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The Bank of America® Customized Cash Rewards Credit Card for Students offers outsized rewards compared to other student credit cards, but it lacks accessibility for most young people. See all the pros and cons of this card, and who is most likely to qualify.

All information about the Customized Cash Rewards Credit Card for Students offers has been collected independently by and is not available through Yahoo Finance.

The card also offers access to your FICO credit score, which can help you track your progress as you work to build and maintain good credit.

The Customized Cash Rewards Card for Students offers a lot of flexibility to earn bonus cash back on your top spending categories.

For the card's 3% rewards rate, you can choose your bonus category — and even change your selection once a month through your online account or mobile app.

It's important to keep in mind, though, that both the 3% and 2% categories are capped at a combined $2,500 in quarterly spending. If you spend more than that in those areas of your budget, additional purchases will earn just 1% back.

See also: Best rewards credit cards of 2025

There are a few different ways you can redeem your cash back earned with the card, including these redemption options:

A deposit into a Bank of America checking or savings account or an eligible account with Merrill Lynch

Statement credits on your credit card account

Contribution to a qualifying 529 account with Merrill Lynch

Paper check

Note that 529 plan contributions and paper checks require a minimum redemption of $25. There's no minimum for statement credits or deposits. If you only want cash deposits, you can opt for automatic redemptions starting at $25.

The card is best suited for graduate students or older undergraduates who have had a chance to build a good credit history. In some cases, college students under the age of 21 may be able to get the card — more on that in a minute — but there's no guarantee.

If you qualify for the card based on those scenarios, consider it if you want flexible bonus rewards on a card that offers value that rivals some of the best cash-back credit cards on the market.

Great rewards: While it's a student credit card, it offers the same welcome bonus and rewards rates as its non-student counterpart.

No annual fee: You don't need to worry about paying for the privilege of earning rewards and building your credit history.

Dig deeper: Are credit cards with annual fees worth it?

Requires good credit: Most college students have a limited credit history or no history at all on their credit report, making this card difficult to qualify for. If you're under the age of 21, you may be able to get the card if you have a guarantor who is willing to repay the debt in the event that you can't. However, you can't add a guarantor during the application process; you'll need to apply to see if you're eligible to add one.

Caps on rewards: Students aren't usually big spenders, but you may bump up against the card's rewards caps. If you commonly spend more than $2,500 per quarter (about $830/month) in the higher reward categories, the card's value may be limited.

Foreign transaction fee: This card charges foreign transaction fees on purchases made with foreign merchants. For students who plan to travel internationally, a card with no foreign transaction fees may make more sense.

Related

What is a good credit score?

What is APR on a credit card?

Should you use credit card rewards for shopping or travel?

As a Visa credit card, you can use the Customized Cash Rewards Card for Students just about anywhere, including internationally. However, using this card on purchases in other countries will incur a foreign transaction fee.

Online: Log in to your online account and use the bill pay feature, or use your mobile app and select the "Make a payment" button.

Phone: Call 800-236-6497 and follow the prompts.

Branch or ATM: Visit your local Bank of America branch or ATM to pay in person. The card issuer's ATMs accept both cash and checks.

Mail: Send payment in the mail to P.O. Box 15019, Wilmington, DE 19850-5019

Customer service availability: Phone 24/7; live chat Monday through Friday from 8 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 8 p.m. ET.

Phone number: 800-732-9194

Customer service email: Bank of America doesn't offer email support.

If you don't have good credit or you're not sure the Bank of America Customized Cash Rewards for Students is worth it, take some time to compare other top student credit cards. Here are a few cash-back cards to consider from a different credit card issuer.

Why we like it: The Capital One Quicksilver Student Cash Rewards Credit Card offers an unlimited 1.5% cash back on every purchase you make.

Read our full review of the Capital One Quicksilver Student Cash Rewards

Why we like it: If you spend a lot on food and entertainment, it's hard to go wrong with the Capital One Savor Student Cash Rewards Credit Card. It offers 3% cash back on dining, entertainment, popular streaming services, and grocery stores, plus 1% back on all other purchases.

Read our full review of the Capital One Savor Student Cash Rewards

Why we like it: If you're having trouble getting an unsecured credit card, consider the Capital One Quicksilver Secured Cash Rewards Credit Card. It offers 1.5% cash back on all of your purchases and no annual fee, but it doesn't offer a welcome bonus.

Additionally, the card requires a security deposit equal to your desired credit limit, with a $200 minimum. After six months, however, you may be eligible for unsecured credit line increases, and you can get your deposit back at some point if you use the card responsibly.

Read our full review of the Capital One Quicksilver Secured Cash Rewards card

The Bank of America Customized Cash Rewards for Students is a good credit card if you qualify and want to earn customizable cash-back rewards with no annual fee. However, it's a poor choice for international travelers because it charges foreign transaction fees.

No, the Bank of America Customized Cash Rewards for Students doesn't charge an annual fee.

Bank of America offers various no-annual-fee credit cards for students, including:

Bank of America® Customized Cash Rewards for Students

Bank of America® Unlimited Cash Rewards for Students

BankAmericard® for Students

Bank of America® Travel Rewards for Students

Yes, all Bank of America student credit cards have no annual fees.

Bank of America offers four student credit cards, each of which may make sense depending on your goals. The Bank of America Customized Cash Rewards for Students offers the most flexibility with earning higher rates of cash back, while the Bank of America Unlimited Cash Rewards offers a straightforward cash-back rate.

If you would prefer to earn travel rewards, the Bank of America Travel Rewards for Students is the better option. And for long 0% introductory APR periods on purchases and balance transfers, consider the BankAmericard for Students.

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.

Choose your top rewards category and enjoy a 0% APR intro period with this cash-back credit card.

This cash-back card from Bank of America earns 1.5% cash back on every purchase, but you can increase your value with its welcome bonus, 0% APR offer, and more.

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Bank of America offers several credit cards with great rewards for different types of spenders — and many have no annual fee. Here's how to choose the right one for you.

The Capital One Savor Student Cash Rewards card is a solid option for college students who want to build credit and earn cash back on food and entertainment purchases.

For no annual fee, the Bank of America Travel Rewards Credit Card offers an easy way to earn travel points and take advantage of introductory APR offers.