The Bank of America Travel Rewards Credit Card for Students offers an accessible opportunity for students to earn rewards while going about their daily spending habits. With an increasing focus on financial stability and credit history among college students, it is essential to explore credit card options ideal for their specific needs and goals. Designed specifically for students, this card not only helps them build credit but also rewards them for everyday purchases and more.
The Travel Rewards Credit Card for Students provides unlimited 1.5 points per $1 spent on all purchases, making it an appealing option for those who want to maximize their rewards without being limited to specific categories. Additionally, the card features a $0 annual fee, no foreign transaction fees, and an easy-to-earn welcome bonus – 25,000 online bonus points after spending $1,000 in purchases within the first 90 days of account opening. Perfect for students who are new to the world of credit or looking to earn rewards for their travels, this card offers flexibility and convenience in managing personal finances.
While some students may favor other cards depending on their spending habits, the Bank of America Travel Rewards Credit Card for Students stands out as a versatile and useful option to consider. It is crucial for young adults to choose a credit card that aligns with their individual needs and allows them to build a strong credit foundation for their future financial endeavors.
Key Features
Rewards Rate
The Bank of America Travel Rewards Credit Card for Students offers a simple and consistent rewards structure. Cardholders earn 1.5 points for every dollar spent on purchases, with no limits on the amount of points that can be earned. These points can be redeemed for a statement credit to pay for travel or dining purchases.
Sign-Up Bonus
New account holders have the opportunity to earn a significant sign-up bonus. Upon opening the account and meeting certain spending requirements, they can earn 25,000 bonus points, which can be redeemed for a statement credit worth $250.
Introductory APR and Regular APR
The Bank of America Travel Rewards Credit Card for Students offers a 0% introductory APR for the first 18 billing cycles on both purchases and balance transfers made within the first 60 days of account opening. After the introductory period, a variable APR ranging from 17.99% to 27.99% will apply based on creditworthiness.
No Annual Fee and Foreign Transaction Fees
One of the main advantages of the Bank of America Travel Rewards Credit Card for Students is that there is no annual fee. It also doesn’t charge any foreign transaction fees, making it an excellent choice for students who travel or study abroad.
| Feature | Detail |
|---|---|
| Rewards Rate | 1.5 points per dollar on all purchases |
| Sign-Up Bonus | 25,000 bonus points |
| Introductory APR | 0% for 18 billing cycles |
| Regular APR | 17.99% – 27.99% variable based on creditworthiness |
| Annual Fee | None |
| Foreign Transaction Fees | None |
In summary, the Bank of America Travel Rewards Credit Card for Students offers a competitive rewards rate, an attractive sign-up bonus, an advantageous introductory APR, and no annual or foreign transaction fees. This makes it a suitable choice for students seeking a credit card with travel rewards and a straightforward rewards structure.
Earning and Redeeming Points
Earning Points
The Bank of America® Travel Rewards Credit Card for Students offers cardholders the ability to earn unlimited 1.5 points per $1 spent on all purchases. This allows students to accumulate points at a steady pace while using the card for everyday expenses, as well as for travel and dining purchases.
A substantial welcome bonus is also available for new cardholders: 25,000 online bonus points can be earned after spending $1,000 in purchases within the first 90 days of account opening. This bonus, which is equivalent to a $250 statement credit, provides an excellent starting point for taking advantage of the card’s travel rewards potential.
Redeeming Points
Cardholders can easily redeem their points for a variety of options, including travel, dining, cash, statement credits, or gift cards. To maximize the value of the rewards, students can redeem points for a statement credit to pay for travel or dining purchases. This option allows them to get the most bang for their buck when utilizing their hard-earned points.
The process for redeeming rewards is simple and can be done through the Bank of America Travel Center. Points redemption is flexible, allowing students to book their trips however and wherever they want, with no restrictions or blackout dates. This gives them the freedom to choose the best travel options that suit their preferences and needs.
Travel and Dining Purchases
The unlimited 1.5 points per $1 spent reward rate applies to travel and dining purchases, as it does to all other purchases made with the card. This means that every dollar spent on restaurant purchases, flights, hotel stays, and more will continue to contribute to the cardholder’s rewards potential.
When it’s time to redeem points for travel or dining purchases, students can easily apply their accumulated rewards in the form of a statement credit. The $250 statement credit that can be earned from the 25,000 online bonus points welcome offer is a significant boost to help cover the cost of travel, dining experiences, or other eligible expenses.
In conclusion, the Earning and Redeeming Points section outlines the primary ways cardholders can accumulate and utilize points with the Bank of America® Travel Rewards Credit Card for Students. With a generous welcome bonus, straightforward earning potential, and flexible redemption options, this card delivers valuable travel rewards for students who are ready to explore the world while building their credit.
Additional Benefits
FICO Score Access
As a Bank of America Travel Rewards Credit Card for Students cardholder, you’ll have access to your FICO Score, allowing you to monitor your credit history and manage your financial health. This benefit helps you stay informed of your credit score progress and can aid in planning for future financial goals.
Overdraft Protection
The card offers overdraft protection when linked to a Bank of America checking account, preventing any overdraft fees or declined transactions due to insufficient funds. This protection can help you maintain a good credit score and avoid negative impacts on your credit history.
$0 Liability Guarantee
The Bank of America Travel Rewards Credit Card for Students features a $0 liability guarantee to protect you from unauthorized transactions and charges. In the event of any fraudulent activity, your account will be safeguarded while Bank of America investigates the matter. This allows you to use your card confidently, knowing that your finances are secure.
Contactless Card and Chip Technology
The card comes equipped with contactless payment technology for a faster, more convenient checkout experience. Simply tap your card on any compatible contactless reader to make a payment. Additionally, the card’s chip technology provides enhanced security, further protecting you from potential fraud.
Comparing Options
Discover it® Student Cash Back
The Discover it® Student Cash Back card is another popular option among students. This card offers a cashback program, with 5% cash back on rotating categories (up to the quarterly maximum). All other purchases earn 1% cash back. There is no annual fee, and it also provides an introductory 0% APR on purchases for the first 6 months, followed by a variable 12.99% to 21.99% APR based on your creditworthiness. As a useful bonus, Discover offers a $20 statement credit each year for maintaining a 3.0 GPA or higher.
Comparing it to the Bank of America Travel Rewards Credit Card for Students, the main difference lies in the reward structures. The Discover it® Student Cash Back card offers cash back instead of travel rewards. Thus, students who prefer cashback and a rotating rewards structure might find the Discover it® card more suitable for their needs.
Bank of America Customized Cash Rewards
The Bank of America Customized Cash Rewards credit card is another student credit card option. This card allows cardholders to choose from one of several cashback bonus categories – including gas, online shopping, travel, or dining – to earn 3% cash back. Cardholders also earn 2% back at grocery stores and wholesale clubs (up to the quarterly maximum) and unlimited 1% cash back on other purchases. This card also has no annual fee and offers an introductory 0% APR on purchases and balance transfers for the first 15 billing cycles, with subsequent APRs ranging from 13.99% to 23.99%.
In contrast to the Bank of America Travel Rewards for Students card, the Customized Cash Rewards card focuses on cashback rewards and customizable categories. Students who desire more flexibility in earning bonus rewards in specific categories may prefer this card.
Other Student Credit Cards
There are several other student credit cards available, each with different perks and focuses. When comparing student credit cards, it’s essential to consider factors such as:
- Annual fees
- Perks and rewards structures
- Interest rates and introductory APR offers
- Balance transfer fees
- Credit score requirements
- FICO® score access within online or mobile banking apps
- Availability of welcome bonuses
Taking the time to compare these factors and read reviews and ratings can help students make informed decisions about which credit card will best suit their needs and preferences.
Eligibility and How to Apply
Credit Score Requirements
To be eligible for the Bank of America Travel Rewards credit card for students, applicants should generally have a good to excellent credit score. This means a FICO® score in the range of 670-850. Keep in mind that the higher your credit score, the better your chances of being approved. Your FICO® score can be checked for free within online banking or your mobile banking app.
Application Process
Applying for the Bank of America Travel Rewards credit card for students is simple and can be done online. During the application process, you will need to provide information such as your social security number, date of birth, and income. After submitting your application, you should typically receive a response within a few minutes, although it may take longer in some cases.
Important Considerations
- Rewards: With this credit card, you can earn 1.5 points for every $1 spent on all purchases everywhere, with no expiration on points. This can be particularly beneficial for students who travel or make travel-related purchases.
- No Annual Fee: There’s no annual fee associated with this credit card, making it a cost-effective option for students.
- No Foreign Transaction Fees: This card doesn’t charge any foreign transaction fees, which can save money on international purchases.
- Regular APR: The regular APR for this credit card ranges from 17.99% to 27.99% variable APR on purchases and balance transfers. It’s essential to understand how the APR will affect your balance if you’re unable to pay it off in full each month.
- Account Alerts: This feature allows you to set up customized alerts for your account, helping you stay on top of your spending and payment due dates.
- Gift Cards: Redeeming points for gift cards is another option with this credit card. It provides a flexible rewards system that caters to your preferences.
When considering the Bank of America Travel Rewards credit card for students, it is essential to review your credit history, understand the required credit score, and carefully consider the card’s features and benefits. With the right credit profile and responsible usage, this card can provide valuable rewards and peace of mind for students.
Frequently Asked Questions
Credit score requirement?
The Bank of America Travel Rewards Credit Card for Students requires a good to excellent credit score for approval. This typically means a credit score ranging from 670 to 850.
Annual fee?
There is no annual fee associated with the Bank of America Travel Rewards Credit Card for Students.
Minimum payment?
The minimum payment for this card depends on your balance. Generally, it’s calculated as the greater of $25 or 1% of the balance, plus any fees and interest.
Grace period?
The Bank of America Travel Rewards Credit Card for Students offers a grace period on purchases, which allows you to avoid interest charges if you pay your balance in full by the due date each month. The grace period is at least 25 days after the close of each billing cycle.
Late fee amount?
Late fees are charged if you fail to make the minimum payment by the due date. The late fee amount can range from up to $29 for your first late payment, and up to $40 for subsequent late payments within six billing cycles.
Cash advance fee?
Cash advances with this card typically incur a fee of either $10 or 3% of the amount of each transaction, whichever is greater.
