Bank of America® Customized Cash Rewards Credit Card for Students review: A top choice for students

As a card designed for students, this card offers a ton of potential. You'll get an intro APR, welcome offer and the chance to earn rewards on your spending. Those are all valuable benefits, but they're also a slippery slope rife with temptation for those new to credit.

The best way to approach this card is with a large amount of studiousness (pardon the pun). In particular, make sure you:

• Have a plan to pay off any balances before the intro APR expires, if you decide to take advantage of it.
• Only spend what you normally would to earn the welcome bonus.
• Don't overspend in the bonus categories just to earn rewards.
• Try to pay your balance off in full each billing cycle to avoid interest charges, which can quickly add up.

If you follow these best practices, not only will you graduate with knowledge — you'll also have a healthy credit profile to add to your list of accomplishments. 

The Bank of America Cash Rewards for Students offers one of the best earning structures for a student credit card, similar to the standard and secured versions of the card. 

Students also have the freedom to pick a 3 percent bonus category each month, which can be both a learning tool and a way to earn rewards. The online shopping category, in particular, can be lucrative for rewards. 

Rewards: Excellent rates for a student card

The Bank of America Cash Rewards for Students earns 3 percent back in your chosen category, with a wide variety of choices. You can switch your category once per month, allowing you to adjust to your spending needs. You’ll also earn 2 percent back at grocery stores and wholesale clubs and 1 percent back on other purchases. The 2 percent and 3 percent bonus rates only apply to the first $2,500 in combined spending each quarter, after which you’ll earn 1 percent back. You won’t find better rates on a student card in most of the 3 percent categories plus most cards don't offer bonus rewards for wholesale clubs, making this a solid cash back credit card. While you do face a spending limit, it's not too limiting since it’s pretty high for most student needs.

The 2 percent and 3 percent bonus rates only apply to the first $2,500 in combined spending each quarter, after which you’ll earn 1 percent back. You won’t find better rates on a student card in most of the 3 percent categories. Plus, most cards don't offer bonus rewards for wholesale clubs, making this a solid cash back credit card. While you have a spending limit, it’s pretty high for most student needs.

This card also has some flexible redemption options. You can redeem cash back in any amount for statement credits on your credit card, a deposit into a Bank of America checking or savings account or a deposit into an eligible account with Merrill. Or, starting at $25, you can contribute your cash back rewards to a 529 account at Merrill or redeem for a check.

Welcome offer: Easily attainable and generous bonus

The Bank of America Cash Rewards for Students offers an easy-to-earn welcome bonus. You’ll earn a cash rewards bonus of $200 when you spend $1,000 on your card within 90 days of account opening. That works out to spending around $334 per month. 

It should be easy to hit the minimum spending requirement if you use your credit card for regular purchases. Many student credit cards don’t offer a welcome bonus at all, but this card has a generous reward for manageable spending. It becomes even more palatable when coupled with the intro APR offer, which provides more flexibility to pay off your balance.

Intro APR: Offers can help manage expenses

The intro APR offer is generous by any credit card standard, making it an excellent offer for a student card. You get a 0% intro APR on purchases and balance transfers made within the first 60 days for the first 15 billing cycles, with a variable APR of 18.24% - 28.24% Variable APR on purchases and balance transfers afterward. You can even take advantage of an intro balance transfer fee. The balance transfer fee for the first 60 days your account is open is 3% with future balance transfers carrying a 4%. (Balance transfers may not be used to pay any account provided by Bank of America.)

You can even take advantage of an intro balance transfer fee. The balance transfer fee for the first 60 days your account is open is 3% with future balance transfers carrying a 4% rate. (Balance transfers may not be used to pay any account provided by Bank of America.)

This offer can benefit students beginning their credit journey by giving them a relatively long leash to make purchases and consolidate debt without accruing interest. Responsibly using this offer will also help students build their credit. Combined with the welcome bonus, this provides terrific initial value for any student beginning their credit history.

While the Bank of America Cash Rewards for Students is a solid card, some students may find the rewards structure overwhelming. You might also want a different card if you’re planning to travel abroad.

Rates and fees: Foreign transaction fees will eat into rewards

The Bank of America Cash Rewards for Students doesn’t charge an annual fee, but it does charge a foreign transaction fee. These fees will outweigh any rewards earned. If you plan on traveling abroad, you’ll want to consider other options like the Discover it® Student Cash Back which has no foreign transaction fee. 

Also, if you decide to transfer a balance in the first 60 days, you'll have to pay a balance transfer fee, which could affect how much you'll save. While this and other fees like a penalty APR are typical for student cards, you should factor in these costs to determine if this card is right for you. 

Perks: Nothing remarkable

This card comes with fairly common benefits, such as:

• Free FICO Score access each month
• Zero liability for fraudulent purchases charged to your credit card
• Set up alerts to inform you when a purchase is made on your card, payment is due or a payment has been made
• Chip technology for enhanced security and protection
• Overdraft protection

These unremarkable benefits don’t provide any added incentive to open the card. While viewing credit growth via free access to your FICO Score can be helpful, most cards offer this benefit. However, perks tend to be light on student cards, so the focus should be on rewards, credit building and intro offers, which are all strong. 

Limitations: Plenty to remember

While the Bank of America Cash Rewards for Students is a solid card, it has plenty of details to remember. You’ll need to remember to select your 3 percent category to earn rewards. If you want to change the category, you can only change it once per calendar month. You’ll also need to track your spending since there is a quarterly cap of $2,500 in combined purchases in the 3 percent and 2 percent categories. While that's a high amount for students, it’s still something to keep in mind.

If you forget these details, you’ll only earn an unimpressive 1 percent on your purchases. This can be a complicated rewards structure, especially if you're new to credit cards or have a busy student schedule. While the payoff can be greater than other cards, the potential to miss out if you are not on top of your spending is also great.

There are many starter credit cards for students available with similar benefits. Here’s how this card stacks up.

Not quite hitting the mark? Consider these other choices.

Chase Freedom Rise®

A strong first credit card

Bank of America® Customized Cash Rewards Secured Credit Card

Earn rewards while building credit

Our proprietary card rating system takes into account a mix of factors when scoring credit cards for students and people building credit, including each card’s cost, APR, credit-building tools and more.

We analyzed over 50 of the most popular cards designed for students and people with no credit history, bad credit or a fair credit score and scored each based on where its key features stood in relation to others in its category. 

Here are some of the key factors that gave this card its score: