Bank of America^® Unlimited Cash Rewards credit card for Students [2024]

Card basics

FinanceBuzz star rating	4.8 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.
FinanceBuzz valuation1	Year 1: $409 Year 2: $209
Annual fee	$0
Welcome offer	Earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
APR	0% intro APR on purchases for 15 billing cycles, and then 18.74% - 28.74% Variable 0% intro APR on qualifying balance transfers for 15 billing cycles for any balance transfers made in the first 60 days (then 18.74% - 28.74% Variable) along with a balance transfer fee of 3% for 60 days from account opening, then 4%
Reward rate	Unlimited 1.5% cash back on all purchases
Other card benefits	Free monthly FICO score Educational tools for building credit
Recommended credit score	Excellent, Good

Who should get this card?

It's been a long time since I've been in college (go Blue Jays!), but I remember how overwhelmed I felt managing my courses, work, and money for the first time. The last thing I could've handled would be a complicated credit card with special rewards categories or activation periods, so I find the Bank of America^® Unlimited Cash Rewards credit card for Students a good choice if you want a basic, easy-to-use card.

Thanks to the card's structure, the following groups might benefit the most.

Students looking to earn rewards on basic college expenses

You've likely heard about credit card rewards, but you may not know how they work. Put simply, some cards give you cash back, airline miles, or points when you make a purchase. However, they can sometimes be complicated, requiring you to keep track of different categories or remember to activate special bonus categories.

By contrast, this student card is easier to manage. It simply allows you to earn an unlimited 1.5% cash back on all purchases you make, making it a good choice for credit card beginners. This also gives you more flexibility to get rewarded for everything from your utility bills and meals to your electronics and college bookstore purchases.

Students who need to finance a major purchase

With this Bank of America credit card, you can benefit from a 0% intro APR on purchases for 15 billing cycles, and then 18.74% - 28.74% Variable.

So, what does that mean for you? If you have a major purchase — like a new laptop for class — you can buy it with your card and have 15 billing cycles to pay it off without worrying about interest charges.

On the other hand, it could also benefit you if you’ve already made a big purchase on another card and want to escape high interest charges via a qualifying balance transfer. You’ll just need to pay a balance transfer fee of 3% for 60 days from account opening, then 4%, to move the debt and enjoy a 0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days (then 18.74% - 28.74% Variable).

What should you know before applying?

As a college student, you likely have very little credit history. Getting a student credit card is usually easier to get than other types of credit, and managing your card responsibly — making your payments on time and keeping your balance low — could help you establish good credit.

However, Bank of America doesn't disclose its minimum credit score requirements. When I reached out to customer support to ask about what range is required, the representative said there wasn't one they could provide and there was no way to check your eligibility without submitting a full application (and undergoing a hard credit check, which can hurt your credit).

Here’s a closer look at this card’s top benefits

The Bank of America Unlimited Cash for Students card has some standout advantages.

Introductory APR

With the introductory APR, you can qualify for a 0% intro APR on purchases and qualifying balance transfers. If you have a large purchase planned, like dorm furniture or a new computer or want to pay down debt and save money, the introductory APR can help. You’ll just need to pay that balance off within the introductory period to avoid interest.

Simple reward structure

While some cards have complex reward structures, the Bank of America Unlimited Cash for Students card keeps it simple. You can earn one flat rewards rate of 1.5% on all purchases. This makes it a good card to use for everything from textbooks to streaming subscriptions.

$0 annual fee

Some credit cards charge annual fees that you must pay regardless of how often you use them. Luckily, the Bank of America Unlimited Cash for Students Card has a $0 annual fee, so there's no cost to carry it.

Credit management tools

Since you probably want to build credit while you’re a student, this card’s monthly FICO score update option is useful for tracking your progress. By using Bank of America’s online banking site or mobile app, you can see your credit score and what’s currently impacting it so you can take action, such as reducing debt or controlling your spending. Plus, Bank of America provides other educational resources.

Drawbacks: Why you may want a different card

Although this credit card may be useful for some students, there are some drawbacks to keep in mind.

Foreign transaction fees

If you plan on studying abroad or traveling for spring break, be aware that this card charges foreign transaction fees. It adds 3% to every transaction completed in another country or in a foreign currency. The competing Bank of America^® Travel Rewards credit card for Students doesn’t.

Lack of other benefits

Some of the best credit cards offer perks like travel insurance or cell phone protection. Those can come in handy if you're traveling abroad or if, like me, you have a tendency to drop and crack your phone. Unfortunately, the Bank of America Unlimited Cash for Students is a barebones rewards card without such features. Plus, you can’t earn a higher rewards rate on certain purchases.

High spending requirement for the welcome bonus

Although the idea of a bonus is appealing, it comes with a catch. You can earn a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. If you’re a cash-strapped college student who is just scraping by, meeting that spending requirement can be challenging, and racking up debt solely to earn a bonus isn't a good idea.

Earning and redeeming cash rewards

Potential earnings in years one and two

Here's a look at how your cash back can add up with the Bank of America Unlimited Cash Rewards for Students card.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $409

Year two earnings: $209

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which takes a look at points earned via spending, the welcome bonus, and the annual fee.

Best ways to earn

Unlike other cards that have tiered rewards structures, this card pays the same cashback rate on every purchase.

Maximizing your redemptions

You get the same value whether you redeem your cashback rewards for statement credits, bank account deposits, or Amazon and PayPal purchases.

Other cards to consider

If the Bank of America Unlimited Cash for Students card isn't for you, consider some of the other best credit cards for students.

Capital One Quicksilver Student Cash Rewards Credit Card

The Capital One Quicksilver Student Cash Rewards Credit Card has a $0 annual fee, and you can earn unlimited 1.5% cash back on every purchase, every day; plus unlimited 5% cash back on hotels and rental cars booked through Capital One Travel.

Where it stands out from the Bank of America Unlimited Cash for Students card is in its welcome offer and fees — you can earn $50 when you spend $100 in the first three months. This is a much more attainable spending requirement for college students.

Plus, the card doesn't charge foreign transaction fees, so it's a better choice if you plan on traveling to or studying in another country.

Read our full Capital One Quicksilver Student Cash Rewards review.

Discover it^® Student Cash Back

Like the Bank of America Unlimited Cash for Students card, the Discover it^® Student Cash Back has a $0 annual fee.

If you're comfortable with more complexity, you could get higher rewards. There’s a rotating bonus category calendar that lets you earn up to 5% cash back on rotating categories each quarter, on up to $1,500 in purchases when you activate. While you have to remember to activate these categories, it can be worth the extra effort.

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

Read our full Discover it Student Cash Back review.

FAQs

Bottom line

If you're a college student and credit card novice, the Bank of America Unlimited Cash for Students card is a good starting point. It's simple and easy to use, and you can earn rewards on everything from groceries to streaming subscriptions. Additionally, its FICO score benefit and educational resources can be appealing when you’re looking to build your credit while in school.

You can likely get more value from another rewards credit card with a tiered rewards structure and additional perks if you’re a more experienced card user. However, the Bank of America Unlimited Cash for Students card is appealing if you're learning to manage money on your own for the first time.

Unlimited 1.5% Cash Back and Low Intro APR Offer

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

4.8

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^® Unlimited Cash Rewards credit card for Students

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Annual Fee

$0

Benefits and Drawbacks

Benefits

• $0 annual fee
• Intro APR offer on qualifying balance transfers and purchases
• Simple flat rewards
• Tools for better managing your credit

Drawbacks

• Charges a 3% foreign transaction fee
• Higher spending requirement for the welcome offer
• Lacks extra benefits such as travel perks and bonus categories

Card Details

• $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
• Earn unlimited 1.5% cash back on all purchases.
• No annual fee.
• No limit to the amount of cash back you can earn 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 18.74% - 28.74% 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%.
• 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. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
• 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.