Bank of America Unlimited Cash Rewards Student Credit Card Review – Forbes Advisor

Bank of America® Unlimited Cash Rewards for Students* compared to the Bank of America® Travel Rewards credit card for students*

Want points instead of cash back? Bank of America Travel Rewards Student Credit Card earns unlimited 1.5 points per dollar on all qualifying purchases, with no overseas transaction fees and with a welcome bonus: 25,000 online bonus points ‘they make at least $ 1,000 in purchases in the first 90 days of opening an account. Although Travel Rewards offers a welcome bonus, one of the main advantages of the Travel Card is its absence of overseas transaction fees.

Different cards for different people with different purposes – those who want simple cash back or balance transfer should go with Unlimited Student Cash Rewards. Those who travel or study abroad are more than likely better off with the Travel Rewards Card for students. The additional benefits are almost entirely the same.

Bank of America® Unlimited Cash Rewards for Students* compared to Capital One’s Quicksilver Student Cash Rewards credit card

The Capital One Quicksilver Student Cash Rewards credit card also offers unlimited 1.5% cash back on all purchases, but it offers no low introductory APRs and no welcome bonuses compared to the Bank card. of America. Unlike the Unlimited Cash Rewards student card, the Quicksilver student card offers some great additional benefits: price protection, extended warranty protection and rental car collision insurance and more.

Please note, Capital One charges a high APR with all of its student cards: 26.99% (Variable). This high APR is several points higher at the upper end of the Bank of America range and can be extremely dangerous for those who do not yet fully understand how credit cards work. Make sure you understand what APR is and how it works before applying for a card like the Capital One Quicksilver Student Cash Rewards credit card.

Bank of America® Unlimited Cash Rewards for Students* vs. Discover it® Student Cash Back

With 5% cash back up to $ 1,500 per quarter in selectable categories to activate and 1% cash back on all other qualifying purchases, Discover it® Student Cash Back offers great capacity cash back within specific limits. For students who have the privilege of maximizing each selected category each term, a maximum cashback of $ 300 can be earned each year from the bonus categories alone.

To earn $ 300 with the additional 0.5% cash back offered by the Bank of America Unlimited Cash Rewards student card on daily purchases, a student cardholder must spend $ 60,000. Too bad the tuition fees usually cannot be credited to a credit card. (There are other issues if possible, especially the low credit limits on student cards.) Discover also matches any cash back rewards earned in the first year of owning the card.

In terms of additional benefits, the Discover it® Student Cash Back offers a good student reward of a $ 20 credit each year to earn a 3.0 or higher for up to 5 years. Otherwise, the benefits are minor with both cards. One major drawback of the Discover it card: Discover is less widely accepted than a Visa card if you are traveling internationally.

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