The Bank of America® Unlimited Cash Rewards Credit Card for Students is a reliable financial companion. Designed especially for students, it offers consistent rewards without the burden of an annual fee and brings the added benefit of a generous welcome bonus. Its versatility shines with its introductory interest-free period suitable for purchases and transferring balances. Moreover, the fusion of cutting-edge contactless technology ensures secure and swift transactions. While it favors those with robust credit and doesn't focus on niche rewards, it stands out as a well-rounded card packed with undeniable benefits.
MoneyGeek’s Take
Bank of America® Unlimited Cash Rewards Credit Card for Students Review
Updated: October 21, 2024
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Bank of America® Unlimited Cash Rewards Credit Card for Students
On Issuer's Site
Rewards Summary
Earn unlimited 1.5% cash back Earn unlimited 1.5% cash back on all purchases.
APR
18.74% - 28.74% VariableAnnual Fee
$0Recommended Credit
670-850 (Good to Excellent)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® Unlimited Cash Rewards Credit Card for Students Overview
When selecting a credit card, a thorough evaluation of its features is essential to ensure it aligns with one's financial goals and lifestyle needs.
- Rewards rate: Earn 1.5% cash back on all purchases.
- Welcome offer: Earn $200 cash reward after spending $1,000 within the first 90 days of opening your account.
- Regular APR: 18.24%–28.24% variable.
- Annual fee: No annual fee.
- Foreign transaction fee: None.
Important Card Details
Navigating the vast world of credit cards can be a daunting task, especially when deciphering the actual value behind flashy offers and rewards. In the following analysis, we delve deep into the features of the Bank of America® Unlimited Cash Rewards Credit Card for Students, weighing its benefits against potential drawbacks to provide a comprehensive understanding for potential cardholders.
Cash Back Rewards
The Bank of America® Unlimited Cash Rewards Credit Card for Students offers a robust 1.5% cash back on every purchase, a rate that's consistently competitive in the credit card landscape. What sets this card apart is the potential boost for Preferred Rewards members. Imagine making a purchase and getting up to 2.62% of its cost back. For college students with tight budgets, this additional cash back can offer relief and serve as a smart incentive for financially responsible behavior.
Welcome Offer
A $200 reward just for using the card might sound too good to be true, but it's precisely what this card promises. Within the first 90 days, once the $1,000 spending threshold is crossed, that bonus cash can be a significant boon. For students managing expenses like textbooks and supplies, reaching that spending mark might be easier than expected. This early bonus encourages card usage and provides a head start in rewards accumulation.
Fees
No one likes hidden or unexpected costs, especially students on a budget. The absence of annual fees on this card means more savings in the long run. However, while the card boasts numerous advantages, it's essential to note the 3% balance transfer fee. This fee could catch some off-guard if they want to move balances from another card. Being aware of such specifics helps in making informed financial decisions.
0% Intro APR
The 0% introductory APR for the first 15 billing cycles is a standout feature. The 0% introductory APR for the first 15 billing cycles is a standout feature. Whether making a significant purchase or transferring a balance, this grace period can save students from accumulating interest — a crucial lifeline when managing tuition or other major expenses. However, after the intro period, the APR jumps to a variable range of 18.24% to 28.24%.
How the Bank of America® Unlimited Cash Rewards Credit Card for Students Compares
Comparing the features and benefits of two credit cards provides a clearer perspective on which suits your financial and lifestyle needs.
How This Card Compares
Bank of America® Unlimited Cash Rewards Credit Card for Students
- Rewards rate: Earn 1.5% cash back on all purchases.
- Welcome offer: Earn a $200 cash reward after spending $1,000 within the first 90 days of opening your account.
- Regular APR: 18.24%–28.24% variable.
- Annual fee: No annual fee.
- Foreign transaction fee: None.
- Best for: Students seeking consistent cash back rewards without worrying about annual or foreign transaction fees and those looking to capitalize on a lucrative 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%–27.24% variable
- Annual fee: No annual fee. Foreign transaction fee: None.
- Best for: Students wanting to maximize rewards through rotating categories and those who appreciate an end-of-year cash back match as a unique welcome boost.
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.