Looking for a credit card that is specially geared towards college students? Look no more. Bank of America created the BankAmericard for Students credit card with students in mind. Let’s take a look at what this credit card actually has to offer.
The BankAmericard for Students Credit Card is a good start-up, basic credit card for college students. The credit card has no annual fees, gives 0% introductory APR for 18 months, and has a low 3% transfer of balance fees. It also comes supported by high technology online and mobile banking. Students with limited or even no credit history are eligible to get the BankAmericard.
Read on to find out more about BankAmericard for Students, the pros and cons, and more.
BankAmericard For Students Credit Card
The BankAmericard for Students has features that were developed with students in mind. Here’s a quick rundown on what they have to offer students:
- No annual fees
- 0% introductory APR offer that’s longer than other cards
- 3% balance transfer fee
- Supported by high technology mobile and online banking
- Open to applicants who have limited or even no credit history
The BankAmericard for Students is a good option for transferring a student’s balance from other cards. It offers 0%Intro APR for 18 months, and then, whatever balance they have after the 18 months will be charged the card’s regular rate of 12.99% – 22.9% variable. This is an excellent offer if you can pay off a transferred balance within 18 months.
The credit card has no annual fees, but they charge a 3% transfer of balance fee and a 3% charge for foreign transactions. Be aware, though, that BankAmericard for Students offers no rewards points.
Because Bank of America issues the BankAmericard for Students, credit cardholders will also get the standard benefits of other cards issued by the bank. This includes FICO score monitoring every month for free, $0 fraud liability, paperless credit card statements, and digital wallets.
BankAmericard for Students Pros
Like all credit cards, the Bank of America BankAmericard for Students credit card has benefits and downsides. Let’s take a look.
Here are some of the advantages for college students if you choose to get the BankAmericard for Students credit card, which can help you build a good credit score:
1. Zero Annual Fee
Most cards will charge a fee to be a cardholder. These fees are paid annually. Annual fees will be an expense you can do without when you’re a student, so this is definitely a perk.
2. Easy to Get Approved
Because the credit card was designed for students, they know that students are still building good credit. That’s why Bank of America made it easy to get approved when they apply for a credit card with few requirements and without a high credit score.
3. 0% APR Period Longer Than Other Credit Cards
The BankAmericard for Students credit card offers a 0% introductory APR for up to 18 months for balance transfers and purchases as long as they are done within 60 days after opening the account. After this period, the standard rates will apply of 12.99% to $22.9%
4. Access to FICO score
BankAmericard for Students gives free access to their FICO score and credit education tools so that they may track their score and find ways to build it up. They can track through Bank of America’s mobile banking app.
5. Overdraft Protection
This feature works for those with a checking account with Bank of America. By linking your checking account to your credit card, you can avoid overdraft fees if you spend beyond the available balance in your checking account. To avail of this service, the bank charges a fee.
6. Mobile and Paperless Banking
You can monitor your account easily online, and you can have your credit card statements sent to you through email or the app, so there’s no need to use paper.
BankAmericard for Students Cons
There will be a downside alongside the benefits as with all credit cards, but it doesn’t necessarily mean that a credit card isn’t good. You will need to weigh the pros and cons of every credit card you apply for to see if it is the right one for you:
1. No Rewards Program
BankAmericard for Students does not have a rewards program, so you can’t have the opportunity to earn back cash, miles, or points.
2. No Bonus Upon Signing Up
A lot of credit cards give out sign-up bonuses as an incentive to get members on board. Sometimes, they’re points or miles or just a gift that you can claim. BankAmericard for Students has no signup bonus whatsoever.
3. Balance Transfer Fees
Yes, the credit card gives you an introductory 0% interest for up to 18 months on purchases and balance transfers. They will take charge a 3% fee on the transferred amount, though. 3% is not a bad rate, though, as compared to other credit cards.
4. Late Payment Fee
They will charge a late payment fee if you miss paying on your due date. Fees can amount to up to $39. Best to always pay on or before the due date so as not to incur charges.
5. Foreign Transaction Fees
Bank of America will charge an extra 3% on anything you purchase outside the country or if you charge anything processed in a foreign currency. These fees make the card unsuitable to use outside the country.
Again, what does the BankAmericard for Students Credit Card offer? Accessible online and through mobile banking, the BankAmericard for Students Credit Card offers many benefits, including zero annual fees, 0% introductory APR for 18 months, and a low 3% transfer of balance fees. A student with limited or no credit history can also get this card. Thus, this basic credit card is indeed a good start-up card for college students.
Reasons to Get the BankAmericard for Students Credit Card
Every credit card will have perks. There will always be reasons why to pick one card over the next. To make your decision easier, we have simplified why you should get the BankAmericard for Students in college.
It’s best to get this credit card if you have a large balance on one card with a high-interest rate and want to transfer the balance. It also works if you have multiple credit cards and transfer all balances to consolidate the debt into one card.
This will especially work well if you believe you can pay off the debt within 18 months because you pay no interest rate for that period of time with BankAmericard for Students.
Getting a credit card is also good if you want to build credit. The BankAmericard for Students is a superior choice for a basic starter credit card.
BankAmericard for Students Customer Service
BankAmericard for Students Customer Service rated well with the tests conducted by J.D, Power 2020 customer satisfaction rating with a score of 812. Good customer service is important for any financial institution.
The bank has 24/7 customer service for their credit cards, and online chat is also available. You can do this through their official website or their mobile app. A customer service number appears on the credit card.
Do You Need to Be a Student to Apply for BankAmericard for Students?
You need to be a student eligible for the Bank of America BankAmericard for Students credit card. Like most cards for college students, you need to be enrolled either full-time or part-time in a college or university under a two-year or four-year course. You also must be 18 years old at least and a citizen or resident of the United States.
How to Apply for A BankAmericard for Students Credit Card
Applying for bankAmericard for Students is easy. All you need to do is:
- Visit the BankAmericard Credit Card for Students website
- Click on the link “Apply Now.” You’ll then be asked to fill up the application form. This entails giving out personal information like your Social Security Number, current address, income, and some other financial information.
- Recheck that the details you gave were accurate, and then submit your application. The website says you’ll get a response within 30 seconds. It’s that easy!
Tips for Using the BankAmericard for Students Credit Card
1. Pay Aggressively
If you’re using the credit card to transfer a balance from a different card with a higher interest rate, pay it aggressively once it has been transferred to BankAmericard for Students. There is no interest rate within the introductory period, so you need to take advantage of that.
2. Remember That There’s a 3% Foreign Transaction Fee
Remember that there is a 3% foreign transaction fee on the card, so any purchases outside the US will incur this fee. If possible, use a different credit card when you go abroad.
3. Take Advantage of Email and Text Alerts
The card will come with email and text alerts reminding you of your payment due date. Take advantage of that so that you do not incur charges for late payments.
BankAmericard for Students reports your credit activity to Equifax, Experian, and Transunion. So, it is essential to make your payments on time to show these credit bureaus you have good credit responsibility to improve your credit score.
Conclusion: BankAmericard for Students
College students are usually first-time credit cardholders. Most have little to no credit score and are only starting to build it up. BankAmericard for Students understands that, and so they made it easy to apply for their card. The card is basic but is definitely good as a start-up credit card.
Again, here are the benefits you can get from the BankAmericard for Students Credit Card:
The credit card has no annual fees, offers 0% introductory APR for up to 18 months, and charges a low 3% transfer of balance fees. It is also supported by high technology online and mobile banking. What makes it really good is that college students with limited or even no credit history are qualified to be cardholders.