Bank of America® Customized Cash Rewards credit card for Students review: High marks for this cash-back starter card
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BLUEPRINT
Updated 4:57 p.m. UTC June 6, 2024
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The Bank of America® Customized Cash Rewards credit card for Students * The information for the Bank of America® Customized Cash Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is an A+ choice for a card to use at the start of your credit-building journey. There’s no annual fee, a solid welcome bonus and ongoing rewards that can be tailored to your spending habits. The only potential negative is that tracking various spending categories might be confusing for credit card rewards newbies compared to a card that earns the same flat rate on all spending.
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About the Bank of America® Customized Cash Rewards credit card for Students * The information for the Bank of America® Customized Cash Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Getting an early start building credit can have long-term dividends. Higher credit scores can help you save interest on loans, pass background checks for housing or job applications and qualify for credit cards with premium rewards and perks.
Student credit cards are geared towards college students who likely have less-robust credit histories than those who have already been out in the workforce and have already made use of financial products such as credit cards, auto loans or mortgages.
The no-annual-fee Bank of America Customized Cash Rewards credit card for Students reports credit activity to all three major consumer credit bureaus: Experian, Equifax and TransUnion, which can help those establishing credit build their profile.
The Customized Cash Rewards credit card for Students also offers a strong rewards structure for those willing to keep track of their top spending category from month to month.
The cards offers $200 cash rewards after spending $1,000 on purchases in the first 90 days of account opening. For ongoing rewards, this card offers flexible cash-back rewards in three tiers: 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in the 3% and 2% cash back categories combined each quarter) and 1% cash back on all other purchases.
Finally, the Bank of America Customized Cash Rewards credit card for Students offers tools to help students manage their finances, with free access to your FICO credit score and access to Bank of America’s financial literacy site, Better Money Habits.
Bank of America Customized Cash Rewards credit card for Students basics
- Annual fee: $0.
- Welcome bonus: $200 cash rewards after spending $1,000 on purchases in the first 90 days of account opening.
- Rewards: 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in the 3% and 2% cash back categories combined each quarter) and 1% cash back on all other purchasess.
- APR: 0% intro APR for 15 billing cycles on purchases and balance transfers, after that a variable APR of 19.24% to 29.24% applies. Balance transfer must be completed in the first 60 days and a 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.
- Other perks and benefits: Free access to your FICO credit score and access to Bank of America’s financial literacy site Better Money Habits.
- Does the issuer offer a preapproval tool? Yes.
- Recommended credit score: Good to excellent.
Bank of America Customized Cash Rewards credit card for Students details
Bank of America Customized Cash Rewards credit card for Students rewards
As an incentive to sign-up, Bank of America offers a $200 cash rewards after spending $1,000 on purchases in the first 90 days of account opening.
For ongoing rewards, this card offers flexible cash back rewards in three tiers: 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in the 3% and 2% cash back categories combined each quarter) and 1% cash back on all other purchases.
Unfortunately, these elevated rewards tiers are capped. Bank of America only offers the higher cash-back rates up to a quarterly cap. If you spend above that threshold, all remaining purchases will only earn the base rate.
In order to make the most of these rewards, we recommend looking at your normal monthly spend and picking the 3% rewards category that would maximize your rewards. Bank of America allows you to change this choice rewards category selection once per month, so keep an eye on your spending to make sure this category selection is aligned with your spending.
Bank of America Customized Cash Rewards credit card for Students APR
With this card, Bank of America offers a 0% intro APR for 15 billing cycles on purchases and balance transfers, after that a variable APR of 19.24% to 29.24% applies. Balance transfer must be completed in the first 60 days and a 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.
A balance transfer is when you move existing credit card debt to another card. This can be handy if the existing debt is on a card with a high interest rate.
Note that you can’t transfer debt between cards from the same issuer.
Bank of America Customized Cash Rewards credit card for Students pros:
- No annual fee: With a $0 annual fee, you don’t have to pay just for having the card.
- Welcome bonus: Earn a $200 cash rewards after spending $1,000 on purchases in the first 90 days of account opening.
- Flexible cash-back rewards: 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in the 3% and 2% cash back categories combined each quarter) and 1% cash back on all other purchases.
- Introductory APR offer: 0% intro APR for 15 billing cycles on purchases and balance transfers, after that a variable APR of 19.24% to 29.24% applies. Balance transfer must be completed in the first 60 days and a 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.
- Financial literacy benefits: Free access to your FICO credit score and Bank of America’s financial literacy site Better Money Habits.
Bank of America Customized Cash Rewards credit card for Students cons:
- Cap on rewards: Bank of America only offers the higher cash-back rates on up to a quarterly cap. If you spend above that threshold, all remaining purchases will only earn the base cash back rate.
- 3% foreign transaction fee: Any purchases made on this card while traveling abroad will see a 3% fee tacked on. That can add up quickly, so if you’re going to travel outside the United States, we recommend using a card with no foreign transaction fee.
Benefits for students
To help you manage your money well and build a strong credit score, Bank of America offers free access to your FICO credit score and access to Bank of America’s financial literacy site, Better Money Habits. Better Money Habits has many tutorials, Q&As, how-tos, explainers and videos on managing your money well. (Just note that you can access the Better Money Habits website even if you are not a Bank of America customer.)
How the Bank of America Customized Cash Rewards credit card for Students compares to other student cards
Bank of America Customized Cash Rewards credit card for Students vs. Bank of America® Travel Rewards credit card for Students * The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Bank of America® Travel Rewards credit card for Students * The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is a travel-focused alternative for college students. This card offers a welcome bonus of 25,000 points after spending $1,000 on purchases in the first 90 days of account opening. It also comes with a simple rewards program of 1.5 points per $1 on purchases and without maximums. Keeping money in your wallet, the Travel Rewards card for Students does not charge an annual fee and also waives all foreign transaction fees.
Rewards can be redeemed as statement credits on travel and dining purchases. Points are worth 1 cent each. Just know, while there is an option to redeem points for cash back, you only get 0.6 cents per point — so we don’t recommend redeeming this way.
Bank of America Customized Cash Rewards credit card for Students vs. Discover it® Student Cash Back
Discover offers a compelling option with the Discover it® Student Cash Back, featuring strong cash-back rewards and no annual fee. This card earns 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases. Note that you must activate the new cash-back category each quarter to earn the elevated rate.
Instead of a traditional upfront welcome bonus, Discover will automatically match all the cash back earned at the end of the first cardmember year.
Bank of America Customized Cash Rewards credit card for Students vs. Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
If your credit score has been damaged in the past or you don’t qualify for a student credit card, a secured credit card can be a great credit-building option. The Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. has no annual fee or foreign transaction fees. Because it’s a secured credit card it requires an upfront refundable security deposit.
In this case, the card requires a deposit of $49, $99 or $200 to get you a $200 initial credit line. Your initial deposit requirement will depend on your credit standing. With responsible use, you can possibly earn your deposit back and upgrade your card.
Note that the lower deposit amounts are not guaranteed. If your credit card application is approved, Capital One will inform you of your minimum deposit.
Should you get the Bank of America Customized Cash Rewards credit card for Students?
The Bank of America Customized Cash Rewards credit card for Students offers a strong cash-back rewards program — for those willing to make sure their choice category is set to the most useful option each month based on their spending habits — and charges no annual fee. If you’re looking for flexible rewards and you want to build credit history, this is a good choice.
It might not be the right card if you prefer simplicity, or if you’re planning to study abroad and are seeking a card with no foreign transaction fee. In that situation, you’d likely be better off with a card such as the Bank of America® Travel Rewards credit card for Students * The information for the Bank of America® Travel Rewards credit card for Students has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. , which charges no annual fee, earns a flat 1.5 points per $1 on purchases and does not assess foreign transaction fees.
Bank of America Customized Cash Rewards credit card for Students summary
| BANK OF AMERICA® CUSTOMIZED CASH REWARDS CREDIT CARD FOR STUDENTS DETAILS | |
|---|---|
Annual fee
| $0
|
Rewards
| 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (on up to $2,500 in the 3% and 2% cash back categories combined each quarter) and 1% cash back on all other purchases.
|
Regular APR
| 0% intro APR for 15 billing cycles on purchases and balance transfers, after that a variable APR of 19.24% to 29.24% applies. Balance transfer must be completed in the first 60 days and a 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers
|
Foreign transaction fees
| 3%
|
Key benefits
| Free access to your FICO credit score and access to Bank of America’s financial literacy site Better Money Habits
|
Methodology
Our credit cards team has spent hours analyzing hundreds of credit cards. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering credit cards, informed us as we developed these credit card rankings. Factors we considered when we developed our rankings included:
- Annual fees.
- Any other fees, like account opening fees, monthly maintenance fees or credit limit request fees.
- If the card earned any rewards and/or a welcome bonus
- If the card requires a security deposit.
- If the card requires a credit score to apply.
Frequently asked questions (FAQs)
If you are approved for this card, Bank of America will determine your credit limit at the time of account approval. Each cardholder’s credit limit will vary, and will depend on factors such as your income and whether you have any past credit history indicating your likelihood of paying back what you borrow.
Note that it’s possible to have credit history even if you’ve never been the primary cardholder on your own credit card account — for example, if your parents ever made you an authorized user on one of their credit cards.
Yes, if a cardholder has a balance of $100 or more and does make at least the minimum payment due by the due date, the cardholder will be charged a late fee. However, the penalty will never be larger than the minimum payment due.
Also, note that if the issuer reports you as late to the credit bureaus, your credit score will drop. Maintaining an on-time payment history is the most important factor in building and keeping a good credit score, accounting for 35% of your FICO Score.
Bank of America asks for your student information on your application. If your account is in good standing when you graduate, your card will “graduate” with you into the non-student version.
*The information for the Bank of America® Customized Cash Rewards credit card for Students, Bank of America® Travel Rewards credit card for Students and Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
