The
Bank of America® Customized Cash Rewards credit card for Students is a good credit card for students with excellent credit who want to earn bonus rewards on purchases from grocery stores and wholesale clubs as well as purchases in a category of their choice. Cardholders earn
1 - 3% cash back on purchases and enjoy a
$0 annual fee.
In addition, new cardholders can take advantage of attractive sign-up promotions. You can get
$200 for spending $1,000 in the first 90 days. You can also avoid interest temporarily with an introductory APR of
0% for 15 billing cycles.
This offer is far from perfect, however. It limits how much you can earn in bonus rewards, for example, and a high regular APR takes effect when the intro promotion ends. Requiring excellent credit for a student card is a bit outlandish, too.
Bank of America® Customized Cash Rewards credit card for Students Review Summary
$200 initial bonus
Online applicants who spend
$1,000 within
90 days of opening an account will get a
$200 bonus. That’s about average for a cash rewards card right now.
0% for 15 billing cycles introductory APR
New cardholders get
0% for 15 billing cycles on new purchases, plus
0% for 15 billing cycles for any balance transfers made in the first 60 days on balance transfers. The
Bank of America Customized Cash Rewards for Students is one of the best options for 0% intro rates as a result. That’s among all cards, too – not just those for students.
1 - 3% cash back on purchases
The
Bank of America Customized Cash Rewards for Students’s name comes from the fact that cardholders can customize their rewards by selecting the purchase category that will provide the maximum rewards rate of
3% back. The list of options includes dining, drug stores, gas, home improvement/furnishings, online shopping, and travel.
You get
3% back in the category of your choice as well as 2% back at grocery stores and wholesale clubs, up to $2,500 spent per quarter in the 2% and 3% categories. Considering that all other purchases get you just 1% back, which is about average for a rewards card, you might want to use the card only for purchases that qualify for the bonus rewards rates.
$0 annual fee
The
Bank of America Customized Cash Rewards for Students has a
$0 annual fee and thus costs nothing to own. The
best student credit cards all have $0 annual fees, but this does save cardholders
$21.58 per year compared to the average credit card offer.
18.24% - 28.24% Variable regular APR
Carrying a balance from month to month with this card after the introductory financing promotion ends is not a good idea. Interest will accrue at an annual rate of
18.24% to 28.24% Variable, depending on your overall creditworthiness when you apply. No matter what, though, your rate can be significantly higher than the average among credit card offers for people with excellent credit.
750 credit score recommended
The
Bank of America Customized Cash Rewards for Students requires excellent credit for approval, which means you need a score of 750+ to have good odds. You can
check your credit score for free on WalletHub to get a sense of your chances.