Bank of America Unlimited Cash Rewards credit card for Students Review

Bank of America Unlimited Cash Rewards credit card for Students Review

Bank of America® Unlimited Cash Rewards credit card for Students is a great option for students who want to earn cash-back rewards while managing their finances responsibly. With this card, you can enjoy a simple earning rate of 1.5% on all purchases and a sign-up bonus of $200 in online cash rewards after spending at least $1,000 in the first 90 days of opening an account. Moreover, there is no annual fee and a generous introductory APR offer. This card offers everything you need to start building your credit and earning rewards as a student. 

Quick Highlights

• Earn a $200 online cash rewards bonus after making at least $1,000 purchases within the first 90 days of account opening.
• Enjoy unlimited 1.5% cash back on all purchases made with your card.
• There is no annual fee to worry about.
• There is no limit to the amount of cash back you can earn, and your rewards will stay active as long as your account remains open.
• Take advantage of a 0% introductory APR for 15 billing cycles on purchases and balance transfers within the first 60 days—after that, a variable APR of 18.24% – 28.24% will apply. A 3% introductory balance transfer fee will apply for the first 60 days; a 4% fee will apply for future transfers.
• Using your credit card responsibly can help you build your credit history, which can be beneficial when applying for housing, car loans, and employment. Monitor your FICO® Score for free through Online Banking or your Mobile Banking app.
• Enjoy the convenience and security of a contactless card for easy tap purchases.
• Take advantage of this online-only offer by applying now. It may not be available if you leave the page or visit a Bank of America financial center.

Benefits of Bank of America Unlimited Cash Rewards Credit Card for Students

• Earn Unlimited Cash Back: Earn unlimited 1.5% cash back on all purchases. You can earn unlimited cash back, and cash rewards do not expire as long as your account remains open.
• $200 Online Cash Rewards Bonus Offer: Get an online $200 cash rewards bonus after making at least $1,000 purchases within the first 90 days of your account opening.
• Establish Good Credit Habits: Easily manage your bank accounts and finances online with Online Banking and our award-winning Mobile Banking app, which helps students control their finances and make payments.
• No Annual Fee: Enjoy no annual fee while earning unlimited cash back on all purchases.
• FICO® Score: Access your FICO® Score, updated monthly for free, within your mobile or online banking app.
• Opt in to receive your score, the key factors affecting your score, and other information that can help you keep your credit healthy.
• Low Introductory APR Offer: 0%† Intro APR for your first 15 billing cycles for purchases and any balance transfers made within the first 60 days of opening your account.
• After the intro APR offer ends, a Variable APR, currently 18.24% to 28.24%, will apply.
• 3%† Intro balance transfer fee for the first 60 days your account opens.
• After the intro balance transfer fee offer ends, all future balance transfer fees are 4%.

Additional Benefits

• Better Money Habits Education: Access to Better Money Habits resources lets you learn how to handle your credit and make smart financial decisions. These tools and tips from Bank of America can help you build a strong foundation for managing your money.

• Financial education: Better Money Habits® provides a wealth of resources and information to help students learn about managing their credit and finances responsibly. This includes tips on building credit, budgeting, and avoiding common financial pitfalls.
• Mobile banking app: With the Bank of America® Unlimited Cash Rewards credit card, students can easily manage their finances with the award-winning Mobile Banking app. This allows them to track their spending, make payments, and more from anywhere.
• Personalized assistance: Sometimes, having one-on-one guidance when managing credit is helpful. Through Better Money Habits, students can schedule an appointment with a Bank of America representative at a time and place that works for them, making it easy to get personalized assistance.

 Rewards Rate

•  1.5% cash back on all purchases

Redeem Rewards

The Bank of America Unlimited Cash Rewards Credit Card for Students offers exceptional flexibility when redeeming your hard-earned cash back. Unlike some cards that limit redemption options or require minimum redemption amounts, you can redeem your rewards for any amount, anytime. Choose from convenient options that fit your needs: apply for statement credits directly to reduce your credit card balance, deposit your cash back into a linked Bank of America® checking or savings account, or even use your rewards for purchases at Amazon or when checking out with PayPal. This level of control ensures you can maximize the value of your cash back and put it towards what matters most to you.

Rates and Fee

• Intro offer: $200
• Annual fee: $0
• Regular APR:24% – 28.24% Variable APR on purchases and balance transfers
• Recommended credit: 670-850 (Good to Excellent)
• Intro Purchase APR: 0% Intro APR for 15 billing cycles for purchases
• Intro Balance Transfers APR: 0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.

Security & Features

• Stay Protected: We take security seriously. Our fraud detection system monitors your account for abnormal activity and alerts you if we suspect fraudulent transactions. Additionally, our $0 Liability Guarantee ensures that you won’t be held responsible for any unauthorized charges on your card.
• Contactless Chip Technology: With our contactless chip technology, you can tap to pay at millions of locations wherever you see the Contactless Symbol. This allows for quick, easy, and secure purchases.
• Balance Connect for Overdraft Protection: Avoid declined purchases and overdraft fees by linking your eligible Bank of America® checking account to your credit card through our Balance Connect service. No transfer fees are charged, and other fees may apply.
• Paperless Statement Option: Go green and opt for paperless credit card statements. Not only does this increase account security, but it also helps to reduce paper consumption.
• Digital Wallet Technology: Easily make purchases in-store or in-app by adding your Bank of America® credit card to your mobile device’s digital wallet. You can use Apple Pay®, Google Pay™, or Samsung Pay for a seamless and secure payment experience.
• Online & Mobile Banking: Bank on the go with our award-winning Online and Mobile Banking. Access your account from almost anywhere and manage your credit card bill payments, fund transfers, available credit, and more.
• Account Alerts: Stay informed about your account activity by setting up email or text alerts for balances and due dates. You can also receive notifications when payments are due and paid.
• FICO Score: With our opt-in option, you can access your FICO® Score for free monthly through our Mobile Banking app or Online Banking. Stay updated on your credit score to make informed financial decisions.

Applying for the Bank of America Unlimited Cash Rewards Credit Card for Students

Eligibility Criteria

While Bank of America doesn’t publicly disclose specific credit score requirements for the Unlimited Cash Rewards Student Card, it’s generally targeted towards students with fair to good credit history (typically a FICO Score of 640 to 700). However, even if you have a limited credit history, you might still be eligible, especially if you can demonstrate responsible financial behavior or have a cosigner with good credit.

Here are some factors Bank of America may consider during your application:

• Credit History: The length and health of your credit history will be a major factor. If you have a limited credit history, consider alternative options like becoming an authorized user on someone else’s credit card or applying for a secured credit card to build your credit first.
• Income: While a steady income isn’t explicitly required, having a source of income (such as a part-time job or financial aid) can improve your approval odds.
• Banking Relationship: Existing Bank of America accounts (checking, savings, etc.) may slightly increase your approval chances.

Application Process

You can easily Apply for the Bank of America Unlimited Cash Rewards Credit Card for Students online or by visiting a Bank of America branch. The application process typically involves submitting basic personal, financial, and employment information. After submitting your application, Bank of America will review your eligibility and notify you of their decision within a few business days.

Customer Service

• Helpline Number: 800.932.2775
• Official Website:  Bank of America

Conclusion

The Bank of America Unlimited Cash Rewards Credit Card for Students offers a compelling combination of straightforward rewards, a manageable credit limit suitable for beginners, and no annual fee. Earning an unlimited 1.5% cash back on all purchases with no cap and the ability to redeem rewards at any time provide a clear path to building cash rewards. The $200 welcome bonus further sweetens the deal for students meeting the spending requirement.

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