Bank of America Customized Cash Rewards Credit Card for Students Overview

The Bank of America Customized Cash Rewards Credit Card for Students is a great option for young adults who want to build credit while earning rewards. This card offers 3% cash back on gas, 2% cash back at grocery stores, and 1% cash back on all other purchases.

With no annual fee, this card is a budget-friendly choice for students. You can also enjoy a $200 cash rewards bonus after you spend at least $500 in the first 90 days.

This card also offers a credit limit increase of up to $4,000, which can be a huge help for students who need to cover expenses. And, with Bank of America's Keep the Change program, you can automatically transfer your change into a savings account, helping you develop a savings habit.

The Bank of America Customized Cash Rewards credit card for Students is a great option for students who want to earn rewards and build credit. It offers a generous rewards rate with a 3% cash back rate in the category you choose, plus 2% back at wholesale clubs and grocery stores on the first $2,500 in combined purchases each quarter.

One of the standout features of this card is its flexibility. You get to pick the category you earn 3% back in, so you can choose the one that aligns best with your spending habits.

The card also offers a 0% Intro APR for 15 billing cycles, which can help you save on purchases or pay down debt. After that, the APR is 18.24% - 28.24% Variable.

Here are some of the key benefits of the Bank of America Customized Cash Rewards credit card for Students:

The card's rewards structure is designed to help you earn rewards on your regular purchases, making it a great option for students who want to build credit and earn rewards at the same time.

The Bank of America Customized Cash Rewards credit card for Students offers a generous rewards program with no annual fee. You can earn 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs, and 1% on all other purchases.

To earn the $200 online cash rewards bonus, you'll need to spend $1,000 in purchases within the first 90 days of account opening. This is a great opportunity to earn a cash bonus quickly.

Here are the rewards categories you can choose from: gas and EV charging stations, online shopping/cable/internet/phone plans/streaming, dining, travel, drug stores/pharmacies, or home improvement/furnishing purchases.

If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more cash back on every purchase, which means you could earn 3.75%-5.25% cash back on purchases in your choice category.

The Bank of America Customized Cash Rewards credit card offers a 0% intro APR for 15 billing cycles, followed by a variable APR of 18.24% - 28.24%.

This introductory APR offer can be a huge help if you need to make a large purchase and can't pay it off in full right away.

Be aware that you'll be using up some of your available credit with any balance you carry over and any purchase you don't pay off right away.

The card has no annual fee, which is a nice bonus.

You can earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs, and unlimited 1% on all other purchases.

As a Bank of America Preferred Rewards member, you can earn 25%-75% more cash back on every purchase, which could be a significant boost.

The welcome offer on the Bank of America Customized Cash Rewards card for Students is a great incentive to get you started with using the card. You can earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

To put this in perspective, you'll need to spend at least $334 every 30 days for the first 90 days to meet this requirement. This can be a bit challenging, but it's definitely doable if you plan your spending accordingly.

One thing to keep in mind is that the welcome bonus is capped, so you won't be able to earn more than $200, even if you spend more than $1,000 in the first 90 days.

Here are the key details about the welcome offer:

Overall, the welcome offer on this card is a great way to get started with using a credit card, but it's essential to use it responsibly and plan your spending carefully to avoid overspending.

The Bank of America Customized Cash Rewards credit card for students is a great option for those looking to earn rewards while building credit. You can earn up to 3% cash back on your choice category, 2% at grocery stores and wholesale clubs, and 1% on all other eligible purchases.

The card's rewards structure is unique, allowing you to choose your 3% bonus spending category each month from six broad categories: gas, online shopping, dining, travel, drug stores, and home improvement and furnishings. This flexibility makes it a good choice for students who make a lot of purchases online.

To maximize your cash-back earnings, you can earn up to $75 each quarter on the 3% choice category alone. However, there's a soft cap on bonus earnings, limiting you to 3% back and 2% back on up to $2,500 in combined spending per quarter.

You can change your category up to once per calendar month, depending on your spending habits. This feature is especially useful for students who anticipate higher spending in one category over others.

Here are the rewards categories and their corresponding cash-back rates:

As a Preferred Rewards member, you can earn 25% to 75% more cash back on each purchase, depending on your tier level. To become a Preferred Rewards member, you'll need to have an eligible Bank of America checking account and a three-month average balance of at least $20,000 in Bank of America deposit or Merrill investment accounts.

The card also offers a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. However, be aware that bonus rewards are capped, and the base reward is just 1%.

You can redeem your cash back rewards with the Customized Cash Rewards card in a few different ways. Deposits into a Bank of America checking or savings account are one option.

You can also credit your cash back to an eligible Merrill account. This is a great way to earn even more rewards or save for the future. Contributions to a 529 savings plan with Merrill are another option, with a minimum redemption of $25.

If you'd rather have a check, you can redeem your cash back for a minimum of $25.

The Customized Cash Rewards credit card has no annual fee, which is a great perk for those who want to avoid extra charges.

However, if you're traveling internationally regularly, you might want to look into another card, as this one comes with a 3% foreign transaction fee.

This fee can add up quickly, so it's something to consider if you're a frequent traveler.

The balance transfer fee is a flat 5% of each transfer, with a minimum of $5 - a relatively standard rate in the industry.

Just keep in mind that this fee is in addition to any interest you may be charged on the transferred balance.

The intro APR offer on purchases and balance transfers is a generous 0% for a certain period, which can help you save on interest over time.

However, be careful not to utilize too much of your available credit with a due balance, as this can negatively impact your credit score.

Redeeming your cash back is a breeze with the Customized Cash Rewards card. You can choose from several convenient options to get your rewards.

You can deposit your cash back into a Bank of America checking or savings account. This is a great way to use your rewards to cover everyday expenses or save for a rainy day.

Another option is to credit your cash back to an eligible Merrill account. This is a good choice if you have investments or other financial goals you're working towards.

You can also use your cash back to contribute to a 529 savings plan with Merrill, with a minimum contribution of $25. This is a great way to save for education expenses.

If you prefer a more traditional approach, you can redeem your cash back by check, but be aware that there's a minimum requirement of $25.

Here are the options for redeeming your cash back at a glance:

Some investment products have limited redemptions, which means investors can't cash out their investments whenever they want. This is often the case with hedge funds, which typically allow redemptions only a few times a year.

Investors in hedge funds usually have to wait at least 30 days after giving notice before they can redeem their shares. This allows the fund manager to sell assets and meet the redemption request.

Limited redemptions can be beneficial for investors who want to avoid frequent withdrawals, but they can also be a disadvantage if investors need access to their money quickly.

To get the most out of the Bank of America Customized Cash Rewards credit card for students, you need to use it strategically. Make sure to pick the category you want to earn 3% back in right away, and feel free to change your pick every calendar month based on upcoming purchases.

Use your card for all your grocery store and wholesale club purchases in order to earn 2% back, and make sure to spend $2,500 in your 3% and 2% back categories within a quarter to maximize your rewards. This will help you earn bonus rewards on the first $2,500 in combined spending in the 3% and 2% back categories every quarter.

To avoid overspending and maintain a good credit score, pay your credit card bill on time each month and keep your credit utilization at a reasonable level (preferably below 30% of your available credit).

The intro APR on purchases and balance transfers is a game-changer for students with big purchases or balances to transfer. This offer helps you save on interest over time, which is incredibly generous for a student card.

You'll get a 0% intro APR for 15 billing cycles, followed by a Variable APR of 18.24% - 28.24%. This means you can make a large purchase or transfer a balance without paying interest for 15 months.

Just remember that carrying a balance will reduce your available credit, making it harder to meet the spending requirement for the welcome offer. If you transfer a large balance, you might struggle to meet the spending requirement.

Make sure to keep an eye on your available credit and don't utilize too much of it, or you might negatively impact your credit score with high credit utilization.

To get the most out of the Bank of America Customized Cash Rewards credit card, you need to use it strategically. Make sure to pick the category you want to earn 3% back in right away, and feel free to change your pick every calendar month based on upcoming purchases.

You can earn 3% cash back in categories like gas and EV charging stations, online shopping, dining, travel, or home improvement. You can also earn 2% back at grocery stores and wholesale clubs, up to $2,500 in combined spending each quarter.

To qualify for the welcome offer, spend $1,000 on purchases within 90 days of account opening. This will also earn you a $200 online cash rewards bonus.

Pay your credit card bill on time each month to avoid late fees and interest charges. Keeping your credit utilization at a reasonable level, preferably below 30% of your available credit, will also help boost your credit score.

Here are some tips to keep in mind:

The accepted scores for the card are determined by the issuer, and they can vary depending on the card type and the issuer's policies.

A credit card issuer may accept a score of 600 or lower, while a debit card issuer may require a score of 700 or higher.

In some cases, a card issuer may also consider other factors such as income, employment history, and credit history in addition to the credit score.

The Bank of America Customized Cash Rewards Credit Card is a great option for students who want to earn cash back on their purchases.

You'll earn 3% cash back from a category of your choice, such as gas, dining, or travel, but be aware that this category is limited to $2,500 in combined purchases each quarter.

The 2% cash back category is a bit more straightforward, earning 2% cash back at wholesale clubs and grocery stores, which can be a huge help for students who live off-campus and do their own grocery shopping.

However, the 3% and 2% categories have a combined spending limit of $2,500 each quarter, so you'll want to prioritize your spending in these categories to maximize your rewards.

The card earns 1% cash back on all other eligible purchases, which can still add up over time, but it's not as lucrative as the 3% and 2% categories.