Bank of America offers a variety of student credit cards designed to meet the specific needs and preferences of college students. These cards provide an excellent opportunity for students to build their credit history while enjoying the benefits of cash back rewards and competitive interest rates. As students navigate the world of personal finance, having a credit card that caters to their unique situation can be an invaluable tool.

With options like the Bank of America Customized Cash Rewards for Students and the Bank of America Unlimited Cash Rewards Student Credit Card, students have the ability to maximize their rewards and find a card that suits their spending habits. These cards offer a range of perks, such as cash back on everyday purchases, manageable interest rates, and straightforward approval requirements. By carefully considering the features and benefits of each Bank of America student credit card, students can make an informed decision and select the right card to help them achieve their financial goals during their college years.

Bank of America Student Credit Card Overview

Bank of America® Customized Cash Rewards Credit Card for Students

The Bank of America® Customized Cash Rewards Credit Card for Students is designed to help students build their credit while enjoying cash rewards. With this card, students can:

• Earn cash rewards: 3% cash back in a chosen category, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category, grocery, and wholesale club purchases each quarter), and 1% on all other purchases.
• No annual fee: There is no annual fee for the card.
• Introductory APR: This card offers a 0% introductory APR for the first 15 billing cycles on purchases and for any balance transfers made within the first 60 days.

Bank of America® Travel Rewards Credit Card for Students

The Bank of America® Travel Rewards Credit Card for Students is tailored for students who love to travel. Features of this card include:

• Earn travel rewards: Earn unlimited 1.5 points per $1 spent on all purchases, with no expiration date on points.
• No annual fee or foreign transaction fees: This card has no annual fee and no fees for foreign transactions.
• Introductory offer: Receive 25,000 bonus points if you make at least $1,000 in purchases within the first 90 days of account opening. These points can be redeemed for a $250 statement credit toward travel purchases.

BankAmericard® Credit Card for Students

BankAmericard® Credit Card for Students is ideal for those looking to finance their expenses and build credit. Key features of this card are:

• Introductory APR: Offers a 0% introductory APR on both new purchases and balance transfers made within the first 60 days for the first 18 billing cycles your account is open.
• No annual fee: There is no annual fee for this card which makes it more affordable for students.
• Access to FICO® Score: Bank of America provides free online access to your FICO® Score, allowing students to keep track of their credit score and monitor their credit building progress.

Rewards and Benefits

Cash Back Rewards

The Bank of America Student credit card offers a competitive cash back rewards system. With the Unlimited Cash Rewards Credit Card for Students, cardholders earn 1.5% cash back on every dollar spent on purchases, providing a consistent rewards structure without the need to track bonus categories. The Customized Cash Rewards for Students card offers a more flexible rewards system, with 3% cash back in the category of your choice and 2% cash back on grocery store and wholesale club purchases, up to $2,500 per quarter on combined purchases. All other purchases earn 1% cash back.

Travel Rewards

While the primary focus of the Bank of America Student credit cards is cash back rewards, the Unlimited Cash Rewards Credit Card for Students also includes some travel-related benefits. Cardholders can redeem their cash back rewards as a statement credit, which can be used towards travel-related expenses such as flights, hotels, or car rentals, making it a versatile option for students who enjoy traveling.

Categories and Bonus Points

Bank of America Customized Cash Rewards for Students allows cardholders to choose their 3% cash back category from a list of options, which includes:

• Gas
• Online shopping
• Dining
• Travel
• Drugstores
• Home improvement and furnishings

The card also offers bonus points in the form of a $200 online cash rewards bonus for new cardholders, provided they make at least $1,000 in purchases within the first 90 days of account opening. This bonus adds an extra incentive for students to choose this card and take advantage of its customizable cash back rewards.

In conclusion, the Bank of America Student credit cards offer valuable cash back rewards, with the flexibility to choose categories and earn bonus points. Whether saving for travel or everyday expenses, these cards provide excellent benefits for students looking to maximize their rewards potential.

Fees and Interest Rates

In this section, we will discuss various fees and interest rates associated with the Bank of America Student Credit Card.

Annual Fee

The Bank of America Student Credit Card has no annual fee. This makes it a suitable option for students who want to build their credit history without incurring additional costs.

APR and Balance Transfers

The card offers a 0% intro APR for the first 18 billing cycles on purchases and balance transfers made within 60 days of account opening. After the intro APR period, the card has a variable APR rate of 15.74% – 25.74% based on your creditworthiness.

For balance transfers, there is a balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater. It’s important to consider these fees when deciding if transferring a balance is the right decision for you.

Foreign Transaction Fees

If you plan to use your Bank of America Student Credit Card abroad, be aware of the foreign transaction fee. The fee is 3% of the U.S. dollar amount of each transaction made in a foreign currency or made in U.S. dollars if the transaction is processed outside the United States.

Late Fees

In the event that you miss a payment, there is a late fee associated with the credit card. The late fee is up to $40. To avoid these fees, remember to make your payments on time and manage your credit responsibly.

Application and Approval

Credit Score Requirements

When applying for the Bank of America Student Credit Card, it is important to understand the credit score requirements. Applicants with a limited credit history or a low FICO score can still be considered for this card. However, having a good credit score will increase your chances of approval. Generally, a FICO score above 620 is considered good, and a score above 670 is considered very good.

Approval Process

The approval process for the Bank of America Student Credit Card is relatively straightforward. First, you will need to fill out the online application form, which typically requires personal information, financial details, and educational information. Once the application is submitted, the bank will review your credit history and FICO scores to determine your eligibility.

It is important to note that building credit takes time, so even if you have a limited credit history, don’t be discouraged. The bank will also consider factors such as your income and overall financial stability when evaluating your application. If you have a strong credit history, you may be approved instantly. However, those with limited credit may need to wait for a manual review before receiving a decision.

Credit Limit

After approval, you will be assigned a credit limit based on your creditworthiness and financial stability. The credit limit can vary from person to person, but it typically falls between $500 and $5,000 for Bank of America Student Credit Card holders. It is crucial to use your credit limit responsibly, as excessive borrowing can negatively impact your credit score. Make sure to only use a small percentage of your credit limit at a time and pay off your balance in full each month to maintain a good credit history and build a strong FICO score.

Comparisons to Other Credit Cards

Discover it® Student Cash Back

Discover it® Student Cash Back is a popular option for students seeking rewards. The card offers 5% cash back in rotating categories each quarter, up to a quarterly maximum when activated, and 1% cash back on all other purchases. In addition, Discover matches all cash back earned at the end of the first year for new cardmembers. There is no annual fee, and cardholders receive a Good Grade Reward of $20 statement credit each year their GPA is 3.0 or higher.

Compared to the Bank of America® Unlimited Cash Rewards credit card for Students, which earns 1.5% unlimited cash back on all purchases, the Discover it® Student Cash Back offers the potential for higher reward earnings on specific categories.

Capital One Quicksilver Student Cash Rewards Credit Card

The Capital One Quicksilver Student Cash Rewards Credit Card offers similar rewards structure as the Bank of America® Unlimited Cash Rewards credit card for students, earning 1.5% cash back on all purchases with no limit. Both cards have no annual fee and offer 0% intro APR during the initial months.

However, the Capital One Quicksilver Student Cash Rewards Credit Card offers additional benefits such as foreign transaction fees waiver and travel accident insurance, making it a better option for students who travel or study abroad.

American Express Credit Cards for Students

American Express offers various credit cards tailored for students, one of which is the Blue Cash Everyday® Card from American Express. Cardholders can earn 3% cash back on groceries (up to $6,000 per year) and 2% cash back on gas stations and select US department stores, with 1% cash back on other purchases.

When compared to the Bank of America® Unlimited Cash Rewards credit card for students, the American Express card offers higher cash back rewards in specific categories. However, American Express cards are not as widely accepted as Visa or Mastercard, which might limit their use for some students.

Additional Features and Tools

Mobile App

Bank of America offers a mobile app for its student credit card users, making it easy for them to manage their accounts, check their balance, and make payments. The app also offers access to the users’ FICO credit score, helping them stay informed about their credit standing.

Rewards Program

The Bank of America Customized Cash Rewards Credit Card for Students features an appealing rewards program that provides cardholders with cashback opportunities. The card offers six customizable 3% cashback categories, in addition to 2% cashback for transactions at grocery stores and wholesale clubs, and 1% cashback on all other purchases. This rewards structure allows students to tailor their rewards to their specific spending habits.

Redemption Options

One of the key benefits of the Bank of America student credit card is the flexibility in redemption options. Cashback rewards have no expiration on points, meaning cardholders can redeem their cash back rewards for statement credits or deposits into a Bank of America checking or savings account whenever it suits them. With no minimum redemption amounts, students can redeem their rewards at any time and for any amount.

In summary, the Bank of America student credit card offers a rich set of features with its mobile app, comprehensive rewards program, and flexible redemption options. These tools can help students effectively manage their finances and earn valuable cashback rewards while building their credit history.

Frequently Asked Questions

What is the credit score requirement?

The Bank of America Student Credit Cards typically require a credit score of around 670 or higher. However, since they are targeted at students, they may be more lenient with applicants with limited or no credit history.

Are there any benefits?

Yes, the Bank of America Student Credit Cards offer various benefits, such as the Bank of America Customized Cash Rewards for Students which lets students earn cash back on their spending. The Bank of America Travel Rewards Credit Card for Students also allows users to earn points for travel and dining purchases.

How high is the credit limit?

The credit limit for Bank of America Student Credit Cards depends on the applicant’s creditworthiness, income, and other factors. It may start low, but responsible use can lead to an increased credit limit over time.

What are the drawbacks?

Some drawbacks of the Bank of America Student Credit Cards include a higher APR after the introductory period and a more complex rewards system compared to other cards like Discover. Additionally, some cards may lack certain perks such as a welcome bonus or ongoing rewards.

Which card is better: BOA or Discover?

It depends on the student’s personal preferences and spending habits. Bank of America Student Credit Cards can offer a diverse range of rewards based on categories, whereas Discover offers a simpler and more straightforward cash back program. Compare the benefits and drawbacks to determine which card is best suited for your needs.

What is the grace period?

The grace period for Bank of America Student Credit Cards is typically 21-25 days. This means that if you pay off your balance in full within this time frame, you can avoid paying interest on your purchases.