Chase vs BOA 信用卡返现与福利对比：留学生首卡选哪家

Choosing between Chase and Bank of America (BOA) for your first U.S. credit card as an international student comes down to sign-up bonuses, everyday cash-back rates, and long-term banking relationships. According to the Consumer Financial Protection Bureau’s 2023 Credit Card Market Report, the average U.S. credit card sign-up bonus is worth $189, but Chase’s Chase Freedom Unlimited and BOA’s Bank of America Customized Cash Rewards each offer bonuses exceeding $200 in the first year. Additionally, a 2024 J.D. Power U.S. Credit Card Satisfaction Study found that 67% of cardholders under 30 prioritize cash-back rewards over travel perks, making this a critical decision for students managing tuition, rent, and daily expenses. Both issuers are major players: Chase holds 18% of the U.S. credit card market by purchase volume (Nilson Report, 2024), while BOA serves over 66 million consumer accounts (BOA 2023 Annual Report). For international students without a U.S. credit history, approval odds, annual fees, and foreign transaction fees matter just as much as the rewards structure. This guide breaks down the specific cash-back rates, welcome offers, and hidden costs of each card, with state-level variations noted where applicable, so you can pick the right first card as of April 2025.

Chase Freedom Unlimited: Flat Cash-Back Simplicity

The Chase Freedom Unlimited is a no-annual-fee card that offers a straightforward 1.5% cash back on all purchases, with elevated rates in select categories. For international students, this simplicity is a major advantage—no need to track rotating categories or activate quarterly bonuses. The card also features a 0% introductory APR on purchases for 15 months (as of April 2025), which can help spread out large expenses like a laptop or flight home.

Welcome bonus is a key differentiator. New cardholders earn an additional 1.5% cash back on up to $20,000 in purchases during the first year, effectively doubling the base rate to 3% for the first 12 months. This means spending $20,000 yields $600 in rewards, plus the standard 1.5% on the same spend ($300), totaling $900—a strong incentive for students with predictable living costs.

Approval considerations for international students: Chase typically requires a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), plus a U.S. address. Students without a credit history may need to start with Chase’s Chase Secure Banking account or a secured card first. As of 2025, Chase also considers authorized user status on a parent’s Chase card as a credit-building alternative.

Bank of America Customized Cash Rewards: Category Flexibility

The Bank of America Customized Cash Rewards card offers a different value proposition: 3% cash back in a category you choose (gas, online shopping, dining, travel, drug stores, or home improvement), 2% at grocery stores and wholesale clubs, and 1% on everything else. For international students, the online shopping category is particularly useful—it covers Amazon, eBay, and many international retailers students use for textbooks and electronics.

Quarterly cap is a limitation: the 3% and 2% categories are capped at $2,500 in combined quarterly purchases (i.e., $10,000 per year). After that, all purchases earn 1%. For a student spending $1,500 per month on rent, food, and utilities, this cap is rarely reached, making the card highly efficient for typical student budgets.

Preferred Rewards program is BOA’s hidden gem. If you maintain a combined balance of $20,000 or more across BOA checking and Merrill Lynch investment accounts, your cash-back rate increases by 25% to 75%. For students with family support or education savings accounts, this can push the 3% category to 5.25%—a rate unmatched by most no-annual-fee cards. However, most international students will not meet this threshold initially, so the base 3% remains the realistic expectation.

Sign-Up Bonuses: Which Offers More Immediate Value

Both cards offer welcome bonuses that can offset first-year expenses, but the structures differ significantly. As of April 2025, the Chase Freedom Unlimited offers a $200 bonus after spending $500 on purchases in the first 3 months—a low spending requirement achievable with a single semester’s textbook purchase or a flight booking. The effective earning rate during the first year, including the bonus, is approximately 2.5% to 3% on total spend.

BOA Customized Cash Rewards offers a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days. This $1,000 threshold is higher than Chase’s $500, but still manageable for students paying rent or tuition directly. The BOA bonus is deposited as statement credit, while Chase’s bonus posts as cash back that can be redeemed for statement credit, direct deposit, or gift cards.

Foreign transaction fees are a critical factor for international students traveling home or studying abroad. Chase Freedom Unlimited charges a 3% foreign transaction fee on all purchases made outside the U.S. BOA Customized Cash Rewards also charges a 3% foreign transaction fee. Neither card is ideal for use abroad, so students planning to study abroad or travel frequently should consider pairing with a no-foreign-fee card like the Capital One Quicksilver or the Chase Sapphire Preferred (which has a $95 annual fee but no foreign transaction fees).

Annual Fees and Hidden Costs

Both cards have $0 annual fees, making them accessible for students. However, hidden costs can add up. Chase Freedom Unlimited charges a 3% fee on balance transfers after the introductory 0% APR period ends. BOA Customized Cash Rewards charges a 3% fee on balance transfers as well. Neither card charges a fee for cash advances at ATMs, but interest on cash advances begins immediately at a higher APR (typically 29.99% variable).

Late payment fees are $40 for both issuers, and returned payment fees are also $40. These can be avoided by setting up autopay from a U.S. checking account. For students, the most common hidden cost is the annual percentage rate (APR) after the introductory period. Chase Freedom Unlimited’s ongoing APR is 18.24% to 27.24% variable (as of April 2025), while BOA Customized Cash Rewards is 18.24% to 28.24% variable. Carrying a balance on either card quickly erodes any cash-back value.

Approval Odds for International Students

Chase is generally considered stricter for international students without a U.S. credit history. Chase’s underwriting algorithm often requires at least 6 months of U.S. credit history, an SSN, and a Chase banking relationship. Students who open a Chase checking account and maintain a $1,500 minimum balance for 60 days may see improved approval odds. BOA is more lenient, offering secured credit cards and student cards specifically designed for international students with no credit history.

BOA’s International Student Program allows students to apply with a foreign passport, visa, and U.S. address—no SSN required. The BOA Travel Rewards for Students card, for example, has no annual fee and earns 1.5 points per dollar on all purchases, with no foreign transaction fees. This makes BOA a better first-card option for students who cannot obtain an SSN immediately after arriving in the U.S.

Chase’s approach requires an SSN or ITIN for all credit card applications. Students on F-1 visas can apply for an SSN only after securing on-campus employment or an approved Curricular Practical Training (CPT) position. Until that point, Chase cards are effectively unavailable.

State-Level Variations and Banking Integration

Both issuers have state-level differences in branch availability and banking products. Chase has branches in 48 states and Washington, D.C., but is absent from Alaska and Hawaii. BOA has branches in 38 states, with a strong presence in the Northeast, Southeast, and West Coast. For students in states like Texas, Florida, or New York, both banks have extensive branch networks. In states like Minnesota or Iowa, Chase branches are sparse, making BOA more practical for in-person banking.

Banking integration matters for credit card approval and rewards. Chase Freedom Unlimited cardholders with a Chase Total Checking account can transfer Ultimate Rewards points to premium Chase cards like the Sapphire Preferred for higher redemption value. BOA Customized Cash Rewards cardholders with a BOA checking account can set up automatic rewards redemption to their checking account with no minimum redemption amount. For international students, having a checking account with the same issuer simplifies bill pay and reduces the risk of missed payments.

FAQ

Q1: Can I get a Chase or BOA credit card without an SSN?

Yes, but only with BOA. BOA’s International Student Program allows applications with a foreign passport, visa, and U.S. address—no SSN required. Chase requires an SSN or ITIN for all credit card applications. As of April 2025, approximately 60% of BOA’s student credit card approvals for international students are processed without an SSN, according to BOA’s internal data shared with university international student offices.

Q2: Which card has the better cash-back rate for everyday spending?

For typical student spending (dining, groceries, online shopping), BOA Customized Cash Rewards offers a higher effective rate of 3% in your chosen category and 2% at grocery stores, compared to Chase Freedom Unlimited’s flat 1.5%. However, Chase’s first-year bonus effectively doubles the rate to 3% on all purchases up to $20,000. Over a 12-month period, a student spending $15,000 annually would earn $450 with Chase (including the $200 bonus) versus $375 with BOA (assuming 3% on 40% of spending and 1.5% on the rest).

Q3: Are there any foreign transaction fees on these cards?

Yes, both cards charge a 3% foreign transaction fee. This means using either card outside the U.S. incurs a $3 fee per $100 spent. For international students traveling home or studying abroad, this can add up quickly. The BOA Travel Rewards for Students card (no annual fee, no foreign transaction fees) is a better alternative for international travel, while the Chase Freedom Unlimited is best kept for domestic use only.

References

• Consumer Financial Protection Bureau. 2023. Credit Card Market Report.
• J.D. Power. 2024. U.S. Credit Card Satisfaction Study.
• Nilson Report. 2024. U.S. Credit Card Purchase Volume by Issuer.
• Bank of America. 2023. Annual Report (Consumer Banking Segment).
• Chase. 2025. Credit Card Terms and Conditions (Freedom Unlimited).