Bank of America student credit cards: Which one is right for you?

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In a Nutshell

Bank of America’s student credit cards might be a great option for college students looking for their first credit card. Among the three, the Bank of America® Cash Rewards Credit Card for Students stands out for offering decent and flexible cash back opportunities with no annual fee. This combination of features allows you to keep the card for the long term so you can use it to build your credit history, too.

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Compare Bank of America student credit cards

The Bank of America® Cash Rewards credit card for students The Bank of America® Travel Rewards credit card for students BankAmericard® credit card for students
Highest base rewards rate 3% cash back 1.5 points for every $1 spent on purchases None
Rewards categories Complex to manage Easy to understand None
Annual fee None None None
Intro APR for purchases and balance transfers OK OK Good
Sign-up bonus $200 cash rewards bonus after spending $1,000 in purchases within the first 90 days of account opening 25,000 points (redeemable as a $250 statement credit or travel) for spending $1,000 in purchases in the first 90 days of account opening None
Foreign transaction fees 3% None 3%


What you need to know about each card

Bank of America offers three student-focused credit cards for you to choose from. Each card has benefits that could help you in different ways depending on your current needs and circumstances. Here’s what you need to know about each card before choosing the right one for you.

The Bank of America® Cash Rewards credit card for students 

If you’re looking to earn cash back, the Bank of America® Cash Rewards credit card for students could be a good choice. This card gives you the flexibility to choose your top cash back earning category at a rate of 3% cash back. You can choose from the following categories:

  • Gas
  • Online shopping
  • Dining
  • Travel
  • Drugstores
  • Home improvement stores

You can also earn 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. Unfortunately, your cash back for the 3% and 2% bonus categories is limited to the first $2,500 in combined purchases each quarter. After that, you’ll earn 1% cash back on the rest of your purchases in those bonus categories.

Other helpful features of the Bank of America® Cash Rewards credit card for students include …

  • $200 cash rewards bonus for spending at least $1,000 in purchases within the first 90 days of account opening.
  • No annual fee
  • Free FICO® credit score
  • An introductory 0% purchase and balance transfer APR for 15 billing cycles (then a variable 16.24% to 26.24% APR for both)
  • Balance transfers must be made within 60 days of opening the account to qualify for the intro balance transfer APR, and they carry a balance transfer fee of $10 or 3% (whichever is greater)

Unfortunately, this card does charge a 3% foreign transaction fee. That means it may not be the best choice if you plan to use the card while studying abroad.

The Bank of America® Travel Rewards credit card for students

The Bank of America® Travel Rewards credit card for students offers a simple way to earn rewards. You’ll earn 1.5 points for every $1 of purchases you make. And you can get a 10% customer bonus points on every purchase when you have an active Bank of America checking or savings account.

One nice thing about this card is that you don’t have to worry about bonus categories or reward caps. There are also no foreign transaction fees, which could make it a great card to use while you’re traveling or studying abroad.

Where things get complicated is in redeeming your points. To get a value of 1 cent per point, you have to redeem your points for travel statement credit. Your other redemption options leave you with a points value of less than 1 cent per point.

This card also offers some other features you may find helpful.

  • 25,000 bonus points (worth $250 as a statement credit for travel purchases) for spending at least $1,000 in purchases within the first 90 days after opening your account
  • No annual fee
  • Free FICO credit score
  • An introductory 0% purchase and balance transfer APR for 12 billing cycles (then a variable 17.24% to 25.24% APR for both)
  • Balance transfers must be made within 60 days of opening the account to qualify for the intro balance transfer APR, and they carry a balance transfer fee of $10 or 3% (whichever is greater)

BankAmericard® credit card for students

The BankAmericard® credit card for students is a no-frills credit card. You can’t earn rewards using this card — but maybe that’s a good thing. The lack of rewards could reduce the temptation to spend money just to earn those rewards.

Where this card shines is its 15-month introductory 0% APR on purchases and balance transfers, which is three months longer than the intro offers on the other Bank of America student credit cards. There are a couple of things to keep in mind with the balance transfer offer, though.

  • Like the other cards on our list, the introductory balance transfer APR is only for balance transfers made within 60 days of opening an account.
  • But unlike the other cards on our list, if you transfer your balance within those 60 days, the balance transfer fee is waived. Otherwise, the balance transfer fee is either $10 or 3% of the transferred amount, whichever is greater.

The extended introductory purchase and balance transfer APRs can give you extra time to pay off some of the upfront costs of college, like books or a laptop. Be aware, though, that the standard variable purchase and balance transfer APR on this card is 15.24% to 25.24%.

This card doesn’t charge an annual fee, but it does charge a 3% foreign transaction fee.

The BankAmericard® credit card for students also offers access to your FICO credit score for free. So if you’re looking to focus on building your credit rather than figuring out how to earn and redeem rewards, this card’s lack of rewards combined with the free FICO score can help you.

How to pick the right card for you

Picking the right Bank of America student credit card ultimately depends on your circumstances and your goals for your new credit card. Each card could be a solid choice to add to your wallet depending on your needs.

If you’re looking for the best credit card rewards, the Bank of America® Cash Rewards credit card for students offers the highest earning rates of these three cards. But credit card rewards shouldn’t be the only thing you consider.

For instance, someone studying abroad may be more focused on avoiding foreign transaction fees. In that case, the Bank of America® Travel Rewards credit card for students may be a better choice, since it doesn’t charge these fees.

Those looking to finance books or another big purchase, like a laptop, may be better served by the intro offer that the BankAmericard® credit card for students offers.

Take a close look at your specific situation to figure out which card features are most important to you. Then, pick the card that offers the best combination of features for your situation.

Not sure any of these cards are for you? Consider these alternatives.

If Bank of America’s student credit cards don’t fit your specific needs, consider these cards as an alternative.