Discover it® Student Cash Back vs. Bank of America® Customized Cash Rewards

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Discover it<sup>®</sup> Student Cash Back Card Discover it® Student Cash Back Card Bank of America<sup>®</sup> Customized Cash Rewards Card Bank of America® Customized Cash Rewards Card
9.0Lootrs Score

Lootrs Score 9.0

We've meticulously evaluated this card using MyCreditCardLab's exclusive credit card rating system. Our assessment considered various cardholder needs, ultimately assigning a rating based on the need with the highest score, currently at "." Our rating scale ranges from 1 to 10, with 10 representing the best possible score.

Annual Fee
10
Intro APR
10
Regular APR
8
Rewards
8.8
Benefits
8
Welcome Bonus
8.5
Recommended Credit Score: 9
Foreign Transaction Fee: 10
Cash Advance Fee: 9.5
Balance Transfer Fee: 8.2
8.7Lootrs Score

Lootrs Score 8.7

We've meticulously evaluated this card using MyCreditCardLab's exclusive credit card rating system. Our assessment considered various cardholder needs, ultimately assigning a rating based on the need with the highest score, currently at "." Our rating scale ranges from 1 to 10, with 10 representing the best possible score.

Annual Fee
10
Intro APR
9.5
Regular APR
7
Rewards
7.8
Benefits
9
Welcome Bonus
10
Recommended Credit Score: 8
Foreign Transaction Fee: 8
Cash Advance Fee: 8.6
Balance Transfer Fee: 9.4
ANNUAL FEE
$0 $0
INTRO APR
0% APR on purchases for six months from account opening and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
REGULAR APR
10.99% intro balance transfer APR for six months from date of first qualifying balance transfer, 18.24% to 27.24% ongoing variable APR 18.24% - 28.24% Variable APR on purchases
PROS
  • No annual fee
  • Making it accessible for those with limited or bad credit
  • Earn cash back in bonus categories
  • Take advantage of an introductory APR period
  • Your activity is reported to all three major credit bureaus.
  • Free FICO® Score access
  • Low intro APR on balance transfers
  • Competitive cash-back reward rates
  • Solid welcome bonus
CONS
  • New credit users may find the quarterly category rewards system complex
  • The card lacks an introductory APR on balance transfers, which may not be ideal for those looking to consolidate debt.
  • Spending caps on rewards
  • Balance transfer fee
  • High regular APR
  • 3% Foreign fee
  • While the $200 bonus offer may seem less competitive, it's a valuable incentive for new cardholders to kickstart cash back earnings.
WELCOME BONUS
Discover will match all cash back earned at the end of your first year with the card. $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
REWARDS
Discover it® Student Cash Back Card Rewards program is renowned for its flexibility in credit currency. Explore various redemption options for your earnings, including:
  • Enjoy 5% cash back on rotating quarterly bonus categories, up to $1,500 per quarter, with enrollment required.
  • Earn 1% cash back on all other purchases.
  • Plus, receive a cash back match at the end of the first year.
Bank of America® Customized Cash Rewards Card Rewards stand out as a highly versatile credit currency, offering a myriad of redemption options to suit your preferences. You can utilize your rewards in a variety of ways, including:
  • Enjoy 3% cash back on a category of choice including gas, online shopping, dining, travel, drug stores, or home improvements.
  • Earn 2% cash back on grocery store and wholesale club purchases, maximizing savings on everyday essentials and bulk items.
  • Get up to $2,500 combined spend limit on 2% and 3% categories each quarter
  • 1% cash back on other purchases.
BENEFITS
Freeze it® - Easily place holds on stolen or missing cards directly through the app for added security and peace of mind. Access to Credit Education - This feature is best for credit scores to improve. Gain access to Discover's Credit Scorecard with your FICO® Credit Score, monthly updates, and tips to help you understand and improve your credit. Cashback Match™ - At the end of your first year with the card, Discover matches all the cash back you've earned, effectively doubling your rewards without any limit. so students benefit from doubling reward points for other spending. Rotating Bonus Categories - Earn 5% cash back on everyday purchases in rotating quarterly bonus categories, such as gas stations, grocery stores, restaurants, and more, up to the quarterly maximum. Good Grade Reward - Get a $20 statement credit each school year if your GPA is 3.0 or higher for up to the next five years. it's not a big reward but a small credit combination helps your spend. Cash Back Rewards - Earn 3% cash back on everyday purchases. You get bonuses for gas. You also get them for shopping online, dining, travel, drug stores, and home improvements. No Annual Fee - Enjoy the card's benefits. You won't pay an annual fee. This makes it a cost-effective choice for student cardholders. Flexible Redemption - Redeem cash back rewards as a statement credit, deposit into a Bank of America® checking or savings account, or use it for purchases. Introductory Offer - Enjoy a $200 online cash rewards bonus after spending $1,000 in the first 90 days, providing a rewarding start. Category Spend Limit - Benefit from a combined spend limit of $2,500 on 2% and 3% categories each quarter, maximizing rewards potential.
CASH ADVANCE FEE / APR
Either $10 or 5% of the amount of each cash advance, whichever is greater. For Direct Deposit and Check Cash Advances, you'll incur a $10 fee or 3% of the transaction amount. You pay whichever is greater. The fee for ATM, Over-the-Counter, Same-Day Online, and Cash Equivalent Cash Advances is $10 or 5% of the transaction amount. It's whichever is greater. Overdraft Protection Cash Advances come with a $12 fee per transaction.
BALANCE TRANSFER FEE
10.99% intro APR on Balance Transfers for 6 months, and then the ongoing APR of 18.24%-27.24% Variable APR 3% intro APR on Balance Transfers for 2 months, and then 4%
RECOMMENDED CREDIT SCORE
630 - 689 (Poor - Fair) 690 - 850 (Fair - Exceptional)
FOREIGN TRANSACTION FEE
None 3%
BEST FOR
  • Cash Back Seekers
  • Students
  • Bad Credit
  • U.S. Supermarket Spending
  • Cash Back Seekers
  • Students
  • Everyday Spending
  • U.S. Supermarket Spending
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