The
Bank of America® Unlimited Cash Rewards credit card for Students is worth considering if you’re in school, you already have an excellent credit score, and you want to earn cash back rewards at a flat rate on all purchases. You won’t have to pay an annual fee with this card, and you’ll get
1.5 - 2% cash back. Plus, you can save
$200 after spending $1,000 in the first 90 days with the card’s initial bonus.
This card is particularly good for students with a Bank of America checking or savings account, who might qualify for extra rewards. It can also help you save a lot of money on interest if you need to make a big purchase or balance transfer early on. Once the introductory promotion ends, however, this card is not good for carrying a balance from month to month.
What I Like About the Bank of America® Unlimited Cash Rewards credit card for Students
$200 after spending $1,000 in the first 90 days initial bonus
If you apply online, get approved and then spend
$1,000 in the first
90 days after opening your account, Bank of America will give you a
$200 bonus. The bonus should be credited to your account 8-12 weeks after you qualify.
This is a great bonus for a student card, but it’s only about average compared to the
best bonuses you can get with an excellent credit score.
1.5% to 2% cash back on purchases
During the first year, you will earn 2% cash back on purchases. After that, you will earn
1.5% cash back. In other words, you’ll get about 30% to 70% more than you would with the average cash back credit card on every purchase.
You can get plenty of other
credit cards with 2% cash back on purchases if you have an excellent credit score. But if you have are a Bank of America Preferred Rewards® member by having a qualifying Bank of America checking or savings account, or a Merrill investment account, that might tip the scales in favor of this card. You can get 25% to 75% more rewards this way.
Intro APR of 0% for 15 billing cycles on purchases and qualifying transfers
The
Bank of America® Unlimited Cash Rewards credit card for Students offers an intro APR of
0% for 15 billing cycles on purchases and
0% for 15 billing cycles for any balance transfers made in the first 60 days. This is a good opportunity to avoid interest charges, as long as you remember to make at least the minimum monthly payments along the way.
Although this offer is better than average for a 0% credit card, applicants with excellent credit may be able to get cards with longer 0% intro periods. In fact, cards offering
0% for up to 21-24 months are available right now.
A high regular APR of
17.49% - 27.49% Variable takes effect after the intro period ends and there is also a balance transfer fee of
3% for 60 days from account opening, then 5%.
$0 annual fee
Just like the rest of the
best credit cards for college students, the
Bank of America® Unlimited Cash Rewards credit card for Students has no annual fee. This saves you an average of
$28.25 per year compared to other credit card offers, according to our database of 1,500+ cards.
What I Don’t Like About the Bank of America® Unlimited Cash Rewards credit card for Students
High regular APR
Once this card’s 0% APR promotion period ends, a high regular APR takes effect, and you’ll need to pay the bill in full every month to avoid expensive interest charges. That’s the norm for 0% cards and for student cards, but it’s still not a likeable feature.
Balance transfer fee
You should be aware that a balance transfer fee of
3% for 60 days from account opening, then 5% will apply if you transfer debt from another credit card. That’s not the highest fee around, but cheaper options are available.
750+ credit score recommended
The
Bank of America® Unlimited Cash Rewards credit card for Students currently requires excellent credit. As a result, we recommed a credit score of 750+ for good odds of approval. You can
check your credit score for free here on WalletHub.Unfortunately, the
Bank of America® Unlimited Cash Rewards credit card for Students won’t work for most students until Bank of America reduces its minimum credit score requirement to allow applicants with limited credit history to qualify.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
