Bank of america credit card international student

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Students who want to maximize rewards and are willing to tolerate a card with a more complex system of cash back rewards may opt for the Bank of America® Customized Cash Rewards Credit Card for Students*, which earns 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. Cash back is limited on up to $2,500 in the 3% and 2% categories combined each quarter. Earn an unlimited 1% on all other purchases.

The card also offers a solid welcome bonus and introductory APR. Better yet, the card has no annual fee, making the card an all-around solid choice for students interested in earning cash back while building good credit habits and financial history.

Bank of America® Customized Cash Rewards Credit Card for Students

Welcome Bonus

$200 cash rewards bonus

Regular APR

16.99% - 26.99% variable

Pros

• FICO score for Free
• Intro APR offer with a generous term
• Competitive cashback reward rates
• Easy-to-earn welcome bonus

Cons

• 3% foreign transaction fee
• High penalty APR and late fee
• High to very high standard APR, depending on your credit

Highlights

• Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
• 3% cash back in category of choice: gas, online shopping, dining, travel, drug stores, or home improvement-furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases
• Your cash rewards don’t expire. Each month, as you plan for future purchases, you can change your 3% choice category online or through our mobile app
• Use the free and easy ShopSafe® service when you shop online to generate a temporary credit card number so your real card number remains completely private and protected
• Access your FICO® Score updated monthly for free, within your Mobile Banking app or in Online Banking

Introduction

Traditionally, students trying to build credit weren’t given a large array of options when it came to cards that earned rewards, but with the Bank of America® Customized Cash Rewards Credit Card for Students* students can start earning rewards, just with a few extra limitations. Most schools now allow tuition costs to be put on credit cards—wouldn’t it be nice to earn cash back or defer payments with a low introductory APR?

With the Bank of America® Customized Cash Rewards Credit Card for Students*, you’ll earn 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. Cash back is limited on up to $2,500 in the 3% and 2% categories combined each quarter. Earn an unlimited 1% on all other purchases. The categories of choice are gas, online shopping, dining, travel, drug stores or home improvement/furnishings and can be changed once each calendar month via the Bank of America Mobile App or Online Banking. The card also earns 1% cash back on all other purchases.

The card is a useful starter cash-back card, but fails to deliver when it comes to extra benefits. With the standard set of Bank of America extras like paperless statements, online banking and mobile app account management, contactless payment and digital wallet technologies, the card integrates the standard features of any card but doesn’t provide anything to sweeten the deal in the benefits area.

Interestingly, the card also offers a 0% introductory APR for 18 billing cycles on purchases and balance transfers, after that a variable APR of 16.99% - 26.99% applies. Balance transfer must be completed within 60 days of opening account. A balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, applies, an uncommon feature in a student card. Those considering using the card to transfer balances should be aware that the card charges a balance transfer fee, so we recommend doing the math to make sure a transfer makes sense.

Compare Bank Of America Customized Cash Rewards For Students Credit Card With Other Cards

At a Glance

• No annual fee
• Choose the top-earning 3% cash-back category from several categories
• Welcome bonus: $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening
• Comes with an introductory APR offer

Bank Of America Customized Cash Rewards For Students Credit Card Rewards

Earning Rewards

A capped 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. Cash back is limited on up to $2,500 in the 3% and 2% categories combined each quarter. Earn an unlimited 1% on all other purchases.

The 3% category of choice and the 2% grocery store and wholesale club earnings are restricted to the first $2,500 in combined spending each quarter. This quarterly limit caps the maximum total reward in both 2% and 3% earning categories at $300 in cash back—and that’s only if maximum spend is accomplished only in choice categories before spending at grocery stores or wholesale clubs at all.

The 3% cash-back category options are fairly broad. The selectable categories include gas, online shopping, dining, travel and drug stores, or both home improvement and furnishings. Category swapping is possible once per calendar month online or via mobile app and defaults to gas.

An additional reward to consider is the welcome offer: $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.

Redeeming Rewards

Bank of America makes redeeming rewards fairly straightforward while still providing plenty of options. Cardholders can select how they’d like to receive rewards:

• As a statement credit of any amount
• As a direct deposit into a Bank of America checking or savings account of any amount
• As a credit to an eligible account with Merrill of any amount
• As a check, with minimum redemption of $25
• As a contribution to a 529 account with Merrill, with minimum redemption of $25

Account holders can also set up automatic redemptions to either a Bank of America or Merrill account, given that redemptions are worth at least $25. No other redemption methods qualify for automation.

Rewards don’t expire unless the account is closed.

Rewards Potential

In order to estimate this card’s rewards, we have to make some assumptions about typical college student expenses. Forbes Advisor made estimations based on research from various government agencies.

The Bank of America Customized Cash Rewards Credit Card for Students earns 3% cash back in a chosen category. To maximize earnings, we chose dining, for which the typical college student spends $1,574 per year for a total of $47.22 cash back. Earning 2% on grocery spending of $1,574 earns an additional $31.48 cash back, and remaining spending of $10,492 earns $104.92 for a total of $183.62 cash back each year.

0% Introductory Rates

The Bank of America Cash Rewards for Students offers a 0% introductory APR for 18 billing cycles on purchases and balance transfers, after that a variable APR of 16.99% - 26.99% applies. Balance transfer must be completed within 60 days of opening account. A balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, applies.

Bank Of America Customized Cash Rewards For Students Credit Card Benefits

• $0 Fraud Liability: Cardholders aren’t responsible for unauthorized transactions.
• Contactless Chip Technology: Fast and easy card use where available.
• Overdraft Protection: Optional used as an overdraft protection for a Bank of America checking account.
• Paperless Statement Option: Go green; receive statements digitally.
• FICO Score: Monthly FICO scores online or via mobile app.
• Account Alerts: configurable account change alerts via email, text and mobile app.
• Online and Mobile Banking: Mobile apps allow users to view transactions, pay bills and transfer funds.
• Digital Wallet Technology: Use the card with Apple Pay, Google Pay or Samsung Pay.

Fine Print

Interest Rates

• Regular APR: 16.99% - 26.99% variable
• Purchase Intro APR: 0% introductory APR for 18 billing cycles for purchases
• Balance Transfer Intro APR: 0% Introductory APR for 18 billing cycles for any balance transfers made in the first 60 days

Fees

• Annual Fee: $0
• Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
• Cash Advance: Direct Deposit and Check Cash Advances: Either $10 or 3% of the amount of each transaction, whichever is greater.
  ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater.
• Foreign Purchase Transaction Fee: 3% of the U.S. dollar amount of each transaction

How the Bank of America Customized Cash Rewards For Students Card Stacks Up

Bank of America® Customized Cash Rewards Credit Card for Students* vs. Bank of America® Travel Rewards credit card for Students*

Those students who plan to travel abroad may prefer the Bank of America® Travel Rewards credit card for Students*. The Travel Rewards for Students card offers a straightforward and unlimited 1.5 points per dollar on all purchases everywhere, every time with no expiration on points and a welcome bonus: 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of account opening.

The points earned with the Travel Rewards for Students card can be redeemed for a statement credit against travel purchased any way you’d like without being limited to specific airlines or restricted by blackout dates. The card offers a similar 0% introductory APR for 18 billing cycles on purchases and balance transfers made within 60 days of opening the account. After that, a standard APR of 16.99% - 26.99% variable on purchases and balance transfers will apply. A balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, applies, but doesn’t charge foreign transaction fees.

Bank of America® Customized Cash Rewards Credit Card for Students* vs. Discover it® Student Cash Back

The Discover it® Student Cash Back offers a slightly different cash-back scheme, earning 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when paying with PayPal, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases. With Unlimited cashback match - Discover will automatically match all the cash back earned at the end of the first year. There's no minimum spending or maximum rewards.

The Bank of America Cash Rewards for Students card delivers a maximum of $300 cash back reward in its limited earn categories and so does the Discover it® Student Cash Back. The decision as to which system is better will depend on expected spending habits. The welcome bonus from the Bank of America Cash rewards card is static, but in lieu of a welcome bonus the Discover it® Student Cash Back will match all cash-back earned at the end of the first year.

Bank of America® Customized Cash Rewards Credit Card for Students* vs. Chase Freedom® Student credit card

With an unlimited 1% cash back on all purchases and no low introductory APR or any other rewards earning beyond a relatively small welcome bonus, the Chase Freedom Student demonstrates how much the Cash Rewards for Students card does actually offer.

The Chase Freedom Student offers $50 bonus after the first purchase is made within the first 3 months from account opening. This contrasts sharply with the Bank of America® Customized Cash Rewards Credit Card for Students*‘s more generous welcome bonus. Without additional cash-back rewards or major additional perks, the only benefit to having the Chase Freedom Student is that of any student card: the ability to build stronger credit and learn healthy spending habits while working toward a better card.

Is the Bank of America Customized Cash Rewards For Students Card For You?

The Bank of America® Customized Cash Rewards Credit Card for Students* could be a logical fit for students seeking a rewarding way to build credit, learn healthy spending and credit habits and who aren’t interested in seeing those rewards limited to travel use.

With its category-based rewards structure, solid welcome bonus and a nice introductory APR period, the Customized Cash Rewards for Students card can be a great building block for a student to build credit while learning how to manage their spending.

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