$0
0% intro APR for your first 18 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account
16.99% - 26.99% Variable
Fair
- Generous welcome bonus for a student credit card
- No annual fee
- Flexible rewards earning - you can pick the category in which you earn the most cash back each quarter
- Foreign transaction fees
- Few benefits compared to other rewards credit cards
- Card only earns 1% cash back outside of bonus categories
The Bank of America® Customized Cash Rewards Credit Card for Students offers a lucrative but uncomplicated rewards structure, a lengthy 0% introductory APR, and a welcome bonus that provides a sizable return compared to the spending requirement.
Customized Cash Rewards Credit Card for Students- Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
- 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%
- 1% cash back on all other purchases
- Cash rewards don’t expire and for future purchases, you can change your choice category online or through the mobile app
- 0% intro APR for your first 18 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account
- No annual fee
- Access your FICO® Score updated monthly for free, within your Mobile Banking app or in Online Banking
Bank of America Customized Cash Rewards Credit Card Overview
The Customized Cash Rewards Credit Card for Students' long 0% introductory APR is a standout addition to a card that also offers a welcome bonus and ongoing rewards. You can get a card with a 0% APR that lasts even longer, but the rewards you'll earn from this card are worth the shorter introductory period unless you need those extra months to pay down your balance. If you don't plan to carry a balance, then the 0% APR provides little value, and you'd be better served by a card that offers more useful long-term benefits.
One unusual aspect of the Customized Cash Rewards Credit Card for Students is its relatively stringent credit requirements for approval compared to other student credit cards. You'll want a FICO score in the good to excellent range, which disqualifies students with no credit. If your credit falls short, consider other options like a secured credit card or a starter credit card that gives you a better shot at approval.
Bank of America Customized Cash for Students Rewards
Student and no-fee credit cards don't always come with welcome bonuses or earn rewards for ongoing spending, but the Customized Cash Rewards Credit Card for Students offers both.
Welcome Bonus Offer
You'll earn a $200 cash rewards bonus after making $1,000 in purchases in the first 90 days from account opening. The bonus cash is on top of the cash-back rewards you earn from purchases, so you're effectively getting an extra 20% back on your first $1,000 of spending.
There are more lucrative welcome bonuses to be found, but most of those come with higher spending requirements and are attached to cards with annual fees. This bonus from the Customized Cash Rewards Credit Card for Students is competitive with bonuses on other no-annual-fee cards, and has a minimum spending requirement that's realistic for student budgets.
How to Earn Rewards
The rewards structure on the Customized Cash Rewards Credit Card for Students is not complex, but the return varies depending on what you buy. At the top of the scale, you'll earn 3% cash back on spending in your choice of one of six categories: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.
Those categories cover a lot of ground: For example, online shopping includes both web-based and mobile app purchases from Amazon, Target, Walmart, and a variety of other retailers. Similarly, travel includes larger outlays like airfare and hotels as well as everyday expenses like parking and public transportation. You can change your selection once per calendar month, making it easier to maximize your return based on upcoming purchases.
Apart from the 3% categories, you'll earn 2% cash back at grocery stores and wholesale clubs (like Costco and Sam's Club). The 3% and 2% cash-back rewards are limited to the first $2,500 in combined purchases each quarter; you'll earn 1% on purchases beyond that amount, and on all purchases in non-bonus categories.
You can get an even better return on spending through the Bank of America Preferred Rewards program, which offers bonuses as high as 75% to cardholders who also have banking and investment accounts with Bank of America or Merrill. However, the balance requirements start at $20,000, which is too high to be useful to most students.
How to Use Rewards
You can redeem cash rewards easily as a check, statement credits to your card account, deposits to a linked Bank of America checking or savings account, or credits to an eligible Merrill account (including 529 college savings accounts). You'll get the same return in each case, so you don't have to worry about trying to maximize the value of your rewards.
One-time redemptions for a check or to a qualifying 529 account have a $25 minimum, as do automatic redemptions to Bank of America checking and savings accounts, and to other qualifying Merrill accounts. However, your rewards don't expire as long as your account remains open and in good standing, so you can save up until you reach the threshold with no risk of losing what you've already earned.
Bank of America Customized Cash Rewards for Students Benefits and Features
The Customized Cash Rewards Credit Card for Students doesn't come with luxury benefits like airline and hotel status or expedited airport security. Like most student credit cards, it doesn't offer even lower-level perks such as purchase protection. However, it does have standard credit card features like zero liability for fraudulent transactions, contactless payment capability and mobile wallet compatibility, paperless statements, FICO score updates, overdraft protection, and account alerts. Those features shouldn't influence your decision to get (or not get) the card, but they're nice to have.
The card's most noteworthy benefit is its 0% intro APR for your first 18 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account, followed by a 16.99% - 26.99% Variable APR.
Some credit cards offer a 0% introductory APR for as long as 21 months, but the 18 months you get with the Customized Cash Rewards Credit Card for Students is above average. You can use that long introductory period to avoid interest charges on expenses like moving costs or tuition even if you don't have enough cash on hand to pay them upfront. The 0% APR may also help if you're already carrying a balance on a credit card with a high interest rate, since the money you save on interest payments can more than offset the balance transfer fee.
While a 0% APR offer enables you to borrow money at a minimal cost in the short term, it's not an excuse to spend beyond your means. Any remaining balance will start accruing interest as soon as the introductory rate expires, so aim to spend only what you'll be able to repay in the allotted time.
Bank of America Customized Cash Rewards for Students Annual Fee and Other Costs
You won't pay an annual fee for the Customized Cash Rewards Credit Card for Students, but you may incur other fees, including foreign transaction fees for transactions made in a foreign currency — this may apply to online purchases from merchants abroad even if you're in the country when you buy. That added expense makes this card ill-suited for international travel.
Beyond that, there are fees for other types of transactions, including balance transfers, cash advances, and late payments.
FAQs
What credit score do I need for the Bank of America Customized Cash Rewards for Students?
To be approved for the Bank of America® Customized Cash Rewards Credit Card for Students, we recommend at least a good credit score. That means a FICO score of at least 670.
How old do I have to be to get the BoA Customized Cash Rewards for Students?
To get the Bank of America® Customized Cash Rewards Credit Card for Students, you must be at least 18 years old.
Is the Bank of America Customized Cash Rewards for Students worth it?
The Bank of America® Customized Cash Rewards Credit Card for Students is worth it if your spending habits match the card's bonus categories. As long as you're OK with a no-frills card, it's a solid choice for earning cash back on spending, as long as you can meet the credit requirement for approval.
Why Trust Us: How We Reviewed the Bank of America Customized Cash Rewards for Students
We compared the Bank of America® Customized Cash Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:
- Rewards earning potential — Does the card earn rewards at competitive rates? Is there a welcome bonus for new applicants?
- Benefits — Are the card's benefits useful? Are there any features that stand out?
- Fees and other costs — If there's an annual fee, do the card's rewards and benefits justify paying it? Does the card offer competitive rates on interest and other fees?
You can read more about how we rate credit cards at Personal Finance Insider for a closer look at our methodology.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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