Bowman was arrested in August with former Hawkeye wide receiver Dominique Douglas.
They were accused of making more than $2,000 in purchases from credit cards belonging to two victims.
Douglas and Bowman were suspended from the Iowa football team and sat out the entire season.
Prosecutors say Bowman could face up to two years in prison but they will recommend that his judgment be deferred.
Douglas has also pleaded guilty to credit card fraud. He is scheduled to be sentenced on Jan. 25.