$0
0% intro APR for 15 billing cycles on purchases and any balance transfers made within 60 days of account opening
18.24% - 28.24% variable
Good to Excellent
Pros
Cons
The Bank of America® Unlimited Cash Rewards Credit Card for Students offers three compelling features: consistent cash back rewards on all purchases, a lengthy 0% introductory APR, and a welcome bonus that provides a sizable return compared to the spending requirement.
Unlimited Cash Rewards Credit Card for StudentsBank of America Unlimited Cash Rewards Credit Card for Students Overview
If you prefer a credit card with a simple rewards structure over one that maximizes your return on spending, then the Unlimited Cash Rewards Credit Card for Students is a good fit. You'll earn a consistent return of 1.5% cash back on purchases, which is competitive with other cards in its class even if it's not the best available. Rewards are easy to redeem as a statement credit to your card or deposit to a linked bank account, so getting full value takes minimal effort.
The long introductory 0% APR period is excellent for a card that offers a welcome bonus and ongoing rewards. There are cards with even longer 0% introductory rate periods, but unless you need every month you can get before paying down your balance, then the rewards you earn from this card are worth the tradeoff.
One unusual aspect of the Unlimited Cash Rewards Credit Card for Students is its relatively stringent credit requirements for approval compared to other student credit cards. You'll need a FICO score in the good to excellent range, which disqualifies many students who are just beginning to build a credit history. If your credit falls short, consider other options like a secured credit card or a starter credit card that gives you a better shot at approval.
Bank of America Unlimited Cash for Students Rewards
Many student and no-annual-fee credit cards don't come with a welcome bonus and don't earn rewards for ongoing spending, but the Unlimited Cash Rewards Credit Card for Students offers both.
Welcome bonus offer
You'll earn a $200 cash rewards bonus after making $1,000 in purchases in the first 90 days from account opening. That cash bonus is on top of what you'll earn from spending, so you're effectively getting an extra 20% back on your first $1,000 of spending. Many credit cards come with more lucrative bonus offers, but most of those also have higher spending requirements and annual fees. This bonus from the Unlimited Cash Rewards Credit Card for Students is competitive with other no-fee cards, and has a spending requirement that's realistic for student budgets.
Earning rewards
The Unlimited Cash Rewards Credit Card for Students has a simple, consistent rewards structure. You'll earn 1.5% cash back for every dollar you spend on purchases; you won't have to track bonus categories or quarterly calendars, and as the card name implies, there's no limit to the amount of cash back you can earn.
Plenty of cards offer a superior return, including 2% cash back cards and others that earn 5% back or more in select categories. However, 1.5% back is a respectable rate.
You can boost your return on spending further through the Bank of America Preferred Rewards program, which offers bonuses to cardholders who also have banking and investment accounts with Bank of America. However, the balance requirements start at $20,000, which is high enough that most students won't qualify.
How to use rewards
You can redeem cash rewards easily as statement credits to your card account, deposits into a linked Bank of America checking or savings account, or credits to an eligible Merrill account (including 529 college savings accounts). You'll get the same return in each case, so you don't have to worry about trying to maximize the value of your rewards.
There's no minimum threshold for one-time redemptions except to a qualifying 529 account. Automatic redemptions to Bank of America checking and savings accounts, and to other qualifying Merrill accounts have a minimum redemption of $25. However, these rewards don't expire as long as your account remains open and in good standing, so you can save up until you reach the threshold with no risk of losing what you've already earned.
Bank of America Unlimited Cash Rewards for Students Benefits and Features
Like most student credit cards, the Unlimited Cash Rewards Credit Card for Students doesn't come with high-value benefits like travel insurance or airport lounge access. But it does offer standard credit card features like zero liability for fraudulent transactions, contactless payment capability, paperless statements, FICO score updates, compatibility with mobile wallets, overdraft protection, and account alerts. While those features are handy, they shouldn't influence your decision to get the card.
The card's most noteworthy benefit is its 0% intro APR for 15 billing cycles on purchases and any balance transfers made within 60 days of account opening. Following the introductory period, a 18.24% - 28.24% variable APR applies.
You can find credit cards with zero-interest intro 0% APR offers that last for as long as 21 months, but the introductory period on the Unlimited Cash Rewards Credit Card for Students is above average. The long introductory period gives you more time to pay what you owe without incurring interest charges, which translates to money saved if you carry a balance. That's useful if you need to cover expenses like moving costs or tuition and don't have enough cash on hand to pay them upfront. It may also help if you're already carrying a balance on a credit card with a high interest rate — the money you save by avoiding interest charges can more than offset the balance transfer fee.
That said, a 0% APR offer isn't an excuse to spend more than you can afford. Any remaining balance will start accruing interest as soon as the introductory rate expires, so aim to spend only what you'll be able to repay in the allotted 18 months.
Bank of America Unlimited Cash Rewards for Students Annual Fee and Other Costs
The Unlimited Cash Rewards Credit Card for Students has no annual fee, but it does impose several other fees. In addition to a 3% balance transfer fee, you'll pay foreign transaction fees for transactions made in a foreign currency — note that the fee may apply to purchases made online from merchants located in other countries even if you're at home when you buy. That added cost means this card isn't a good option for international travel.
Beyond that, you'll pay fees for cash advances and late payments, but you can avoid all those fees so long as you pay your bill on time and don't make purchases that code as a cash advance.
FAQs
What credit score do you need for the Bank of America Unlimited Cash Rewards for Students?
To have the best shot at getting approved for the Bank of America® Unlimited Cash Rewards Credit Card for Students, we recommend you have at least a good credit score, which means FICO score of at least 670.
What's the minimum age to open the BoA Unlimited Cash Rewards for Students?
To open the Bank of America® Unlimited Cash Rewards Credit Card for Students, you must be at least 18 years old.
Is the Bank of America Unlimited Cash Rewards for Students worth it?
The Bank of America® Unlimited Cash Rewards Credit Card for Students is worth it if you prefer a no-frills card with a solid earning rate on every purchase and don't want to keep track of bonus categories. It's a decent option for earning cash back, but be sure you meet the recommended credit requirement before you apply.
Methodology: How We Reviewed the Bank of America Unlimited Cash Rewards for Students
We compared the Bank of America Unlimited Cash Rewards Credit Card for Students to similar student and 0% APR credit cards from Bank of America and other card issuers, and evaluated several factors, including:
- Rewards earning potential — Does the card earn rewards at competitive rates? Is there a welcome bonus for new applicants?
- Benefits — Are the card's benefits useful? Are there any features that stand out?
- Fees and other costs — If there's an annual fee, do the card's rewards and benefits justify paying it? Does the card offer competitive rates on interest and other fees?
You can read about how we rate credit cards at Personal Finance Insider for a deeper dive into our methodology.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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