Our Verdict
With solid-for-a-student-card earnings of 1.5% unlimited cash back on all purchases and a great low introductory APR on purchases and balance transfers, the Bank of America® Unlimited Cash Rewards credit card for Students makes for a strong offering. Its weakest link is its lack of major benefits that are often seen with non-student rewards cards. The card also comes with a welcome bonus that provides an opportunity for new cardholders to earn $200 cash rewards bonus after spending $1,000 in purchases within the first 90 days of opening the account.
Pros
- No annual fee
- Introductory APR on purchases and balance transfers
- Solid rewards earning
- Welcome bonus
Cons
- No major benefits
- High balance transfer fee
- High foreign transaction fee
Highlights
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn unlimited 1.5% cash back on all purchases.
- No annual fee.
- No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
- When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
- Contactless Cards – The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Introduction
For students who don’t want to worry about bonus or rotating quarterly categories with caps or those who want a solid low introductory APR but don’t need fancy benefits, the Bank of America® Unlimited Cash Rewards credit card for Students makes a compelling case. For a student card, its 1.5% unlimited cash back on all purchases offers solid cash back. While other student cards offer this same earning rate, few offer better flat-rate cash back.
The card’s other main appeal is its 0% intro APR for 15 billing cycles for purchases and balance transfers made in the first 60 days, 19.24% - 29.24% variable APR thereafter. A 3% balance transfer fee applies for the first 60 days, then 4%. The card’s balance transfer fee means a transfer will still cost the cardholder money, but it likely won’t be as expensive as keeping a balance on another card while it accrues interest. Students not yet familiar with balance transfers or how they work can learn more about them. We don’t recommend anyone, especially a student, make purchases that can’t be paid off in full each month. But with careful planning, an introductory APR offer can be a great tool to finance a large purchase.
The card’s lack of substantive extra benefits is fairly normal for student cards. The card does have $0 fraud liability and many convenience perks of a big bank: Online and mobile banking, account alerts, digital wallet capability, tap-to-pay technologies and more, but these are also found with many other cards in the student credit card space.
Quick Facts
- $0 annual fee
- New cardholders can earn a $200 cash rewards bonus after spending $1,000 in purchases within the first 90 days of opening the account
- Earn 1.5% unlimited cash back on all purchases
- Introductory APR on purchases and balance transfers
Bank of America Unlimited Cash Rewards Credit Card for Students Rewards
Earning Rewards
The Bank of America® Unlimited Cash Rewards credit card for Students earns 1.5% unlimited cash back on all purchases. Rewards do not expire as long as the account remains open.
The card also offers a welcome bonus. New cardholders can earn $200 cash rewards bonus after spending $1,000 in purchases within the first 90 days of opening the account.
Redeeming Rewards
Rewards earned with the Bank of America® Unlimited Cash Rewards credit card for Students card can be redeemed into a Bank of America checking or savings account, into eligible Merrill accounts, including 529 accounts or as a statement credit.
Rewards Potential
To determine the rewards potential of the Bank of America® Unlimited Cash Rewards credit card for Students, we calculate what a typical college student might spend annually. Forbes uses data from various government agencies to determine annual expenses and spending averages across various categories.
The Bank of America® Unlimited Cash Rewards credit card for Students offers a 1.5% rewards rate on all purchases. At a return rate of 1.5% on typical annual expenses of $18,190, the average college student could expect to earn $272.85 in cash back per year.
Introductory Rates
The Bank of America® Unlimited Cash Rewards credit card for Students offers eligible applicants a 0% intro APR for 15 billing cycles for purchases and balance transfers made in the first 60 days, 19.24% - 29.24% variable APR thereafter. A 3% balance transfer fee applies for the first 60 days, then 4%.
Other Bank of America Unlimited Cash Rewards Credit Card for Students Benefits
- $0 fraud liability. Cardholders aren’t responsible for unauthorized charges.
- Access your FICO Score. Get regular no-extra-cost access to your FICO Score.
Fine Print
Interest Rates
- Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers
- Purchase intro APR: 0% Intro APR for 15 billing cycles for purchases
- Balance transfer intro APR: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Fees
- Annual fee: $0
- Foreign purchase transaction fee: 3%
- Balance transfer fee: 3% for 60 days from account opening, then 4%
How the Bank of America Unlimited Cash Rewards Credit Card for Students Stacks Up
Bank of America® Unlimited Cash Rewards credit card for Students vs. Bank of America® Travel Rewards credit card for Students
Want points instead of cash back? The Bank of America® Travel Rewards credit card for Students earns 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open and a welcome bonus: Earn 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening. A major benefit of the travel card is its lack of foreign transaction fees.
Which card will be better depends on your goals. Those who want straightforward cash back or to do a balance transfer should go with the Bank of America® Unlimited Cash Rewards credit card for Students. Those traveling or studying abroad are likely better off with the Travel Rewards Card for Students. The extra benefits are almost entirely the same.
Bank of America® Unlimited Cash Rewards credit card for Students vs. Capital One Quicksilver Student Cash Rewards Credit Card
The Capital One Quicksilver Student Cash Rewards Credit Card also offers 10% cash back on purchases made with Uber & Uber Eats through 11/14/2024, unlimited 5% cash back on hotels and rental cars booked through Capital One Travel and 1.5% unlimited cash back on every purchase. However, it offers no introductory APR and a small welcome bonus of $50 after spending $100 in the first three months (rates & fees). Unlike the Bank of America® Unlimited Cash Rewards credit card for Students, the Capital One Quicksilver Student Cash Rewards Credit Card does offer some excellent extra perks: Travel accident insurance, extended warranty protection and more.
Bank of America® Unlimited Cash Rewards credit card for Students vs. Discover it® Student Cash Back
With 5% cash back up to $1,500 per quarter in must-be-activated selective categories and 1% cash back on all other eligible purchases, the Discover it® Student Cash Back offers big cash-back earning power within limitations. For students who can maximize each select category each quarter, a maximum bonus cash back of $300 can be earned each year from the bonus categories alone.
To earn $300 cash back with the 1.5% rate offered by the Bank of America® Unlimited Cash Rewards credit card for Students on everyday purchases, a student cardholder would need to spend $20,000. Too bad you can’t usually pay tuition with a credit card fee-free—there are other issues if you could, specifically the low credit limits of student cards. Discover also matches all cash back earned in the first year of card ownership.
Compare the Bank of America® Unlimited Cash Rewards Credit Card for Students With Other Cards
Is the Bank of America Unlimited Cash Rewards Credit Card for Students for You?
For students who want easy-to-understand and easy-to-earn unlimited 1.5% cash back on all eligible purchases, the Bank of America® Unlimited Cash Rewards credit card for Students may be a good option. However, students should compare this card with its competitors. An earnings rate of 1.5% or a points reward of 1.5 points per dollar is offered by several other cards and the benefits of those other cards may provide more value to some students. Overall, the card is a solid student offering from Bank of America that won’t make the same cash back as the most premium student cards but we believe it can still get the job done.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
