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Bank of America Student Credit Card Review

Bank of America Cash Rewards Credit Card for StudentsHello Friends, I hope all is well with you! I am going to be reviewing the Bank of America Cash Rewards Credit Card for Students.  These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: This rewards credit card is almost identical to Bank of America’s other cash rewards card. It offers the chance to earn a good amount of cash back on categories that you regularly spend your money on. It’s important to note that this rewards credit card does not offer extensive extra benefits like some other student credit cards.

Some things about this card I like:

  1. No annual fee
  2. Sign-up bonus
  3. High rewards on certain categories

Some things about the card that I don’t like:

  1. Not many extra benefits that other cards offer
  2. The reward amounts on certain categories are only up to a certain dollar amount
  3. Foreign transaction fee

What type of reward are you getting?

This student rewards credit card offers you the chance to earn cash back on every dollar that you spend. The cash back accumulates in your account until you are ready to redeem the rewards. The most common way for you to redeem your cash back is to apply the rewards as a statement credit. You are able to deposit your cash back rewards in your bank account; however, the bank account must be with Bank of America or have an eligible account with Bank of America.

Is there an annual fee?

There is no annual fee for this rewards credit card.

What is the rewards amount?

There are 3 categories of rewards are: 3%, 2%, and 1%.

You earn 3% cash back in one of these categories:

  1. Home improvement/furnishings
  2. Dining
  3. Drug stores
  4. Online shopping
  5. Travel
  6. Gas

The 2% cash back category include:

  1. Wholesale Clubs
  2. Grocery Stores

You earn 1% for all other purchases that are not in the other categories. There is a quarterly cap on the purchases for two of the rewards categories. What I mean by this is that you will only earn 3% and 2% on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. You are also given the opportunity to earn extra rewards through their preferred rewards program. The preferred rewards program is divided into three tiers: Gold, Platinum, and Platinum Honors. The way you get assigned to one of these tiers depends on how much money you have deposited with them. The required balance is based off of a three-month average.

Tier Required Balance Credit Card Rewards Bonus
Gold $20,000 to < $50,000 25% reward bonus
Platinum $50,000 to < $100,000 50% reward bonus
Platinum Honors $100,000 + 75% reward bonus

 

If you are a platinum member, you get an extra 50% reward bonus, and that is added on to all the categories of rewards. You have a chance to earn 4.50% cash back on your 3% cash back category.

Is there a bonus offer?

This Bank of America student rewards credit card has a sign-up bonus of $200 when you spend at least $1,000 in the first 90 days of your account opening. That is a 20% return on the money you would have spent anyways.

Are there foreign transaction fees?

Unfortunately, there is a 3% foreign transaction fee on the amount of each purchase in U.S dollars. This isn’t a deal breaker, but it is something to consider if you travel abroad or purchase products in foreign currency.

Are there any other benefits?

This Bank of America student rewards credit card, like the other Bank of America rewards card, does not come with a lot of extra benefits like some other cards.

The benefits they offer are:

  1. FICO credit score for free (doesn’t affect your credit score)
  2. Zero fraud liability – You will not be responsible for unauthorized purchases
  3. Overdraft protection – Optional service to help prevent declined purchases, returned checks, or other overdrafts, but you must link your Bank of America checking account. Transfer fees may apply

What is the interest rate and are there any other fees?

Bank of America offers you an introductory APR of 0% for 12 billing cycles. After the introductory offer ends, the APR would be between 14.99% and 22.99%; it just depends on your credit score.

Their other fees include:

  1. Cash advance fee – $10 or 3% of the amount of each cash advance, whichever is greater
  2. Late payment fee –up to $40
  3. Balance transfer fee – $10 or 3% of the amount of each balance transfer, whichever is greater
  4. Returned payment fee – up to $29

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a few ways to contact Bank of America for questions or problems. The first way would be to dial the number on the back of your card. The second way would be to mail correspondence to one of their PO box’s. The third one to find a location and schedule an appoint to meet with a representative. There will be times where you might have to wait a little longer than usual or maybe you get a bad agent here and there, but this tends to happen at all companies from time to time.

Should you the Bank of America Cash Rewards Credit Card for Students?

Who it’s perfect for:

  1. Students who want a no annual fee rewards card
  2. Students who will be able to reach the minimum spending amount for the sign-up bonus
  3. Students who primarily spend their money on the higher reward categories

Who it isn’t perfect for:

  1. Students who want the extra benefits that some other cards offer
  2. Students who travel abroad
  3. Students who are big spenders

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

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