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Customized Cashback Rewards: Bank of America Student Card Review

Bank of America Customized Cash Rewards for Students Card: Benefits, Drawbacks, and Rewards Redemption

Are you a college student looking for a credit card that offers customized rewards and no annual fee? The Bank of America Customized Cash Rewards for Students card might just be what you need.

In this article, we’ll explore the benefits and drawbacks of this credit card, as well as how to earn and redeem cashback rewards.

Benefits and Perks of The Card

Sign-Up Bonus

One appealing feature of the Bank of America Customized Cash Rewards for Students card is the $200 sign-up bonus. Youll receive the bonus if you spend $1,000 within the first 90 days of opening the account.

Customized Rewards

Unlike most credit cards that offer fixed rewards, Bank of America allows you to choose your own rewards categories. In addition, youll earn 3% cash back on a category of your choice, as long as the category is one of the following options: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings.

This allows you to earn rewards on the purchases that matter most to you.

No Annual Fee

The card is free to keep, as it doesn’t come with an annual fee. That means you don’t have to worry about paying to use the card, and you can earn cash back without spending extra money.

Introductory APR

The Bank of America Customized Cash Rewards for Students card also offers a 0% annual percentage rate (APR) on purchases for the first 12 billing cycles. This gives you time to pay off your balance without accruing interest.

After that, the APR ranges from 13.99% to 23.99%, depending on your creditworthiness.

Mobile App

Bank of Americas mobile app lets you monitor your account, pay bills, and deposit checks. You can also set up alerts and notifications to keep track of your spending and payments.

The app is available for both iOS and Android.

Free Credit Score

Another handy feature of the Bank of America Customized Cash Rewards for Students card is that it allows you to access your FICO credit score for free. You can view your score through Bank of America’s online banking platform or mobile app.

Overdraft Protection

Bank of Americas overdraft protection allows you to link your credit card to your checking account. This will prevent you from overdrawing your checking account by automatically transferring funds from your credit card.

Who Should Get The Card?

Limited or No Credit History

If you have limited or no credit history, the Bank of America Customized Cash Rewards for Students card could be a good option. The card has less stringent requirements compared to other credit cards, which means you have a higher chance of approval.

College Students

College students can also benefit from this card, as it offers rewards on purchases that are essential in college life, such as online shopping, dining out, and gas.

Building Credit

If your goal is to build credit, the Bank of America Customized Cash Rewards for Students card can help. Making on-time payments and keeping a low balance can help improve your credit score over time.

Less Stringent Requirements

Bank of Americas requirements are fairly lenient, making it easier to qualify for the card. Applicants need a minimum credit score of 580 for approval.

Cashback Rewards

The card offers cashback rewards, which means you earn cash on every purchase. This rewards system can help you save money in the long run.

Declined for Other Credit Cards

If youve been declined for other credit cards, the Bank of America Customized Cash Rewards for Students card might be worth considering. It has less stringent requirements than other credit cards options.

Drawbacks of The Card

Spending Caps

One potential drawback of the Bank of America Customized Cash Rewards for Students card is the spending caps. There is a quarterly cap of $2,500 for the 3% and 2% bonus categories, after which point you earn 1% cash back.

This isnt ideal if you plan on making larger purchases in those categories.

Foreign Transaction Fees

If you plan on traveling internationally, be aware that the Bank of America Customized Cash Rewards for Students card charges a 3% foreign transaction fee. This could add up if you frequently use your card for purchases abroad.

No Rewards for Good Grades

Other student credit cards offer rewards or bonuses for good grades, but the Bank of America Customized Cash Rewards for Students card does not. This may not be a deal-breaker, but it’s worth keeping in mind.

Earning Rewards

Cash Back on All Purchases

The Bank of America Customized Cash Rewards for Students card offers 1% cash back on all purchases, regardless of the category.

Choosing Highest-Earning Category

As mentioned earlier, youll earn 3% cash back on a category of your choice. You can choose from gas, online shopping, dining, travel, drugstores, or home improvement/furnishings.

Spending Caps

There is a quarterly limit of $2,500 for the combined 3% and 2% bonus categories. After that, you’ll earn 1% cash back.

3% and 2% Bonus Categories

You can choose your own 3% bonus category, but if you don’t choose one or spend in other categories, you’ll earn 2% cash back on groceries and wholesale clubs (up to $2,500 in combined bonus category purchases per quarter).

Switching Bonus Categories Monthly

You can switch your 3% category once per month, which gives you some additional flexibility to maximize your rewards earning potential.

Redeeming Rewards

Statement Credits

The easiest way to redeem your cashback rewards is through statement credits. You can apply your rewards directly to your account balance, which decreases the amount you owe.

Direct Deposits

If you have a Bank of America checking or savings account, you can also have your rewards deposited directly into them.

Merrill Cash Management Account

Merrill Cash Management Account holders can receive a 25% bonus when they redeem their rewards (up to $100 in rewards per year).

Merrill 529 Account

If you have a Merrill 529 account, you can also redeem your rewards into that account.

Paper Check

You can also receive paper checks for your rewards if you prefer.

No Minimum Redemption

Finally, it’s worth noting that Bank of America Customized Cash Rewards for Students cardholders can redeem their rewards with no minimum redemption amount.

In Conclusion

The Bank of America Customized Cash Rewards for Students card offers a number of benefits, including customized rewards, no annual fee, and a sign-up bonus. Additionally, the card is tailored to meet the needs of college students and those who are building their credit.

While the spending caps and foreign transaction fees may detract from the card’s overall value, the ability to earn and redeem rewards through statement credits, direct deposits, and other methods can help make up for it. Ultimately, the Bank of America Customized Cash Rewards for Students card is a good option for those who want a simple, customizable cashback rewards program without additional fees or requirements.

FAQs about The Bank of America Customized Cash Rewards for Students Card,

Discover it Student Cash Back, and Capital One SavorOne Student Cash Rewards Credit Card

Are you a student looking for a credit card that can give you cashback rewards? If so, you might be wondering about the differences between student credit cards and regular credit cards, the requirements to prove your student status, the starting credit limit of these cards, what to do if you have no credit history, which is the best credit card for students, or what other credit cards you can consider.

Here are frequently asked questions about The Bank of America Customized Cash Rewards for Students card,

Discover it Student Cash Back, and Capital One SavorOne Student Cash Rewards Credit Card.

Differences between student credit cards and regular credit cards

Lower Credit Requirements

Student credit cards may have lower credit requirements compared to regular credit cards as they are designed for students who have little or no credit history. Although this could be beneficial for college students who are looking to establish credit, it may also result in higher interest rates.

Lower Credit Limits

As they pose more risk, student credit cards may have lower credit limits compared to regular credit cards. This means that students may not have access to large amounts of credit, which could make it difficult to finance big purchases.

Special Perks for Students

Student credit cards offer a range of special perks, such as cashback rewards, bonus points, discounts on certain purchases, and free access to credit monitoring services. Additionally, they may offer additional perks for student life, such as bookstores, dining, and travel.

Requirements to Prove Student Status

School Affiliation

Most student credit cards require that applicants be enrolled as students at an accredited college or university. You may be required to provide your student ID number or the name of your school as part of the application process.

No Documentation Required

In some cases, you may not be required to provide documentation to prove that you are a student. However, having your student ID number or information about your college could still be helpful.

Starting Credit Limit

Determined by Creditworthiness

The starting credit limit for a student credit card is often determined by the applicant’s creditworthiness. Creditworthiness is based on factors such as income, employment status, and credit history.

Applying for the Card with No Credit History

Creditworthiness Considered

Even if you have no credit history, you can still apply for a student credit card. Your creditworthiness will be taken into consideration when evaluating your application.

Best Bank of America Credit Card for Students

Depends on Personal Needs and Preferences

The best credit card for students depends on their personal needs and preferences. Some may prefer The Bank of America Customized Cash Rewards for Students card, which offers customizable rewards.

Others might prefer the Bank of America Travel Rewards Credit Card for Students if they want to earn rewards on travel expenses specifically.

Keeping the Card After Graduation

Useful for a While

Most student credit cards can still be used after graduation, especially if they don’t have annual fees or expiration dates.

May Outgrow Card

However, you may outgrow the card after a while, especially if your credit score improves and you become eligible for higher-tier cards with better rewards, higher credit limits, and lower interest rates.

Discover it Student Cash Back

5% Cash Back

Discover it Student Cash Back offers 5% cashback on rotating categories each quarter, up to $1,500 in purchases.

Sign-Up Bonus

Discover it Student Cash Back also offers a sign-up bonus: Discover will match all the cashback earned at the end of your first year, with no limit on how much you can earn.

Unlimited Cashback Match

Additionally, for the first year, Discover matches all the points earned by the cardholder, even if the cardholder qualifies for the higher tier. Capital One SavorOne Student Cash Rewards Credit Card

No

Foreign Transaction Fees

Capital One SavorOne Student Cash Rewards Credit Card is a great option for students studying abroad.

It has no foreign transaction fees.

Cashback Rewards on Travel and Entertainment

The Capital One SavorOne Student Cash Rewards Credit Card offers 3% cashback on dining and entertainment purchases. 10% Cashback on Uber and Uber Eats

Cardholders can also receive 10% cashback when ordering Uber rides or food delivery from Uber Eats.

In Conclusion

Choosing the right credit card requires research and careful consideration. For college students, student credit cards offer a unique opportunity to begin building their credit, earn rewards, and enjoy special perks designed for student life.

The Bank of America Customized Cash Rewards for Students card,

Discover it Student Cash Back, and Capital One SavorOne Student Cash Rewards Credit Card all offer benefits that students may find appealing. By understanding the differences between student credit cards and regular credit cards, the requirements for proving student status, starter credit limits, how to apply with no credit history, which is the best Bank of America credit card for students, and what other credit cards they can consider, students can make informed choices when it comes to choosing a credit card that works for them.

In conclusion, choosing the right credit card as a college student can be a daunting task, but it’s important to find a card that fits your needs and spending habits. The Bank of America Customized Cash Rewards for Students card,

Discover it Student Cash Back, and Capital One SavorOne Student Cash Rewards Credit Card are some options for students looking to earn cashback rewards and build credit.

Understanding the differences between student credit cards and regular credit cards, requirements for proving student status, starter credit limits, how to apply with no credit history, and what other credit cards to consider, can help students make informed choices. Ultimately, using a student credit card responsibly can lead to a healthy credit score and valuable rewards, setting them up for a strong financial future.

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