of America® Cash Rewards Credit Card for Students is a good option for students who want to earn cash back rewards on their everyday purchases and build their credit history. It offers good cash back rates, a welcome bonus, no annual fee, and an intro APR of 0% on purchases for 15 months from account opening. However, it is important to be aware of the regular APR and the rotating 3% category.
Here are some tips for using the Bank of America® Cash Rewards Credit Card for Students effectively:
- Choose the rotating 3% category that best suits your spending habits.
- Set up automatic payment to avoid late fees and interest charges.
- Use the Bank of America app to track your spending and redeem your rewards.
- Consider signing up for Bank of America's Student Rewards program to earn bonus points on your purchases and redeem them for rewards like cash back, travel, and merchandise.
If you are considering opening a Bank of America® Cash Rewards Credit Card for Students, be sure to read the terms and conditions carefully to understand all of the fees and interest rates associated with the card.
Analyzing the features and benefits of the Bank of America Student Cash Rewards credit card..
The Bank of America Student Cash Rewards Credit Card is designed for students and offers a range of features and benefits. Please keep in mind that credit card terms and features can change, so I recommend checking the most up-to-date information on the Bank of America website before applying for this card:
Features and Benefits:
1. Cash Back Rewards:
- The Bank of America Student Cash Rewards Credit Card typically offers cash back rewards on eligible purchases, including a bonus category for students.
2. Reward Structure:
- The card usually provides:
- 3% cash back in a category of your choice (from a list of popular categories, such as online shopping, dining, travel, and more).
- 2% cash back at grocery stores and wholesale clubs.
- 1% cash back on all other purchases.
- This allows students to earn higher cash back rates in categories they frequently spend in.
3. Cash Back Bonus:
- Bank of America often offers a cash back bonus for new cardmembers. This bonus is typically earned after making qualifying purchases within the first few months.
4. No Annual Fee:
- The card typically does not charge an annual fee, which is advantageous for students looking to keep their credit card expenses low.
5. FICO Credit Score Access:
- Cardholders often have access to their FICO credit score for free. This can help students monitor and manage their credit health.
6. Introductory APR:
- The card typically offers a 0% introductory APR on purchases for a specified period. This feature allows students to make purchases without incurring interest charges during the promotional period.
7. Customized Card Design:
- Bank of America often allows cardholders to choose the design of their credit card, providing a personalized touch.
Considerations:
1. Cash Back Category Limit:
- The 3% cash back category has a spending cap. Once you reach the cap, you'll earn 1% cash back in that category until it resets.
2. Category Selection:
- Students must choose their 3% cash back category every calendar month. Selecting the category can be changed online or through the mobile app.
3. Foreign Transaction Fees:
- The card typically charges foreign transaction fees, making it less suitable for international travel or making purchases in foreign currencies.
4. Credit Requirements:
- While this is a student credit card, approval still depends on creditworthiness, so students may need to demonstrate a certain level of financial responsibility.
In summary, the Bank of America Student Cash Rewards Credit Card is a solid option for students looking to earn cash back rewards and build credit. The ability to choose the 3% cash back category provides flexibility, and the lack of an annual fee keeps costs low. The cash back bonus for new cardmembers is also an attractive feature. Students should carefully review the most up-to-date terms and conditions to determine if this card aligns with their financial needs and spending habits.