Bank of America® Unlimited Cash Rewards for Students: Simple Cashback with No Annual Fee

Earn unlimited 2% cashback on all purchases during the first year and 1.5% cashback thereafter, while building credit history with responsible use and no annual fee.

Olena
By Olena | Jul 2, 2026 at 9:52 PM EST

The Bottom Line

4.8
BIG4CREDIT RANKING Our 5-star rating is based on Big4credit’s independent, data-driven scoring system. Each card is evaluated across multiple weighted categories – including rewards, fees, welcome offers, 0% intro APR, ongoing APR, perks, benefits, and protections. Ratings are determined solely by our research and analysis and are never influenced by card issuers or advertisers. Read about our ranking system in the Credit Card Ranking & Methodology section.
This student card earns unlimited 2% cashback during the first year and 1.5% thereafter, offers sign-up bonus, and introductory 0% APR, with no annual fee and no categories to track. It's a great fit for students who want simple rewards while building credit. However, the 2% rate is limited to the first year, and the ongoing 1.5% rate is less competitive than some alternatives. It also lacks premium perks and bonus categories.
Bank of America® Unlimited Cash Rewards for Students
Apply now

On Bank of America's Secure Website

Bank of America® Unlimited Cash Rewards for Students
Annual fee:   $0

Intro APR

Purchases: 0%, 15 billing cycles

Balance Transfers: 0%, 15 billing cycles

Regular APR

17.49% - 27.49% Variable APR

Credit Score

New To Credit

Rewards 1.5% cashback on all purchases.

1.5% Cashback

Welcome Offer Earn a $200 cash rewards bonus after spending $1,000 in the first three months. Plus, earn unlimited 2% cashback on purchases for the first year.

$200 + 2% Cashback on Purchases for the First Year

Pros and Cons

Pros:

  • Unlimited cashback on all purchases
  • No annual fee
  • Sign-up bonus
  • First-year earning boost
  • Intro 0% APR on purchases and balance transfers
  • BofA Rewards program
  • Helps to build credit

Cons:

  • No bonus categories
  • 3% foreign transaction fee
  • High spending requirement for the welcome offer
  • Lacks extra benefits and perks

Welcome Offer

  • Earn a $200 bonus after spending $1,000 in the first 90 days.
  • Earn 2% cashback on all purchases for the first year.

Big4credit Tips:

  • Take advantage of the card’s elevated 2% cashback rate during the first year by using it for everyday purchases and paying your balance in full each month. This helps you maximize rewards while building a positive credit history and avoiding interest charges.
  • You’ll also want to meet the minimum spending requirement to qualify for the welcome bonus.

Rewards

1.5% Cashback on all purchases.

Redemption Options

Flexible Redemption: Redeem cashback as a statement credit, direct deposit to eligible Bank of America® or Merrill® accounts, or use it at Amazon.com and PayPal checkout.

Fees and APR

  • Annual Fee: $0.
  • 0% Intro APR on Purchases and Balance Transfers: For 15 months from account opening.
  • Regular APR: After the introductory period, a variable APR of 17.49% - 27.49% applies to purchases and balance transfers.
  • Intro Balance Transfer Fees: 3% of the transfer amount for balance transfers made within the first 60 days.
  • Regular Balance Transfer Fees: 5% of each transfer amount for balance transfers made after the introductory period ends.
  • Foreign Transaction Fee: 3% of each purchase transaction in U.S. dollars.

Big4credit Tip: If you have a large purchase coming up, such as a laptop or other school-related expense, the introductory 0% APR offer can provide additional flexibility. Just be sure to pay off the balance before the promotional period ends.

Bank Relationship Benefits

  • BofA Rewards™ Eligibility: An eligible Bank of America® personal checking account is required to enroll in BofA Rewards™.
  • Boosted Rewards for BofA Rewards™ Members: If you’re enrolled in BofA Rewards™, you can earn 10% to 75% more cashback.
    • Member: 10% rewards bonus - 1.65% cashback on all purchases
    • Preferred Plus: 25% rewards bonus - 1.87% cashback on all purchases
    • Preferred Honors: 50% rewards bonus - 2.25% cashback on all purchases
    • Premier: 75% rewards bonus - 2.62% cashback on all purchases
    • Note: BofA Rewards™ bonuses do not apply to the first-year cash back bonus.

» MORE: BofA Rewards™ Replaces Preferred Rewards

Convenience Features

Digital wallet compatible: Apple Pay®, Google Pay™, Samsung Pay.

Buy Now, Pay Later Options

Custom Pay Plan: Break up eligible credit card purchases into equal monthly payments. No interest, just a fixed monthly fee.

Ratings

  • Net Value & Cost Efficiency: 4.7/10
  • Rewards & Earnings Power: 9.3/10
  • Welcome Bonus Value: 9/10
  • APR & Interest Structure: 7.8/10
  • Simplicity & Transparency: 10/10
  • Perks, Benefits & Protections: 1.9/10
  • Issuer Credibility & Stability: 6.8/10
  • Installment & BNPL Features: 7/10
  • Eligibility & Approval Accessibility: 9/10

Terms and Conditions

Click Apply Now to see the terms and conditions.

Unlimited Cash Rewards Secured: A secured option for applicants building or rebuilding credit.

» MORE: See Big4credit’s best credit cards for bad credit

» MORE: See Big4credit’s best student credit cards

Share this page

Go to Top