Bank of America® Customized Cash Rewards for Students

Quick Snapshot

• Annual Fee: $0
• APR: 19.24%-29.24% variable
• Rewards: 3% in your choice category, 2% grocery, 1% everything else
• Bonus: $200 online cash rewards bonus after $1,000 in purchases in 90 days
• Best For: Students who want customizable cash back categories with no annual fee
• Credit Needed: Limited or Fair (Student)

Overview

The Bank of America Customized Cash Rewards for Students card brings the same customizable 3% cash back structure of its regular counterpart to college students. You choose from categories like gas, online shopping, dining, travel, drug stores, or home improvement for your 3% tier, earn an automatic 2% at grocery stores and wholesale clubs, and 1% on everything else.

The 3% and 2% categories share a combined $2,500 quarterly cap, after which everything earns 1%. For typical student spending levels, this cap is rarely an issue. You can change your 3% category monthly to match your current spending patterns, which is a nice perk for students whose expenses shift throughout the year.

Like the adult version, this card is available to students with limited credit history. It reports to all three credit bureaus, comes with a $200 sign-up bonus, and charges no annual fee. It is a strong choice for students who can identify a consistent top spending category.

APR Breakdown

• Purchase APR: 19.24%-29.24% variable
• Balance Transfer APR: 19.24%-29.24% variable
• Cash Advance APR: 29.99% variable
• Penalty APR: 29.99% variable

Note: No introductory APR offer. APR varies with the Prime Rate.

Benefits Overview

Customizable Categories

• Choose your 3% cash back category each month
• Options include gas, online shopping, dining, travel, drug stores, home improvement
• Automatic 2% at grocery stores and wholesale clubs
• 1% cash back on all other purchases

Student-Focused

• Available to applicants with limited credit history
• Reports to Equifax, Experian, and TransUnion
• Free FICO Score via Online Banking
• $200 welcome bonus matching adult card offerings

Flexible Management

• Change your 3% category monthly
• No annual fee
• Manage your card via BofA mobile app
• Automatic alerts and spending tracking

Rewards & Points

• 3% cash back in your choice of category
• 2% cash back at grocery stores and wholesale clubs
• 1% cash back on all other purchases

The 3% and 2% tiers have a combined quarterly cap of $2,500 in purchases, after which all spending earns 1%. You can switch your 3% category monthly through Online Banking or the mobile app.

Welcome Bonus

Earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. The bonus typically posts within 1-2 billing cycles after you qualify.

Fees Summary

• Annual Fee: $0
• Balance Transfer Fee: 3% (min $10)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: 3%
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $29

Who This Card Is Best For

Ideal For

• Students with a clear top spending category like gas, dining, or online shopping
• Grocery-shopping students who buy their own food and want 2% back
• First-time credit card users who want to build credit while earning rewards
• Students who value flexibility and want to change categories monthly

Not Good For

• Study abroad students due to the 3% foreign transaction fee
• Students who prefer simplicity and do not want to manage categories
• High-spending students who might exceed the $2,500 quarterly cap

Key Pros & Cons

Pros

• 3% cash back in a customizable category is among the best for student cards
• Automatic 2% at grocery stores and wholesale clubs
• $200 sign-up bonus matching the adult version of this card
• No annual fee
• Change your 3% category monthly to optimize rewards
• Reports to all three credit bureaus for credit building
• Free FICO Score access
• Available to students with limited credit history

Cons

• $2,500 combined quarterly cap on 3% and 2% categories
• 3% foreign transaction fee limits study abroad usage
• No introductory APR offer
• Requires some category management for maximum value
• 1% base rate on non-bonus categories is average
• No travel or purchase protections
• Credit limits may be low for student accounts

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

First-year value for a student spending $650/month: $344 ($200 bonus + $144 cash back).

Should You Get This Card?

You Should Get It If...

• You are a student who spends consistently in one category like dining or gas
• You buy your own groceries and want automatic 2% back
• You want a $200 bonus on a student credit card
• You like the flexibility to change your bonus category each month
• You want to build credit with a no-annual-fee card
• You bank with Bank of America or plan to

You Should Skip It If...

• You study abroad or travel internationally frequently
• You prefer a simple flat-rate card without category management
• You already have established credit and qualify for better options
• You want a card with a 0% intro APR period
• Your spending is too spread out to benefit from bonus categories

Apply Now

Apply for Bank of America® Customized Cash Rewards for Students

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.