The Bank of America® Customized Cash Rewards Credit Card for Students offers outsized rewards compared to other student cards, but it lacks accessibility for most young people. See all the pros and cons of this card, and who is most likely to qualify.

Bank of America® Customized Cash Rewards for Students

• Annual fee
  $0
• Welcome offer
  Earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days
• Card type(s)
  Cash-back, Student
• Introductory APR
  0% intro APR on purchases and balance transfers for the first 15 months, after which the standard APR applies
• Purchase APR
  19.24% - 29.24% variable

• Rewards rate
  • 3% cash back* in the category of your choice: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings
  • 2% cash back* at grocery stores and wholesale clubs
  • 1% cash back on all other purchases
  • *Earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in each tier, then earn 1%

• Benefits
  • Access your FICO® Score updated monthly for free, within your Mobile Banking app or in Online Banking.
  • Choose which category you want to earn 3% cash back in

Learn more

Additional benefits

The card also offers access to your FICO credit score, which can help you track your progress as you work to build and maintain good credit.

How to earn rewards

The Customized Cash Rewards Card for Students offers a lot of flexibility to earn bonus cash back on your top spending categories.

For the card's 3% rewards rate, you can choose your bonus category — and even change your selection once a month through your online account or mobile app.

It's important to keep in mind, though, that both the 3% and 2% categories are capped at a combined $2,500 in quarterly spending. If you spend more than that in those areas of your budget, additional purchases will earn just 1% back.

How to redeem rewards

There are a few different ways you can redeem your cash back earned with the card, including:

• A deposit into a Bank of America checking or savings account or an eligible account with Merrill Lynch

• Statement credits on your credit card account

• Contribution to a qualifying 529 account with Merrill Lynch

• Paper check

Note that 529 plan contributions and paper checks require a minimum redemption of $25. There's no minimum for statement credits or deposits. If you only want cash deposits, you can opt for automatic redemptions starting at $25.

Who is the Bank of America Customized Cash Rewards for Students best for?

The card is best suited for graduate students or older undergraduates who have had a chance to build a good credit history. In some cases, college students under the age of 21 may be able to get the card — more on that in a minute — but there's no guarantee.

If you qualify for the card based on those scenarios, consider it if you want flexible bonus rewards on a card that offers value that rivals some of the best cash-back credit cards on the market.

Bank of America Customized Cash Rewards for Students pros

• Great rewards: While it's a student credit card, it offers the same welcome bonus and rewards rates as its non-student counterpart.

• Introductory APR promotion: While 0% APR promotions are common among cash-back credit cards, they're rare among student credit cards.

• No annual fee: You don't need to worry about paying for the privilege of earning rewards and building your credit history.

Bank of America Customized Cash Rewards for Students cons

• Requires good credit: Most college students have a limited credit history or no history at all, making this card difficult to qualify for. If you're under the age of 21, you may be able to get the card if you have a guarantor who is willing to repay the debt in the event that you can't. However, you can't add a guarantor during the application process; you'll need to apply to see if you're eligible to add one.

• Caps on rewards: Students aren't usually big spenders, but you may bump up against the card's rewards caps. If you commonly spend more than $2,500 per quarter (about $830/month) in the higher reward categories, the card’s value may be limited.

• Penalty APR: If you miss a payment, your interest rate can jump to up to 29.99% variable. What's more, it could remain there indefinitely.

Where can you use the Bank of America Customized Cash Rewards Credit Card for Students?

As a Visa credit card, you can use the Customized Cash Rewards Card for Students just about anywhere, including internationally.

How to make a Bank of America Customized Cash Rewards for Students payment

• Online: Log in to your online account and use the bill pay feature, or use your mobile app and select the "Make a payment" button.

• Phone: Call 800-236-6497 and follow the prompts.

• Branch or ATM: Visit your local Bank of America branch or ATM to pay in person. The card issuer's ATMs accept both cash and checks.

• Mail: Send payment in the mail to P.O. Box 15019, Wilmington, DE 19850-5019

Customized Cash Rewards for Students customer service info

• Customer service availability: Phone 24/7; live chat Monday through Friday from 8 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 8 p.m. ET.

• Phone number: 800-732-9194

• Customer service email: Bank of America doesn't offer email support.

• Bank of America Customized Cash Rewards for Students login page

• Credit card FAQs

Alternative cards to consider

If you don't have good credit or you're not sure the Bank of America Customized Cash Rewards for Students is worth it, take some time to compare other top student credit cards. Here are a few to consider.

Capital One Quicksilver Student Cash Rewards Credit Card

• Welcome offer
  Earn a $50 cash bonus after spending $100 within the first 3 months
• Card type(s)
  Student, Cash-back
• Purchase APR
  19.74% - 29.74% variable
• Recommended credit score
  No credit history required

• Rewards rate
  1.5% cash back on all other purchases

• Benefits
  Enjoy international travel without additional fees on purchases made abroad

Learn more

Why we like it: The Capital One Quicksilver Student Cash Rewards Credit Card offers an unlimited 1.5% cash back on every purchase you make. You can also earn a cool $50 when you spend $100 in the first three months.

Capital One Savor Student Cash Rewards Credit Card

• Annual fee
  $0
• Welcome offer
  Earn a $50 cash bonus after spending $100 on purchases within the first 3 months
• Card type(s)
  Student, Cash-back, Dining
• Purchase APR
  19.74% - 29.74% variable
• Recommended credit score
  No credit history required

• Rewards rate
  • 8% cash back on Capital One Entertainment purchases
  • 5% cash back on hotels and rental cars booked through Capital One Travel
  • 3% cash back on dining, entertainment, popular streaming services, and at grocery stores (excluding superstores like Walmart and Target)
  • 1% cash back on all other purchases

• Benefits
  Enjoy international travel without additional fees on purchases made abroad

Learn more

Why we like it: If you spend a lot on food and entertainment, it's hard to go wrong with the Capital One Savor Student Cash Rewards Credit Card. It offers 3% cash back on dining, entertainment, popular streaming services, and grocery stores, plus 1% back on all other purchases.

Like the Quicksilver Student card, this one also offers a $50 bonus when you spend $100 in the first three months. There's no annual fee.

Capital One Quicksilver Secured Cash Rewards Credit Card

• Annual fee
  $0
• Welcome offer
  None
• Card type(s)
  Secured, Cash-back
• Purchase APR
  29.99% variable

• Rewards rate
  • 5% unlimited cash back on hotels and rental cars booked through Capital One Travel
  • 1.5% unlimited cash back on every purchase, everywhere

• Benefits
  • No annual or hidden fees; see if you're approved in seconds
  • Earn back your $200 security deposit as a statement credit when you follow card best use practices, such as making payments on time
  • Be automatically considered for a higher credit in six months with no additional deposit

Learn more

Why we like it: If you're having trouble getting an unsecured credit card, consider the Capital One Quicksilver Secured Cash Rewards Credit Card. It offers 1.5% cash back on all of your purchases and no annual fee, but it doesn't offer a welcome bonus.

Additionally, the card requires a security deposit equal to your desired credit limit, with a $200 minimum. After six months, however, you may be eligible for unsecured credit line increases, and you can get your deposit back at some point if you use the card responsibly.

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