Bank of America® Unlimited Cash Rewards for Students 2022 Review: 0% APR For First 18 Months

Quick Review

The Bank of America® Unlimited Cash Rewards for Students is a credit card for students enrolled in a college or university. Its standout feature is the 0% APR period, but otherwise it offers little to distinguish it from the competition. Here’s what you need to know about the card:

• Mediocre rewards: You earn a flat rate of 1.5% cash back on all purchases. While this is a good base rate, you can find much higher rewards rates on cards with multiple earning categories (e.g., gas, dining, travel).
• Standard welcome bonus: You’ll earn a welcome bonus of $200 if you spend $1,000 on the card in your first 90 days. This is on par with the competition across student credit cards.
• 0% APR for 18 months: Here’s our favorite feature of the card. You can enjoy 18 months of no interest on purchases and balance transfers. This may come in especially handy if you’re just starting the school year and have a lot of expenses coming up.

Bank of America® Unlimited Cash Rewards for Students Pros & Cons

Bank of America® Unlimited Cash Rewards for Students Important Details

Basic Card Details

• Annual fee: $0
• Purchase APR: 16.99%–26.99% (variable)
• Introductory APR: 0% for 18 months on purchases and balance transfers
• Rewards rate: 1.5%
• Welcome bonus: $200 when you spend $1,000 in 90 days

Bank of America® Unlimited Cash Rewards for Students Rates & Fees

Fees

• Annual fee: $0
• Balance transfer fee: $10 or 3% (whichever is greater)
• Wire transfer fee: $10 or 5% (whichever is greater)
• Cash advance fee: $10 or 3% (whichever is greater)
• Foreign transaction fee: 3%
• Late payment fee: Up to $40

Interest Rates

• Purchase APR: 16.99%–26.99% (variable)
• Introductory purchase APR: 0% for first 18 billing cycles
• Introductory balance transfer APR: 0% for first 18 billing cycles
• Balance transfer APR: 16.99%–26.99% (variable)
• Cash advance APR: 19.99%–29.99% (variable)
• Penalty APR: 29.99%

The interest rate you get for purchases, balance transfers, and cash advances will depend on your creditworthiness.

0% Introductory APR

A credit card billing cycle is usually 28 to 31 days, meaning that the introductory 0% APR is valid for about 18 months. This makes the Bank of America® Unlimited Cash Rewards for Students card attractive for borrowers who plan on making large purchases and want to repay the charges over time without accruing interest.

The 0% APR period also applies to balance transfers, but only on balances transferred in the first 60 days of card ownership.

Bank of America® Unlimited Cash Rewards for Students Rewards

Rewards

The rewards on the Bank of America® Unlimited Cash Rewards for Students card are simple and straightforward, which is perfect for students who don’t want to worry about categories and caps. Here’s what you can get:

• Unlimited 1.5% cash back on all purchases

You can earn with literally every purchase and your cashback rate will always be 1.5%. While this is a pretty good deal––especially for students––there are many other credit cards on the market with higher rewards rates. However, they may not always be unlimited and uncapped.

Rewards Redemption

Rewards never expire and can be redeemed as:

• A deposit into your Bank of America checking or savings account
• A deposit into an eligible Merrill account
• Statement credits on your Bank of America® Unlimited Cash Rewards for Students card

You can redeem your cash back through Bank of America’s online banking app or online banking platform, which makes tracking and redeeming rewards fairly easy.

Welcome Bonus

The Bank of America® Unlimited Cash Rewards for Students card comes with a $200 welcome bonus. You must spend at least $1,000 in your first 90 days to unlock the bonus, which comes out to a little over $333 a month. This is relatively realistic, even for most students.

Bank of America® Unlimited Cash Rewards for Students Features & Benefits

Cash Advances

A cash advance is when you withdraw cash from an ATM using your credit card. Although cash advances are helpful when you’re in need of emergency funds, they usually come with incredibly high interest rates and fees.

The Bank of America® Unlimited Cash Rewards for Students card has a variable cash advance APR of 19.99%–29.99% and a minimum fee of $10. Because of the high cost, we recommend using your debit card to withdraw cash instead.

Balance Transfers

If you have outstanding debts on other credit cards with high interest rates, you may want to consolidate to one card through a balance transfer.

The Bank of America® Unlimited Cash Rewards for Students card comes with an introductory 0% APR period of 18 months on balances transferred in the first 60 days of owning your card. If you don’t pay off your balance during the introductory period, your debt will begin gaining interest at a rate of 16.99%–26.99% (variable).

Benefits

The Bank of America® Unlimited Cash Rewards for Students card comes with a standard selection of additional benefits. Here’s what you can get:

• Zero fraud liability
• Balance Connect® service for overdraft protection
• Finance management via the mobile banking app
• Free updated FICO score every month
• One-on-one appointments with Bank of America representatives
• Access to Better Money Habits® for financial knowledge

The Better Money Habits® service is especially helpful for students who need advice managing and building their credit and financial habits.

However, the benefits are limited and don’t include student-specific perks. For example, some cards offer free subscriptions to streaming or delivery services for students, while others offer good-grades benefits like an annual statement credit for maintaining a good GPA.

Authorized Users

Authorized users are permitted on the Bank of America® Unlimited Cash Rewards for Students card. While Bank of America doesn’t have a minimum age for authorized users or a maximum number of people you can add onto your account, we recommend only adding users you trust with your credit card.

Bank of America doesn’t charge any additional fees for authorized users.

Credit Reporting

Bank of America reports back to all three major credit bureaus. This means all your Bank of America® Unlimited Cash Rewards for Students card activity will be reported monthly, which can help you build or maintain your credit score.

You can also check your FICO score for free using the mobile banking app.

Customer Service

If you need assistance regarding your Bank of America® Unlimited Cash Rewards for Students card, you can contact these customer service numbers:

Credit card customer service 

(800) 732-9194

Credit card activation 

(800) 276-9939

Credit card billing inquiries 

(866) 266-0212

General customer service 

(800) 432-1000

Should You Get the Bank of America® Unlimited Cash Rewards for Students?

We would recommend this card for students who:

• Are looking for consistent cashback savings without the fuss of rewards categories
• Need 18 months to pay off large upcoming expenses without gaining interest
• Have a high-interest balance to transfer from another credit card

However, if one or more of these don’t apply to you, there are student rewards cards out there that offer higher cashback rates on more diverse rewards categories. You can also seek out cards with better student-centered benefits.

Comparable Cards

Let’s look at how the Bank of America® Unlimited Cash Rewards for Students card compares to similar cards on the market.