Are you a student looking to kickstart your financial journey while enjoying the perks of cashback rewards? The Bank of America® Customized Cash Rewards Credit Card for Students might be the answer.
In this comprehensive guide, we’ll delve into the card’s key features, eligibility criteria, benefits, pros and cons, the application process, and ultimately, whether it’s worth adding to your wallet.
Main features
3% Cash back flexibility
One of the standout features of this credit card is the flexibility it offers in earning rewards. Cardholders get to choose a category in which they’ll receive a lucrative 3% cash back.
The options include gas and EV charging stations, online shopping (covering cable, internet, phone plans, and streaming), dining, travel, drug stores and pharmacies, or home improvement and furnishings.
Bonus cash rewards
New cardholders are greeted with a $200 online cash rewards bonus after making at least $1,000 in purchases within the initial 90 days of opening the account. This instant boost to your cash rewards can be a significant incentive.
Introductory APR offer
For the first 15 billing cycles, the card offers a 0% introductory APR for both purchases and balance transfers made within the initial 60 days of opening the account. After this period, a variable APR ranging from 18.24% to 28.24% applies, with a 3% fee on all balance transfers.
Automatic cash back
Apart from the chosen 3% category, cardholders automatically receive 2% cash back at grocery stores and wholesale clubs. Additionally, there’s an unlimited 1% cash back on all other purchases, providing a well-rounded rewards structure.
No annual fee
One attractive aspect of this card is the absence of an annual fee. This makes it an accessible option for students who want to build credit without incurring extra costs.
FICO® score access
Understanding and monitoring your credit score is crucial for financial health. This card provides monthly updates of your FICO® Score for free, giving you insights into the factors influencing your credit.
Qualification requirements
To be eligible for the Bank of America® Customized Cash Rewards Credit Card for Students, applicants need to meet the standard credit card application criteria. While specific details are not provided, having a good credit history and being a student are likely key considerations.
Benefits
- Better money habits®: Bank of America encourages responsible credit card use through its Better Money Habits® program. This educational resource helps cardholders understand the importance of managing credit responsibly.
- Manage your finances: The award-winning Mobile Banking app from Bank of America allows users to manage their finances conveniently. This feature is especially beneficial for students, providing control and accessibility from various locations.
- Security & features: The credit card offers robust security features, including fraud detection and a $0 Liability Guarantee for fraudulent transactions. Additionally, the contactless chip technology provides a secure and convenient payment option.
- Additional perks: Other benefits include Balance Connect® for overdraft protection, paperless statement options, digital wallet technology, and access to online and mobile banking.
Pros and cons
Pros
- Flexible 3% cash back category choices.
- Generous $200 online cash rewards bonus.
- No annual fee.
- 0% introductory APR for the first 15 billing cycles.
- Access to FICO® Score for free.
- Additional benefits like fraud protection and contactless chip technology.
Cons
- 3% fee on balance transfers.
- Introductory APR period limited to 15 billing cycles.
- Limited information on specific eligibility criteria.
How to apply
To apply for the Bank of America® Customized Cash Rewards Credit Card for Students, individuals can take advantage of the online-only offer available on the Bank of America website. The application process typically involves providing personal and financial information, and approval is subject to creditworthiness.
Is It worth it?
The decision to apply for this credit card depends on individual financial goals and preferences. If you’re a student looking for a no-annual-fee card with versatile cashback options and valuable introductory perks, the Bank of America® Customized Cash Rewards Credit Card for Students could be a suitable choice.
However, it’s essential to weigh the pros and cons and consider your spending habits and financial needs. In conclusion, this credit card offers an attractive package of rewards, benefits, and financial tools tailored to the needs of students. Before applying, carefully review the terms and conditions and ensure that the features align with your financial objectives.
