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Bank of America Customized Cash Rewards Card for Students Review: A Standout in Its Class

Review Updated
Elizabeth Aldrich
Author: Elizabeth Aldrich
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The Bank of America® Customized Cash Rewards credit card for Students is packed with attractive features we don't often see in student credit cards. It has a nice sign-up bonus and allows you to choose your own bonus spending category from broad options like travel, dining, or online shopping. That means there's good earning potential here for the right cardholder. You'll even get a ERROR: Snippet with slug 'bank-of-america-cash-rewards-for-students' not found. Reason: CreditCard matching query does not exist. offer on purchases and balance transfers.

The question is: Is this another case of a credit card that tries to offer it all but ultimately falls short? That depends on how you use it. Read our Bank of America® Customized Cash Rewards credit card for Students review to decide whether this card is right for you.

Ratings Methodology

Bank of America® Customized Cash Rewards credit card for Students

Apply Now for Bank of America® Customized Cash Rewards credit card for Students

On Bank of America's Secure Website.

Bank of America® Customized Cash Rewards credit card for Students
Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
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Rating image, 4.25 out of 5 stars.
4.25/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Apply Now for Bank of America® Customized Cash Rewards credit card for Students

On Bank of America's Secure Website.

Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular APR

18.49% - 28.49% (Variable)

Rewards Circle with letter I in it. 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, and 1% on all other purchases.

1% - 3% cash back

Annual Fee

$0

Welcome Offer Circle with letter I in it. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening

$200 cash back

  • This student credit card has it all. You'll have a hard time finding a student card with a cash back program this lucrative to go along with a sign-up bonus.

    • Competitive sign-up bonus
    • Bonus cash back in a category of your choice
    • No annual fee
    • 0% intro APR offer
    • Foreign transaction fee
    • Limit on bonus cash back
    • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
    • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
    • Choose 3% cash back on gas and EV charging station, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy or home improvement/furnishings purchases.
    • No annual fee and cash rewards don’t expire as long as your account remains open.
    • 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49% - 28.49% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
    • When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
    • Contactless Cards - The security of a chip card, with the convenience of a tap.
    • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.49% - 27.49% Variable APR *Rates as of December 12, 2024.

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.49% - 28.49% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.49% - 28.49% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full Bank of America Customized Cash Rewards Card for Students review

This credit card is a good fit for: Students who want to build credit while earning competitive cash back rates.

Top perks

3% cash back in selected category of choice

Earning 3% cash back on a bonus spending category is about as good as a student credit card gets, and Bank of America sweetens the pot here by letting you choose the bonus category based on your own spending habits. You can choose from gas and EV charging stations, online shopping, dining, travel, drug stores, and home improvement/furniture. What's more, you can change your chosen category once per month through your banking app or online account. Online shopping is a pretty broad category and could be lucrative for many students, making it an attractive inclusion.

2% cash back on groceries and wholesale clubs

You'll also get 2% cash back at grocery stores and wholesale clubs. It's worth noting that you'll only earn the 3% and 2% bonus rates on the first $2,500 you spend in your choice category and groceries combined each quarter. After that, you'll earn 1% back.

READ MORE: Best Grocery Credit Cards

$200 cash rewards bonus

If you spend $1,000 in the first 90 days, you'll earn an online $200 cash rewards bonus. This is about as good as it gets for a student credit card when it comes to the best sign-up bonuses -- most don't offer a sign-up bonus at all.

Intro APR on purchases and balance transfers

This card comes with a 0% Intro APR offer on both purchases and balance transfers for the first 15 billing cycles. While it's not the longest introductory period, it's certainly up there, especially for cards that don't require you to have a lengthy credit history. Consider that only balance transfers made in the first 60 days receive the intro APR offer. There's also a balance transfer fee: 3% for 60 days from account opening, then 4%.

No minimum redemption requirement

You can process a one-time redemption of your cash back rewards at any time, for any amount. Lots of cards only let you redeem your cash back rewards once you hit a minimum threshold, so this is an attractive feature -- particularly for folks who don't spend a lot.

FICO® Score for free

If you're a student with a limited credit history, checking your credit score regularly as you build credit is a must. This card lets you access your FICO® Score for free, updated monthly, and checking it won't hurt your credit.

No annual fee

Students tend to be on a tight budget, so credit cards with no annual fees are ideal. This card doesn't charge an annual membership fee.

SEE MORE OPTIONS: Best Rewards Credit Cards

What could be improved

Earning cap on bonus spending categories

You'll earn the bonus cash back rates each quarter on the first $2,500 in combined spending from your choice category and grocery stores. If you hit that threshold, your earn rate goes down to 1% until the next quarter. If you tend to spend more than $2,500 on the bonus categories per quarter, it's worth looking for a cash back card that doesn't have an earnings cap.

Balance transfer fee

While the intro offers are generous, this card charges a balance transfer fee of 3% for 60 days from account opening, then 4%. In other words, you'll end up paying a $30-$40 fee for every $1,000 transferred, depending on when that transfer takes place. If paying off debt is your M.O., you might want to look for a balance transfer card that doesn't charge a fee.

Foreign transaction fees

This card charges a foreign transaction fee of 3%. If you plan to use this credit card while traveling abroad, these fees can quickly add up. For example, if you spend the equivalent of $800 on foreign transactions, you'll be charged an additional $24 when using this card. If you're an international traveler, you may want to consider applying for no foreign transaction fee credit cards to save money.

Find the best credit card for your needs
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Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

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Suggested credit score

Aim for a FICO® Score in the mid-to-high 600s -- ideally, at least 670. Since this is a student credit card, consumers with a limited credit history or "thin file" shouldn't be discouraged from applying.

The Bank of America Customized Cash Rewards Card for Students is right for you if:

The Bank of America® Customized Cash Rewards credit card for Students is an excellent student credit card, but it's not the best option for everyone. Consider applying for this card if:

  • You spend a good amount on gas, online shopping, dining, travel, drug stores, or home improvement/furniture and groceries, but not more than $2,500 per quarter.
  • You spend enough on credit to qualify for the bonus.
  • You have good credit but a limited credit history.
  • You're looking to finance a purchase you can pay off within 15 billing cycles.

Bear in mind that you won't benefit from this card if you don't maximize your cash back rewards by spending close to $2,500 per quarter in the bonus categories. If you're likely to spend a lot less, or consistently spend a lot more, look for a cash back credit card with a rewards structure that matches your spending. That being said, this is still one of the most generous student credit cards on the market and a great choice for folks with a slim credit file.

KEEP READING: Best Bank of America Credit Cards

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • Yes, this card is only for students. However, Bank of America has other credit cards available for non-students.

  • The minimum credit limit for the Bank of America® Customized Cash Rewards credit card for Students is typically around $500. Bank of America determines your card's credit limit based on your income and creditworthiness.

  • No, your cash rewards don't expire. So you can redeem them as you go or save them up for a bigger purchase.