MoneyGeek’s Take

Bank of America® Unlimited Cash Rewards Credit Card for Students Review

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Updated: June 13, 2024

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Bank of America® Unlimited Cash Rewards Credit Card for Students
Credit Card logo for Bank of America® Unlimited Cash Rewards Credit Card for Students
MoneyGeek Rating
3.9/ of 5

Rewards RateEarn unlimited 1.5% cash back on all purchases.
APR18.24%–28.24% Variable
Annual Fee$0
Recommended Credit670-850 (Good to Excellent)

The Bank of America® Unlimited Cash Rewards Credit Card for Students is a reliable financial companion. Designed especially for students, it offers consistent rewards without the burden of an annual fee and brings the added benefit of a generous welcome bonus. Its versatility shines with its introductory interest-free period suitable for purchases and transferring balances. Moreover, the fusion of cutting-edge contactless technology ensures secure and swift transactions. While it favors those with robust credit and doesn't focus on niche rewards, it stands out as a well-rounded card packed with undeniable benefits.

Bank of America® Unlimited Cash Rewards Credit Card for Students Overview

When selecting a credit card, a thorough evaluation of its features is essential to ensure it aligns with one's financial goals and lifestyle needs.

  • Rewards rate: Earn 1.5% cash back on all purchases.
  • Welcome offer: Earn $200 cash reward after spending $1,000 within the first 90 days of opening your account.
  • Regular APR: 18.24%–28.24% variable.
  • Annual fee: No annual fee.
  • Foreign transaction fee: None.

Important Card Details

Navigating the vast world of credit cards can be a daunting task, especially when deciphering the actual value behind flashy offers and rewards. In the following analysis, we delve deep into the features of the Bank of America® Unlimited Cash Rewards Credit Card for Students, weighing its benefits against potential drawbacks to provide a comprehensive understanding for potential cardholders.

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    Cash Back Rewards

    The Bank of America® Unlimited Cash Rewards Credit Card for Students offers a robust 1.5% cash back on every purchase, a rate that's consistently competitive in the credit card landscape. What sets this card apart is the potential boost for Preferred Rewards members. Imagine making a purchase and getting up to 2.62% of its cost back. For college students with tight budgets, this additional cash back can offer relief and serve as a smart incentive for financially responsible behavior.

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    Welcome Offer

    A $200 reward just for using the card might sound too good to be true, but it's precisely what this card promises. Within the first 90 days, once the $1,000 spending threshold is crossed, that bonus cash can be a significant boon. For students managing expenses like textbooks and supplies, reaching that spending mark might be easier than expected. This early bonus encourages card usage and provides a head start in rewards accumulation.

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    Fees

    No one likes hidden or unexpected costs, especially students on a budget. The absence of annual fees on this card means more savings in the long run. However, while the card boasts numerous advantages, it's essential to note the 3% balance transfer fee. This fee could catch some off-guard if they want to move balances from another card. Being aware of such specifics helps in making informed financial decisions.

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    0% Intro APR

    The 0% introductory APR for the first 15 billing cycles is a standout feature. The 0% introductory APR for the first 15 billing cycles is a standout feature. Whether making a significant purchase or transferring a balance, this grace period can save students from accumulating interest — a crucial lifeline when managing tuition or other major expenses. However, after the intro period, the APR jumps to a variable range of 18.24% to 28.24%.

How the Bank of America® Unlimited Cash Rewards Credit Card for Students Compares

Comparing the features and benefits of two credit cards provides a clearer perspective on which suits your financial and lifestyle needs.

How This Card Compares

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Bank of America® Unlimited Cash Rewards Credit Card for Students

  • Rewards rate: Earn 1.5% cash back on all purchases.
  • Welcome offer: Earn a $200 cash reward after spending $1,000 within the first 90 days of opening your account.
  • Regular APR: 18.24%–28.24% variable.
  • Annual fee: No annual fee.
  • Foreign transaction fee: None.
  • Best for: Students seeking consistent cash back rewards without worrying about annual or foreign transaction fees and those looking to capitalize on a lucrative welcome offer.
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Discover it® Student Cash Back

  • Rewards rate: Earn 5% cash back on each quarter’s activated rotating categories (on up to $1,500 in combined purchases, then 1%) and 1% on all other purchases.
  • Welcome offer: Discover will match all cash back earned at the end of your first year with the card.
  • Regular APR: 18.24%–27.24% variable
  • Annual fee: No annual fee. Foreign transaction fee: None.
  • Best for: Students wanting to maximize rewards through rotating categories and those who appreciate an end-of-year cash back match as a unique welcome boost.

About Grace Pilling


Grace Pilling headshot

Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.

Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.


*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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