MoneyGeek's Take

Bank of America® Customized Cash Rewards Card for Students Review

Students looking for a credit card with excellent cash back rewards on everyday purchases and a $0 annual fee could benefit from the Bank of America® Customized Cash Rewards Card for Students. It’s a good option if you want to build your credit history while earning rewards.

Advertising & Editorial DisclosureLast Updated: 11/21/2022
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Last Updated: 11/21/2022

The Bank of America® Customized Cash Rewards Card for Students offers an introductory APR of 0% for 18 billing cycles on purchases and balance transfers within 60 days of account opening. With this card, you earn a welcome bonus of $200 in online cash rewards when you spend $1,000 within three months of account opening. Plus, the benefits of no annual fee and 3% back in a category of your choice can make this card a great option for students.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Bank of America® Customized Cash Rewards Card for Students at a Glance

The Bank of America® Customized Cash Rewards Card for Students offers 3% cash back on a category of your choice, including gas, online shopping, dining, travel, drug stores or home improvement/furnishings. The card also offers a 2% cash back on grocery stores and wholesale clubs purchases and 1% cash back on all other purchases. The 0% introductory APR for 18 billing cycles makes it a good option if you have any expensive purchases coming up.


  • Bank of America® Customized Cash Rewards Card for Students

    A good students’ card that offers higher cash back on bonus categories


    • None-FairRecommended Credit
    • $0Annual Fee
    • 1-3% Cash BackRewards Rate

Pros & Cons Explained

Understanding the pros and cons of the Bank of America® Customized Cash Rewards Card for Students will help you determine if this card is the best fit for your needs. Here’s what you need to know.

Pros

  • Benefits
    Description
  • High rewards rates on a specific category
    This card lets you earn 3% cash back on purchases made in a category of your choice. The categories you can choose from include gas, online shopping, dining, travel, drug stores or home improvement/furnishings. It’s also possible to swap the category once every calendar month through the mobile app or online banking.
  • 0% introductory APR
    The Bank of America® Customized Cash Rewards Card for Students offers a 0% introductory APR for 18 billing cycles on purchases or balance transfers made within 60 days of account opening. This makes it a good option for those students who will be making an expensive purchase or want to transfer a balance from another card.
  • Welcome bonus
    With this card, you earn $200 in online cash rewards on spending $1,000 on purchases within the first three months of opening the account.
  • Multiple rewards redemption options
    You can redeem your rewards as a statement credit, check, direct deposit into a Bank of America account, credit to an eligible Merrill Lynch account or a credit to an eligible 529 college saving account with Merrill. It’s also possible to set up automatic redemptions to a Bank of America or Merrill account.

Cons

  • Drawbacks
    Description
  • High foreign transaction fee
    The 3% foreign transaction fee makes this card a bad option for students studying abroad or who need a credit card for international travel.
  • Bonus rewards are capped
    With this card, you don’t earn 2% and 3% cash back on eligible purchases anymore if you reach the spending threshold of $2,500 in a quarter. After reaching the threshold, you earn 1% cash back on every purchase.
  • Balance transfer fee
    There is a 3% or $10 balance transfer fee associated with this card, which may not make it ideal for people who want to transfer their balance from another card.
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LOOKING FOR THE BEST CREDIT CARDS OF 2022?

MoneyGeek did not include the Bank of America® Customized Cash Rewards Card for Students in its best credit card for students list. We research and analyze the best card offers for different individuals and update our lists accordingly. You can check out the Best Students Cards for 2022 for more information.

Bonuses & Rewards Explained

You can review the Bank of America® Customized Cash Rewards Card for Student's benefits and rewards to see if this card offers perks that fit your needs.

1

Cash back rewards structure

The Bank of America® Customized Cash Rewards Card for Students offers 3% cash back on a category of your choice, including gas, online shopping, dining, travel, drug stores or home improvement/furnishings. You can also change your category once every calendar month. If you don’t choose your category, it defaults to gas. However, once you reach the spending threshold of $2,500 in every quarter, you earn 1% cash back on every purchase. The card also lets you earn 2% cash back on grocery store and wholesale club purchases.

2

Welcome bonus

You can earn a welcome bonus of $200 in online cash rewards after you spend $1,000 on purchases within three months of opening your account.

3

Rewards redemption

This card offers you multiple rewards redemption options. You can redeem your rewards as a statement credit, check, credit to your 529 college savings account with Merrill, any eligible Merrill account or as a direct deposit to your Bank of America checking or saving account.

Other Features Explained

The Bank of America® Customized Cash Rewards Card for Students also offers the following features to keep your account secure and easy to use.

  • Card Feature
    Description
  • Fraud protection
    With this card, you have a 0% liability for fraudulent transactions. It also blocks suspicious transactions and lets you know when it detects any fraudulent activity.
  • Contactless payments
    The contactless payment option makes it quick, easy and secure to complete payments at different merchants.
  • Account alerts
    You can set up email, text or phone notifications with this card if you never want to fall behind on your bill payments or other due dates.
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MONEYGEEK QUICK TIP

The best way to maximize your rewards is by changing your spending category to the one you will spend the most money on in the upcoming month. For example, if you’re a college student moving into a new apartment next month, change your spending category to home improvement/furnishings.

Understanding the Fine Print

The fine print of the Bank of America® Customized Cash Rewards Card for Students gives you a good idea of the rates and other fees associated with this card. Make sure to review it before applying for the card.

  • Card Feature
    Amount or Rate
  • APR
    16.99% – 26.99%
  • Annual Fee
    $0
  • Cash Back Rewards
  • Rewards Rate
    1-3% Cash Back
  • Airline Benefits
  • This is an icon

    Regular APR

    After the introductory APR period is over, this card charges a variable APR of 16.99% – 26.99% based on your creditworthiness. This is high compared to other cards.

  • This is an icon

    Annual fee

    The Bank of America® Customized Cash Rewards Card for Students charges a $0 annual fee.

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    Balance transfer fee

    When you transfer your balance from another card, you would have to pay a balance transfer fee of either $10 or 3% of every transaction, whichever is greater.

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    Foreign transaction fee

    This card charges a foreign transaction fee of 3% on every transaction.

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    Cash advance fee

    You have to pay either $10 or 3% of the amount of each transaction on direct deposit or check cash advances, while the ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advance fee is either $10 or 5% of the amount of each transaction.

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WHERE TO FIND THIS INFORMATION?

The best resources for this information include your latest billing statements, mobile app or online banking account, the Bank of America website or the credit card agreement database maintained by the Consumer Financial Protection Bureau.

Who Should & Shouldn’t Consider Bank of America® Customized Cash Rewards Card for Students?

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Other Considerations for Bank of America® Customized Cash Rewards Card for Students

Since your spending habits may differ depending on whether this card is your first one or an additional card in your wallet, it’s essential to keep the following considerations in mind.

Things to Consider if This Will Be Your First or Only Credit Card

While this card offers an introductory APR of 0% for the first 18 billing cycles, it has a variable APR of 16.99% – 26.99% once the introductory period is over. This is pretty high. That’s why it’s best to pay off your balance in full every month with this card to avoid accruing interest.

Also, since the high bonus rewards are capped, you might reach the spending threshold of $2,500 much earlier if it’s your first or only card.

Things to Consider if This Will Be an Additional Card in Your Wallet

Since this card charges a high foreign transaction fee of 3% on every international transaction, it’s best not to use it while you’re traveling abroad. Instead, use other cards that don’t charge a fee on international transactions.

That said, you can benefit significantly from the 0% introductory APR offer by using this card for any upcoming expensive purchases.

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WHY TRUST OUR REVIEWS

MoneyGeek follows a six-step process that involves collecting credit card information, standardizing data points, reviewing potential cardholder profiles, considering annual and introductory bonuses, establishing the card values and reviewing data monthly to reprocess rankings.

How Bank of America® Customized Cash Rewards Card for Students Compares to Other Cards

The Bank of America® Customized Cash Rewards Card for Students compares well with other cards in the same category with its 0% introductory APR offer, $0 annual fee and welcome bonus. However, for students traveling or studying abroad, other cards are available that charge no fee on international transactions.

Quick Comparison of Bank of America® Customized Cash Rewards Card for Students

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Bank of America® Customized Cash Rewards Card for Students

  • Annual Fee: $0
  • Purchase APR: 16.99% – 26.99%
  • Foreign Transaction Fee: 3%
  • Rewards Rate: 3% on chosen category, 2% on grocery stores and wholesale clubs, 1% on other purchases.
  • Best For: Students looking for a card with cash back rewards and $0 annual fee.
creditCard1

Bank of America® Travel Rewards Credit Card for Students

  • Annual Fee: $0
  • Purchase APR: 16.99% –26.99%
  • Foreign Transaction Fee: $0
  • Rewards Rate: 1.5 points on every $1 spent on all purchases.
  • Best For: Students studying or traveling abroad looking for a card with a simple rewards structure.

Other Helpful Decision-Making Q&As

MoneyGeek answered the following frequently asked questions about the Bank of America® Customized Cash Rewards Card for Students to help you decide if this card is the right one for you.

Still not sure about this card? Consider these options.

MoneyGeek analyzed the benefits and downsides of the Bank of America® Customized Cash Rewards Card for Students card to help you decide if getting this card would be a good choice for you. However, if you’re still not able to make a decision, you can look for other cash back cards, rewards cards or even gas cards to see if those might be better options for you.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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