College is a great time in anyone’s life, and having a credit card that assists in the financial transitions make it all the more fabulous. The Bank of America® Customized Cash Rewards Credit Card for Students is one of the best credit cards that help in the beginning of a successful credit history as well as the utilization of cash rewards.
This credit card is ideal for students since it rewards you for using your card and enables you to make payments on flexible terms. It is a useful financial instrument because it does not have an annual fee and allows to get cash back on purchases in certain categories useful for a student managing the budget.
Key information about the credit card
How does the annual fee work?
However, using the same basis of comparison with other credit cards and especially with the Bank of America® Travel Rewards Credit Card for Students, the major disadvantage of the Bank of America® Customized Cash Rewards Credit Card for Students is that it has no annual fee. This means you can reap all the features and incentives of credit cards without other annual charges.
How is the credit limit determined?
This card is issued by Bank of America® and offers various features; however, the credit limit for this card is a bit more complex, as it depends upon the following factors. In case of ordinary credit cards, the bank analyses your credit records, potential income as well as your capacity to pay back the amount that is granted as the credit limit.
Advantages of the credit card
- 3% cash back: It lets you select one of the categories, in which you will get 3% cash back, for example, gasoline, shopping on the Internet, eating out, travel services, chemist’s, and home improvement stores. This means that one can be in a position to optimize for his or her points depending on the frequency of spending.
- $200 online cash rewards bonus: The cash rewards bonus for the first 90 days of having the account with at least $1,000 in the first 90 days of account opening is $200.
- Low introductory APR: Get 0% INTEREST FREE or the first 15 billing cycles on purchases and balances transferred within the first 60 days. It assists in managing big one-time purchases or balance transfers before the accrual of interest.
Standout advantage
The Bank of America® Customized Cash Rewards Credit Card for Students’ most distinguishing feature has to be that you get to decide on which category will be assigned the 3% cash-back rate. This facility enables one to choose the kind of reward he/she wants depending on the usage of the credit card.
Disadvantages
- Quarterly spending cap: The rates which are 3% for groceries and 2% for anything else are valid at the first $2,500 spent within a quarter. After spending $1500 on purchases as a cardholder, you get to receive a 1% cash back on every purchase until the start of the next quarter.
- Balance transfer fee: They also have a 3% BT fee for the first sixty days of balance transfer then the fee goes to 4%. This can add to the cost in the event you intended to transfer a balance.
- Variable APR: subsequently, The APR can be anything from 19 following the introductory period, which is variable. 24% to 29. 24% which is on a higher side if you carry forward the balance.
A standout disadvantage
There is, however, one major drawback of this credit card: caps for earning the higher cash back rates are set quarterly. Nevertheless, the main reward rates standing at 3% for groceries and 2% for gas and utilities are again valid on the initial $2,500 spent per quarter.
Who can apply for this card?
To obtain the Bank of America® Customized Cash Rewards Credit Card for Students you have to be qualified for it. One must be at least 18 years or older the rental age goes up to 21 if you are below 21 years you must provide proof of income or a guarantor. To be eligible for a job, there is need to have a U. S address number as well as a valid Social Security number.
How to apply for the Bank of America® Customized Cash Rewards Credit Card for Students
For the website
To apply for the card online, the user needs to point his/her browser towards the Bank of America website and then look for the credit card choice. Locate the Cash Rewards Credit Card for Students and then click on the apply now tab. You will be guided to an application form where you are supposed to fill your name, address with SSN and the income details. Upon submitting the application, the applicant gets a confirmation and the bank processes the concerned application. Note that should your application be approved, you will be informed, and your card will be post to your address.
Through the app
You can also request the card through Bank of America Mobile Banking application. Firstly, if you do not have it yet, it is high time you closed your smartphone application store n downloaded it. After getting into the site, and log on, go to credit cards then choose the Customized Cash Rewards Credit Card for Students.
Click on the option ‘Apply Now’ and complete the application form providing your personal and your financial data. You will receive an email concerning the confirmation of your submission and the bank will assess your details. Usually, if your application has been approved, the card will be sent to you through mail.
At the branch
If you like the face to face approach, a credit card application can be initiated at any physical branch of the Bank of America. Call or drop by a branch of the bank and approach any customer service officer to refer you to the Customized Cash Rewards Credit Card for Students. The representative will also help you complete the needed documents as well as educate you on the steps needed in the application.
Since this is a job, it is recommended that you take along with you all identification documents, proof of income, and other documents that might be deemed necessary by the caller. After filing the application, the management of the bank will have to consider it, and notify the application about the status of the approval. If approved you will receive your credit card in the mail.
