With Bank of America student credit card, students can earn cash rewards on their credit card transactions. The card set up is designed to help students to learn not only how to manage their finances, but also their credit history and FICO score. The application process will consider both full time and part time students who work part time, full time or not at all.
Having some type of income will help. For the financially prudent and disciplined student, this is a great way to get cash back for shopping smartly.
The Best Bank of America Cash Rewards Credit Card for Students
Here we will take a look at how the card works, what the rewards are and the additional benefits. We will also provide the answers to some frequently asked questions.
How it Works:
The card works on the principles of earning cash on transactions in various vendor categories, and then redeeming it -“cashing in.” You will need to set up your preferred shopping categories by using the Mobile Banking App or Online Banking. You can change the categories once a month. Until the categories are selected, all earnings will default to gas purchases. You can also just let the cash accumulate.
Earn
Cash is earned by shopping at participating merchants, the number of which is growing. Cash is earned as a percentage of the transaction total. The cardholder can decide on which reward to earn and in which category. 3% is awarded for transactions in categories of your choosing. 2% is available at grocery outlets and wholesale clubs. Then there is 1% awarded for the rest of your purchases.
NB: Earn 3% and 2% back on transactions totalling to $2,500 in combined category purchases per quarter. Thereafter earn 1%.
Redeem
There is a range of flexibile redemption options to choose from. Cardholders could choose to use the cash earned to offset the costs of statements, deposits, checking accounts and savings accounts. They could also opt to credit the cash amount to an account with Merrill.
In this option, cardholders need to qualify for a 529 account with Merrill or for a check, with a contribution of $25. They could also choose to set up automatic redemption into a Bank of America account by using a $25 redemption.
Reward Categories
- Gas
- Online Shopping,
- Dining
- Travel
- Drug Stores
- Home Improvement & Furnishing
- 1. Gas
There is a variety of vendors where cash back can be earned on gas purchases. Cash can be earned not only at the pump, but at fuel dealers and marinas as well. Also included are Automated Fuel Dispensers, Fuel Dealers for coal, Fuel Oil, and Liquefied Petroleum. In the gas category, wholesale clubs that offer pump payment facilities can also participate. Participating vendors so far include BP, Chevron, Exxon Mobile, Shell and Sunoco.
- 2. Online Shopping
Online shopping is now not just convenient, but it pays. This really helps with those special, big ticket appliances. Cardholders can shop from a broad spectrum of participating vendors, ranging from books, clothing, to electronics.
The following department, discount, clothing and book stores, electronics, speciality and sporting goods merchants are already on the list: Amazon.com, Apple.com (Includes iTunes & Store), Bestbuy.com, Dick’ssportinggoods.com, Etsy.com, Groupon.com, Kohls.com, Macys.com, Microsoftxboxlive.com, Nike.com, Nordstrom.com, Target.com, Ticketmaster.com, Walmart.com, and Wish.com.
- 3. Dining
Get paid not to cook. You can earn when you eat out and when you eat in. Choose from a wide menu of restaurants, fast food outlets, bars and clubs. Some examples are: Chili’s, Chipotle, Domino’s Pizza, Grubhub, McDonald’s, Olive Garden, Panera Bread, Starbucks, Subway, and The Cheesecake Factory.
- 4. Travel
Earn on the small costs and not just on the big items. Earn on public transport, cabs, toll fees, parking, and ride-share. The big earning will come on plane tickets, accommodation and car or boat rentals. Cash can even be earned on campsites. Also included under travel, in addition to travel agents, are terminal charges, bus operators, fairgrounds, zoos, aquariums, cruises, motels, fortune tellers, trailer parks and art galleries.
Some of the merchants are: Airbnb, American Airlines, Amtrak, Delta Airlines, Enterprise Rent-A-Car, Expedia, E-Zpass, Marriott, Royal Caribbean Intl. Sunpass, Uber, and United Airlines.
- 5. Drug Stores
Drug stores play a vital role in our medical well-being and there’s the added convenience when we are sick of having all the peripheral products we need, like vitamins and chocolate. Earning cash back on drug store purchases will hopefully help you feel better.
You can shop at: CVS Caremark, RiteAid and Walgreens.
- 6. Home Improvement & Furnishings
Whether you need to furnish your room, apartment or just need to buy a gift, this category has everything you need, from furniture to hardware, to plumbing, electrical building contractors, to carpenters and even garden services. There are air conditioning and heating suppliers, architects, engineers, drapers, upholsters, and florists.
In addition there are refrigeration repairers, general contractors, and handymen. Speciality trades are also on the list, as well as roofers and sheet metal workers. You can select from these examples: AceHardware, Bed Bath and Beyond, Crate and Barrel, Harbor Freight Tools, IKEA, Lowes, Menards, Pottery Barn, Sherwin-Williams, The Home Depot, TruGreen, and Williams-Sonoma.
Additional Benefits: Bank Of America Cash Rewards Credit Card For Students
There are no annual fees for this credit card. Please do take the time to ream the terms and conditions though. This card will help students to learn good credit habits by offering appropriate credit limits and by keeping cardholders mindful of their FICO® Score. Cardholders are able to access their monthly updated fico score at no charge. They can choose to “Opt-in” to get their score and to see how it is being affected.
They can also get other information as to how to maintain a good credit rating. For the new cardholder, there is the additional benefit of an online $200 cash reward bonus if they spend a minimum of $1 000 in the first ninety days after getting their card.
Frequently Asked Questions (FAQ)
Full time and part time students, with some type of an income, whether working full time part time or not can apply. Be sure to read the terms and conditions before applying.
You can easily and quickly keep control of your accounts and make payments through the Mobile Banking App or Online Banking facility.
The card is extremely secure. If any unusual spending patterns are indicated, the card is blocked and you will be notified of suspected fraud taking place. Furthermore, the card comes with a $0 Liability Guarantee which protects the cardholder from proven fraud. Help the bank to help you keep safe by not disclosing your account information details to anyone. What’s more, only the cardholder can submit a fraud claim. Claims are subject to verification and dollar maximums. You might be asked to provide supporting documentation and information when claiming.
Yes. Tapping helps to make the card even more secure. The card has embedded Contactless Chip Technology so you can tap at venders displaying theContactless Symbol.
There is optional Overdraft Protection available. So should the need arise, this will assist you to avoid having your card declined, cover the checks you have issued and any other overdrafts you link to your Bank of America card. Such transactions will attract charges. The overdraft protection will be deemed to be Bank Cash Advances as stipulated in the Credit Card Agreement and interest will be charged. Please read the terms and conditions relating to the Overdraft Protection option very carefully.
Absolutely. This not only helps to save paper, it’s more secure and it is also faster. The goal of this card is to help you manage your finances by making your account information available as quickly and as often as you need it.
Certainly. The Digital Wallet Technology means that you can connect your credit card to your mobile phone or device. This will allow you to make purchases in store or “in-app” by using one of the following: Apple Pay®, Google Pay™ or Samsung Pay. The digital wallet feature requires app version 7.6 or above.
Definitely. You will find all you need on the online facility and Mobile Banking App. The mobile app is currently only available for certain devices so please check before downloading. Message and data rates might apply. Add a digital wallet and your banking is fully portable.
All set. There are a number of alerts that you can choose to set up. They are for email notifications and text messages. There are no bank charges for alert notifications, but your mobile service provider may charge you.
A FICO score is your credit score. FICO scores were developed by the Fair Isaac Corporation (FICO). Bank and other institutions will look at your score before lending you money or giving you credit, to determine if you are a good, low risk borrower. Our card gives you access to your FICO score free of charge, in line with the bank’s goal of helping cardholders to learn how to manage their finances and to create a positive credit history, which can also be useful when applying for jobs. This feature can be accessed on both the online facility and mobile app.
Learn As You Earn
A credit history, like work experience on your resume, can be very difficult to establish unless you already have any history or experience Bank of America will help you to create a good track record through offering information on making payments, managing debt and credit counselling. Learn how to reduce interest and avoid charges by manging payments and making early payments for example.
Get advice on managing your debt and how to spend wisely on your credit card. Find out about the role of the budget facility on your card. Learn what to do if you start experiencing financial difficulty by talking to a credit counselor. All of this information and these services are available on the Bank of America website, for free. By making use of what Bank of America has to offer, you really can earn, learn and score.