The Bank of America® Customized Cash Rewards Credit Card is a standout choice for those seeking flexibility and value. With no annual fee, this card uniquely allows you to tailor your cash-back rewards to fit your spending patterns, offering a tailored experience for every cardholder. Moreover, Preferred Rewards members stand to gain even more from their purchases. The initial zero-interest period is an added benefit for those looking to make significant purchases or balance transfers early on. However, its benefits come with the expectation of good credit health. With this card, you're not just spending – you're strategizing for rewards.
Bank of America® Customized Cash Rewards Credit Card for Students Review
Updated: October 22, 2024
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Bank of America® Customized Cash Rewards Credit Card for Students
On Issuer's Site
Rewards Summary
Earn 1% – 3% cash backEarn 3% in a category of your choice, 2% back at grocery and wholesale stores
You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% and 1% back on all other purchases
APR
18.74% - 28.74% variableAnnual Fee
$0Recommended Credit
(No Credit History)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Bank of America® Customized Cash Rewards Credit Card for Students Overview
When selecting a credit card, first critically assess its features because they can significantly influence your financial experience. Not all the features might align with your needs.
- Rewards rate: Earn 3% in a category of your choice and 2% back at grocery and wholesale stores. You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%. You'll also get 1% back on all other purchases.
- Welcome offer: Earn a $200 cash reward when you spend $1,000 within the first 90 days of opening your account.
- Regular APR: 18.24% — 28.24% variable
- Annual fee: $0
- Foreign transaction fee: None
Important Card Details
Navigating the world of credit cards can be challenging, especially when determining which features offer genuine value. This analysis shows some of the standout attributes of the Bank of America® Customized Cash Rewards Credit Card for Students, examining their advantages and what to watch out for.
Cash Back Rewards
Navigating student life requires flexibility, and the Bank of America's Customized Cash Rewards Credit Card offers just that. The ability to choose a category for 3% cash back empowers you to optimize savings based on your monthly spending habits. Whether it's gas for weekend trips or streaming services for study breaks, the tailored rewards system ensures every dollar counts. 2% back at grocery and wholesale stores. Plus, a consistent 1% on other purchases ensures every spend is rewarding.
Welcome Offer
A $200 cash reward is like a friendly handshake in the financial world, especially for students. By setting the spending threshold at $1,000 within 90 days, this card acknowledges the reality of student expenses, from textbooks to dining. This welcome gesture not only incentivizes smart spending habits but also demonstrates the card's commitment to offering tangible, immediate value.
Fees
The absence of an annual fee is a breath of fresh air, especially for students who are often working with tight budgets. Many cards lure consumers with rewards but sneak in hefty yearly charges. By offering a $0 annual fee, this card provides genuine savings, enabling you to utilize those funds elsewhere.
0% Intro APR
A 0% introductory APR for the initial 15 billing cycles is like financial training wheels for students, giving them the space to learn credit card management without the pressure of accumulating interest. This period is an opportunity to make necessary purchases or even manage unexpected expenses. However, once the honeymoon phase ends, the variable APR kicks in, ranging from 18.24% to 28.24%.
How the Bank of America® Customized Cash Rewards Credit Card for Students Compares
We comparatively analyze two credit cards to discern their strengths and potential drawbacks.
How This Card Compares
Bank of America® Customized Cash Rewards Credit Card for Students
Rewards rate: Earn 3% in a category of your choice and 2% back at grocery and wholesale stores. You’ll earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then 1%. You'll also get 1% back on all other purchases. Welcome offer: Earn a $200 cash reward when you spend $1,000 within the first 90 days of opening your account. Regular APR: 18.24% to 28.24% variable Annual fee: $0 Foreign transaction fee: None Best for: Students seeking personalized reward structures with no annual or foreign transaction fees and a generous welcome offer.
Discover it® Student Cash Back
Rewards rate: Earn 5% cash back on each quarter’s activated rotating categories (on up to $1,500 in combined purchases, then 1%) and 1% on all other purchases. Welcome offer: Discover will match all cash back earned at the end of your first year with the card. Regular APR: 18.24% to 27.24% variable Annual fee: $0 Foreign transaction fee: None Best for: Students wanting dynamic cash back opportunities with a unique first-year reward match and no worries about foreign transaction fees.
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.