MoneyGeek’s Take

Bank of America Unlimited Cash Rewards Credit Card for Students Review

MoneyGeek created this Bank of America Unlimited Cash Rewards Credit Card for Students review to help students determine if it fits their financial goals. The card offers practical benefits for young adults looking to build their credit history.

Last Updated: 6/17/2022
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The Bank of America Unlimited Cash Rewards Credit Card for Students has no annual fee, unlimited 1.5% cash back on all purchases and a 0% introductory APR for the first 15 billing cycles. Students also benefit from the $200 online cash rewards bonus if they reach $1,000 in purchases within 90 days of opening their account.

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 Unlimited Cash Rewards Credit Card for Students at a Glance

The Bank of America Unlimited Cash Rewards Credit Card for Students is a great choice for individuals who manage their finances wisely. Bank of America also has a mobile app where you can manage your account and track your finances.


  • Bank of America Unlimited Cash Rewards Credit Card for Students

    A good student credit card with cash back and no annual fees


    • None – GoodCredit Needed
    • $0Annual Fee
    • 15 monthsBalance Transfer Duration
    • 15 monthsAPR Offer Duration
    • 1.5% Cash BackRewards Rate

Pros & Cons Explained

While the Bank of America Unlimited Cash Rewards Credit Card for Students has great benefits, it’s worth mentioning some of its shortcomings as well. Let’s take a quick look at the card’s advantages and drawbacks.

Pros

  • Benefits
    Description
  • No annual fee
    Cardholders pay no annual fee, which is a relatively common benefit across credit cards for students.
  • Introductory APR
    For the first 15 billing cycles of your account opening, your APR is 0% for purchases and balance transfers.
  • Welcome bonus
    If you reach $1,000 in purchases within the first 90 days of opening an account, you’re eligible to receive $200 in online cash rewards.
  • Unlimited cash back
    Receive 1.5% cash back on all purchases, with no categories or eligibility requirements. Your cash back will never expire.

Cons

  • Drawbacks
    Description
  • High interest rate
    After the first 15 billing cycles, the Bank of America Unlimited Cash Rewards Credit Card for Students has an APR of 14.24%–24.24%.
  • International transaction fee
    It may not be ideal to use this card outside of the U.S. since foreign transaction purchases incur a 3% fee.
  • Penalty APR
    When you make a late payment, your APR can rise up to 29.99%.
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LOOKING FOR THE BEST CREDIT CARDS OF 2022?

To find the top-ranking credit cards in the U.S., MoneyGeek evaluates various cards each month. Browse through our choices for the best student cards of 2022.

Bonuses & Rewards Explained

With the Bank of America Unlimited Cash Rewards Credit Card for Students, cardholders can utilize the 1.5% unlimited cash back on all purchases, enjoy no annual fee and work toward earning $200 in online cash rewards.

1

Get unlimited cash back

Use your Bank of America Unlimited Cash Rewards Credit Card for Students to get 1.5% unlimited cash back on all purchases. As long as your account is active, your rewards don’t expire.

2

Redeem rewards

The rewards you earned with this card can be redeemed through a Bank of America account and qualifying Merrill accounts.

3

$200 online cash rewards bonus

If you spend $1,000 on purchases within the first 90 days of opening your account, you can receive a $200 online cash rewards bonus.

Other Features Explained

Aside from rewards, the Bank of America Unlimited Cash Rewards Credit Card for Students has other features and perks. Let’s take a closer look at a few of them.

  • Card Feature
    Description
  • Zero fraud liability
    In the case of a fraudulent transaction with your card, Bank of America protects you from being liable for the expenses.
  • Mobile app
    You can pay your credit card bill, manage your account, transfer funds, check how much credit is available and more using Bank of America’s app.
  • Consult a financial specialist
    If you want to set short- or long-term financial goals, Bank of America offers appointments with a financial specialist.
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MONEYGEEK QUICK TIP

Make the most of the first 15 billing cycles with your Bank of America Unlimited Cash Rewards Credit Card for Students account, as there is a 0% introductory APR for purchases and balance.

Understanding the Fine Print

To make sure you don’t miss small yet important details, read through the fine print of your credit card. That way, you’ll be prepared for any fees and charges that may arise. You can get the most out of your Bank of America Unlimited Cash Rewards Credit Card for Students card by fully understanding its benefits and drawbacks.

  • Card Feature
    Amount or Rate
  • APR
    14.74% – 24.74%
  • Annual Fee
    $0
  • Cash Back Rewards
  • Rewards Rate
    1.5% Cash Back
  • Airline Benefits
  • This is an icon

    Standard APR

    After the 0% introductory APR for the first 15 billing cycles, cardholders pay a standard APR of 14.24%–24.24% for purchases and balance transfers.

  • This is an icon

    Annual fee

    Cardholders benefit from a $0 annual fee.

  • This is an icon

    Balance transfer fee

    When conducting balance transfers, cardholders incur a fee of 3% of each transaction or $10, whichever is greater. This is in addition to the APR.

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WHERE TO FIND THIS INFORMATION?

You can check how this card stacks against other credit cards for students based on their rewards, fees and extra features. Another reliable source of information is the Consumer Financial Protection Bureau’s (CFPB) credit card agreement database.

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

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Other Considerations for Bank of America Unlimited Cash Rewards Credit Card for Students

It’s important to assess how you plan to use the Bank of America Unlimited Cash Rewards Credit Card for Students before applying. Whether it's your first card or an additional card in your wallet, it plays a role in your financial goals.

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

After the first 15 billing cycles of this card, its APR ranges between 14.24% and 24.24%, depending on your creditworthiness. Therefore, consider maximizing your introductory APR, especially when it comes to purchases. With the card’s unlimited 1.5% cash back on all purchases, it can be a great asset in your wallet.

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

With the Bank of America Unlimited Cash Rewards Credit Card for Students, you don’t need to worry about annual fees. However, because of its 3% fee for foreign transactions, you might want to use other cards if you plan to travel outside of the U.S. Because of its high balance transfer rate, you may also benefit more by using another card for transferring outstanding balances.

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WHY TRUST OUR REVIEWS:

Each month, MoneyGeek thoroughly analyzes credit cards to find the best deals for you. Our methodology focuses on estimating each card’s long-term values, standardizing scoring for each card, re-ranking cards regularly, assessing the average spending for consumer profiles and more. We also utilize information from the Consumer Finance Protection Bureau.

How Bank of America Unlimited Cash Rewards Credit Card for Students Compares to Other Cards

It’s helpful to compare the Bank of America Unlimited Cash Rewards Credit Card for Students to similar credit cards so you know if it suits your financial needs. Check its fees, benefits and rates below next to another student card.

Quick Comparison of Bank of America Unlimited Cash Rewards Credit Card for Students

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Bank of America Unlimited Cash Rewards Credit Card for Students

  • Annual fee: $0
  • Purchase APR: 14.24%–24.24%
  • International transaction fee: 3%
  • Cash back rate: Unlimited 1.5%
  • Best for: Students that love cash back and a few extra perks
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Capital One Journey Student Rewards

  • Annual fee: $0
  • Purchase APR: 26.99%
  • International transaction fee: $0
  • Cash back rate: Up to 1.25%
  • Best for: Students who enjoy international travel

Other Helpful Decision-Making Q&As

MoneyGeek outlined the most frequently asked questions about the Bank of America Unlimited Cash Rewards Credit Card for Students. Our guide can help you make a clear decision.

Still not sure about this card? Consider these options.

There are other options for student credit cards if you’re still unsure about this card. MoneyGeek also outlined our top picks for travel credit cards.

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.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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