The Bank of America® Unlimited Cash Rewards credit card for Students
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The information for the Bank of America® Unlimited 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.
earns an unlimited 1.5% cash back on purchases, but requires good or better credit, which means many students won’t qualify.
Bank of America Unlimited Cash Rewards credit card for Students basics
- Annual fee: $0.
- Welcome bonus: $200 cash rewards bonus after spending at least $1,000 on purchases in the first 90 days of account opening.
- Rewards: 1.5% cash back on purchases.
- APR: 0% intro APR for 15 billing cycles for purchases and any balance transfers made in the first 60 days, then a standard APR of 18.24% to 28.24% variable. A 3% fee applies to all balance transfers.
- Recommended credit score: Good to excellent.
- Other benefits: Flexible rewards redemption options.
- Does the issuer offer a preapproval tool? No.
Bank of America Unlimited Cash Rewards credit card for Students review
The Bank of America Unlimited Cash Rewards credit card for Students is a solid card, for the rare student who qualifies. It requires good or excellent credit, which Bank of America defines as a credit score of 670 or higher. This is above the national average for people who have credit scores, to say nothing of college students who often are just starting to build credit.
For those students who qualify, the Bank of America Unlimited Cash Rewards credit card for Students offers a generous welcome bonus of $200 cash rewards bonus after spending at least $1,000 on purchases in the first 90 days of account opening and does not charge an annual fee. Additionally, the card earns an unlimited 1.5% cash back on purchases and comes with a helpful 0% intro APR for 15 billing cycles for purchases and any balance transfers made in the first 60 days, then a standard APR of 18.24% to 28.24% variable. A 3% fee applies to all balance transfers.
These are all great perks in a card aimed at students, but qualifying for the card is going to be a stumbling block for many applicants. If your credit isn’t strong enough to qualify, go with an option designed for students without credit.
Pros
- Cash-back rewards: Cardholders earn simple rewards, with no complicated spending categories.
- No annual fee: Unlike with some rewards cards, you won’t be charged an annual fee that eats into the value of your rewards.
- Intro APR offer for balance transfers and purchases: Save money on interest with the card’s low intro APR offer on both purchases and balance transfers.
- Flexible redemption options: Cash-back rewards can be redeemed in several ways, including as credit to certain Merrill accounts.
Cons
- Credit requirement: You need good to excellent credit to qualify, which likely means credit scores of 670 or higher.
- No bonus categories for rewards: There are no special rewards categories that earn higher than the standard rate. For those who are comfortable tracking different categories, a card with different rewards rates in different areas of spending might be more lucrative.
Bank of America Unlimited Cash Rewards credit card for Students rewards
The Bank of America Unlimited Cash Rewards credit card for Students offers a straightforward 1.5% cash back on purchases. These rewards are unlimited and never expire. There are no rotating bonus categories and there’s no spending cap.
Using government data and other publicly available information, we estimate that a student in the U.S. that would be in the market for this card has $12,543.50 in school-related and other expenses they are likely to be able to charge to a credit card.
Additionally, there’s a one-time welcome bonus of $200 cash rewards bonus after spending at least $1,000 on purchases in the first 90 days of account opening.
Bank of America Unlimited Cash Rewards credit card for Students redemption options
Your rewards can be redeemed in any of the following ways:
- Cash deposit into an eligible Bank of America checking or savings account.
- Credit to an eligible Cash Management Account or 529 college savings plan with Merrill.
- Statement credit to your credit card.
- Apply to purchases made through Amazon or PayPal.
Bank of America Unlimited Cash Rewards credit card for Students APR
The Bank of America Unlimited Cash Rewards credit card for Students comes with a 0% intro APR for 15 billing cycles for purchases and any balance transfers made in the first 60 days, then a standard APR of 18.24% to 28.24% variable. A 3% fee applies to all balance transfers.
How the Bank of America Unlimited Cash Rewards credit card for Students compares to other student credit cards
Bank of America Unlimited Cash Rewards credit card for Students vs. Bank of America® Customized Cash Rewards credit card for Students
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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.
The Bank of America® Customized Cash Rewards credit card for Students
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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 nearly the same as the Bank of America Unlimited Cash Rewards credit card for Students in every way except for the rewards structure. For someone who wants to earn higher rewards for spending in bonus categories, the Bank of America Customized Cash Rewards credit card for Students is the way to go.
While the Bank of America Unlimited Cash Rewards credit card for Students earns a flat 1.5% cash back on purchases, the Bank of America Customized Cash Rewards credit card for Students earns 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 other purchases. Although the idea of higher rewards potential might be tempting, keep in mind that tracking various spending categories may be cumbersome and not a fit for someone just starting out with credit cards.
Bank of America Unlimited Cash Rewards credit card for Students vs. Discover it® Student Cash Back
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The information for the Discover it® Student Cash Back has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Discover it® Student Cash Back
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The information for the Discover it® Student Cash Back has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
could be a good alternative to Bank of America’s student credit cards as there’s no credit score requirement to apply.
Plus, it earns rewards of 5% cash back at different places each quarter up to the quarterly maximum once activated and 1% cash back on all other purchases. While there’s no traditional upfront welcome bonus, Discover will automatically match all the cash back earned at the end of the first cardmember year.
Bank of America Unlimited Cash Rewards credit card for Students vs. Capital One SavorOne Student Cash Rewards Credit Card
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The information for the Capital One SavorOne Student Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The no-annual-fee Capital One SavorOne Student Cash Rewards Credit Card
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The information for the Capital One SavorOne Student Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
is available exclusively to students and only requires a fair credit score to apply.
The card’s welcome bonus is smaller than what’s offered on the Bank of America Unlimited Cash Rewards credit card for Students, at a $50 cash bonus after spending $100 on purchases in the first three months of account opening, but the ongoing rewards can make up for it.
The card earns 10% cash back on Uber & Uber Eats through 11/14/2024, 3% cash back on dining, entertainment, popular streaming services and grocery stores (excluding superstores like Walmart and Target), 5% cash back on hotels and rental cars booked through Capital One Travel, 8% cash back on Capital One Entertainment purchases and 1% cash back on all other purchases. Plus, you’ll get 10% cash back on qualifying purchases made through the Uber and Uber Eats apps with the card and a monthly statement credit for each Uber One monthly membership fee fully paid for with the card through Nov. 14, 2024. Depending on your overall spending patterns, this could make the SavorOne Student Card a more rewarding choice overall.
Is the Bank of America Unlimited Cash Rewards credit card for Students worth it?
The Bank of America Unlimited Cash Rewards credit card for Students is a good option for students with good to excellent credit, thanks to its strong welcome bonus and decent ongoing rewards. Its introductory APR offer also makes it a good option for balance transfers.
However, students may be able to earn better rewards on other student credit cards, like the Bank of America Customized Cash Rewards credit card for Students, Discover it® Student Cash Back
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The information for the Discover it® Student Cash Back has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
or Capital One SavorOne Student Cash Rewards Credit Card, if their spending happens to align better with those cards’ bonus categories.
Bank of America Unlimited Cash Rewards credit card for Students is right for you if:
- You have a FICO Score of 670 or better.
- You want an intro APR offer for a balance transfer.
- You prefer a flat rewards rate over complex bonus spending categories.
Bank of America Unlimited Cash Rewards credit card for Students summary
Frequently asked questions (FAQs)
Bank of America doesn’t disclose the average credit limit for any of their credit cards. The bank will determine each applicant’s credit limit based on personal details including your credit score, income and any other debt obligations.
Bank of America requires a credit score in the good to excellent range to qualify for the Unlimited Cash Rewards credit card for Students. The bank defines good credit as a FICO Score of 670 or higher.
The Bank of America Unlimited Cash Rewards credit card for Students offers a $200 cash rewards bonus after spending at least $1,000 on purchases in the first 90 days of account opening. Cardholders also earn 1.5% cash back on purchases.
Each creditor has different requirements to qualify for their student credit cards, including requirements for what type of school you attend. You may need to provide proof of enrollment in a two- or four-year college or university, and have a cosigner in order to qualify for a student credit card.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
