Bank of America^® Customized Cash Rewards credit card for Students Review [2025]: Build Credit, Earn Cash

Card basics

Who should get the Bank of America Customized Cash Rewards for Students?

The Bank of America Customized Cash Rewards for Students card is perfect for college attendees who have a limited or no credit history. Through responsible spending and on-time payments, students can use this credit card to build up their credit history, which will benefit them in the future when applying for car loans, home loans, or other financial products.

If you're a student and you've been declined for a regular credit card before, getting a student credit card might be a good idea for you as student cards typically have less stringent requirements. This card also offers a sign-up bonus that will be easy to achieve on most student budgets.

The Bank of America Customized Cash Rewards for Students card is also a great credit card for those who want to earn cashback rewards. Not all credit cards earn rewards, but some of the best student credit cards do. Just be aware that you'll earn only the highest cashback rates on the first $2,500 combined that you spend in those categories every quarter. For most students, this won't be an issue as your budget is not likely to be huge either. But whether this card is the best fit for you depends on your personal spending habits.

This card is not ideal for students traveling overseas, whether for school or pleasure, as it carries a 3% foreign transaction fee on all international purchases. Fees can add up quickly, especially if you're living outside the U.S. for a semester or more. There are other cards that we would consider among the best credit cards for studying abroad.

Bank of America Customized Cash Rewards for Students benefits and perks

• Generous sign-up bonus offer: New cardholders can earn a $200 cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening.
• Customized rewards: This card offers you the ability to choose your highest-earning cashback category, and you can change that category once per month. The categories are gas and EV charging stations, online shopping, dining, travel, drug stores and pharmacy, and home improvement and furnishings. 
• No annual fee: The Bank of America Customized Cash Rewards for Students card has a $0 annual fee, so using this card doesn't have to cost you anything.
• Introductory APR: This card offers a 0% intro APR on purchases and qualifying balance transfers for 15 billing cycles, then a 17.99% - 27.99% Variable APR thereafter. This is helpful if you have existing credit card debt and want to pay it off over time without interest charges. It's also handy if you have large school expenses coming up, such as a new laptop. Just be aware that your balance transfers must occur within the first 60 days from account opening to get the special introductory APR.
• Mobile app: Use the Bank of America mobile banking app to manage both credit card and bank accounts, pay your bill, redeem rewards, and more. The app is available on both iOS and Android.
• Free credit score: Bank of America credit card customers gain access to their FICO credit score for free. Having tools like FICO score access can help students understand how credit works and how they can build a good credit history.  
  
• Overdraft protection: You can opt into Bank of America's Balance Connect service for overdraft protection if you have an eligible Bank of America checking account. 

Drawbacks to this card

• Complicated rewards program: Although it has great reward rates, the spending caps can make it difficult to keep track of your spending and make the most of your rewards earnings.
• Foreign transaction fees: This card carries a 3% foreign transaction fee on all purchases outside of the U.S. Students traveling or studying abroad may prefer credit cards with no foreign transaction fees.
• No rewards for good grades: Some student credit cards offer bonus rewards for getting good grades over a set period of time. There is no such bonus with this Bank of America card.

Earning and redeeming cash back with Bank of America

Best ways to earn

Students can earn rewards in several ways with their Bank of America Customized Cash Rewards for Students. Cash back is earned on all purchases, but the highest rewards rate is in specific categories.

The card can be very versatile given that you get to choose your highest-earning category from the following:

• Gas/EV charging stations
• Online shopping
• Dining
• Travel
• Drug store/pharmacy
• Home improvement/furnishings

One unique feature is that you can switch your chosen bonus category monthly as well. You can do so by visiting your online banking account or the Bank of America mobile app. So if you need to furnish your dorm room or apartment, switch your category to home improvements/furnishings to make the most of your spending. If you're booking travel next month, then switch to the travel category. Being strategic with your spending can lead to an increase in your extra cashback rewards.

There is a catch to earning rewards with this credit card: there is a $2,500 spending cap for each quarter that applies to the elevated bonus categories combined. After you spend $2,500 in both of those categories, all your purchases will earn just 1% regardless of category. Although $2,500 spending quarterly may seem like a lot for a college student, that comes out to a little over $800 per month, and it's plausible that you may spend that much on travel and groceries combined or a combo of dining and groceries.

Maximizing your redemptions

Bank of America offers several redemption options for students to consider. You can redeem your cashback rewards for a statement credit, a deposit into Bank of America accounts (such as a savings account or checking account), a credit to a Merrill Cash Management Account or Merrill 529 account, or a paper check.

The following redemptions have no minimum redemption requirement:

• Statement credits
• Manual direct deposits
• Credits to Merrill Cash Management Accounts

Redemptions with a $25 minimum redemption required include:

• One-time 529 account contributions
• Paper checks
• Automatic redemptions for direct deposits
• Automatic credits to Merrill Cash Management Accounts

Cashback rewards never expire as long as your account stays open and active.

FAQs

Other cards to consider

Discover it^® Student Cash Back

Another student credit card to consider is the Discover it^® Student Cash Back. You can earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases. 

The Discover it Student Cash Back card also comes with a generous welcome bonus: Discover will match all the cash back you’ve earned at the end of your first year. 

You don't have to do anything to earn the bonus besides use your card, and there are no limits on how much you can earn.

Cash Back for Those New to Credit

Discover it^® Student Cash Back

4.75

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Discover it^® Student Cash Back

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Rates and fees

Current Offer

Discover will match all the cash back you’ve earned at the end of your first year.

Annual Fee

$0

Rewards Rate

Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Benefits and Drawbacks

Benefits

• Intro APR on purchases
• Excellent welcome offer
• Useful redemption options, including on Amazon and PayPal
• $0 annual fee

Drawbacks

• You must be a student at a 2- or 4-year college or university
• Discover isn’t accepted quite as widely as Visa or Mastercard abroad
• You have to activate the highest earning categories each quarter

Card Details

• INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $50 cash back into $100. Or turn $100 cash back into $200.
• Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
• Redeem cash back for any amount
• No credit score required to apply.
• No annual fee and build credit with responsible use.
• 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 16.99% - 25.99% applies.
• Terms and conditions apply.

Capital One Savor Student Cash Rewards Credit Card

If you're an international traveler or plan to study abroad, the Capital One Savor Student Cash Rewards Credit Card might be a better fit. This card has no foreign transaction fees, and if you use the card to pay for your trip you have access to travel accident insurance.¹ <p class="">For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.<br></p>

You can also earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal; unlimited 5% cash back on hotels, vacation rentals and rental cars booked through Capital One Travel; 3% on dining, entertainment, streaming services, and grocery stores (excluding superstores such as Walmart® and Target®); and 1% on all other purchases. Using the Capital One Savor Student Cash Rewards card is a great way to earn maximum rewards on concerts, sporting events, and dining when your spending budget is limited.

Bottom line

The Bank of America^® Customized Cash Rewards credit card for Students is a solid option for students seeking to build credit while earning cash back. Its $0 annual fee, strong welcome offer, and ability to choose bonus categories stand out. But the foreign transaction fee and relatively complicated earning structure may make other cards a better choice. 

For more options, check out our list of the best credit cards for students.

Build Credit and Earn Cash Back

Bank of America^® Customized Cash Rewards credit card for Students

4.75

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Bank of America^® Customized Cash Rewards credit card for Students

Apply Now

Annual Fee

$0

Benefits and Drawbacks

Benefits

• Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
• Introductory APR on purchases and qualifying balance transfers
• Elevated cash back in a popular spending category of your choice
• No annual fee

Drawbacks

• Has foreign transaction fee
• No rewards for good grades

Card Details

• New offer! Earn 6% cash back for the first year 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. You’ll automatically earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. After the first year from account opening, you’ll earn 3% cash back on purchases in your choice category.
• Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
• $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
• No annual fee 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 17.99% - 27.99% 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%. Balance transfers may not be used to pay any account provided by Bank of America.
• 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.
• 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.

Top Checking Offer

Alliant High-Rate Digital Checking

Get your paycheck up to 2 days early with their Early Payday feature.² <p>With Early Payday, Alliant Credit Union may make incoming electronic direct deposits made through the Automated Clearing House (ACH) available for use up to two days before the scheduled payment date. Not all direct deposits are eligible for Early Payday. Early availability of direct deposits is not guaranteed and may vary from deposit to deposit. Early access to funds is dependent on submission of direct deposit by payor and standard fraud prevention restrictions. Whether we make funds available early depends on when we receive the payor’s payment instructions, any limitations we set on the amount of early availability, and standard fraud prevention screening. Available for personal accounts only. Eligible direct deposits are limited to electronic direct deposits of items such as your payroll, pension, and government benefit payments made through the Automated Clearing House (ACH) to your personal account. Other deposits or credits to your account, such as deposits of funds from person-to-person payment services (e.g., Zelle®, Venmo, or PayPal transfers), check or mobile deposits, and other online transfers or electronic credits are not eligible for Early Payday.</p> <p>If Alliant makes funds available early through Early Payday and the payor reverses or requests a return of the deposit, or the funds are otherwise uncollected by Alliant, Alliant may debit your account for the deposit amount previously made available early, which may draw your account negative.</p>

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