The BankAmericard Student Card is not one of our top-rated student credit cards. You can review our list of the best student credit cards for what we think are better options.
Full Review of BankAmericard for Students
Relatively long introductory APR period
No rewards program
3% foreign transaction fee
Potentially high regular APR
- Relatively Long Introductory APR period: The BankAmericard for Students charges no interest for 18 billing cycles on either purchases or balance transfers, provided you complete the transaction within 60 days of opening an account. If you're making a major purchase or want to pay off a load of debt from another credit card, you'll have over a year to pay down your balance without an APR constantly adding to it. That feature is a standout benefit for a student credit card. Most student cards don't have 0% APR promotional periods. The few that do offer them for a very limited time. For example, the Discover it Chrome for students card offers 0% APR on purchases, but only for six months.
- No Rewards Program: Unfortunately, the BankAmericard for Students doesn’t have a rewards program, so you won’t earn points, miles, or cash back when you make a purchase. Admittedly, most student credit cards have limited rewards programs, but a few offer 1% to 2% cash back. For example, the Journey Student credit card from Capital One allows you to earn 1% cash back on every purchase you make. If you pay your bill on time, your cash-back rate will increase to 1.25%.
- 3% Foreign Transaction Fee: The BankAmericard for Students charges you a 3% fee on every transaction you make outside the country. Over time, that fee can cause you to pay hundreds more than you intended to spend. If you're planning on spending a semester abroad or traveling overseas for spring break, you might want to leave this card at home—and look for another one, like the Deserve Edu Mastercard, that doesn't charge for international expenditures.
- High APR: Like most student credit cards, the BankAmericard for Students could potentially charge you a high APR after the promotional rate expires. Depending on your credit score and income, it might be as high as a 22.99% variable.
This Card is Best For
Resists or refuses an annual fee on principle or due to cost
Motivated to create positive credit history
Currently enrolled in an accredited four year college or university
As the name says, this card is geared towards college students. More specifically, it’s geared towards college students carrying high-interest credit card debt who want to pay that balance off.
Here’s how taking advantage of the card's promo on balance transfers can work. If you had $3,000 in credit card debt on a card with 20% APR and a minimum payment of $90, it would take you 50 months to pay off your balance, and you’d repay a total of $4,416; interest charges would cost you nearly $1,416.
But let’s say you transferred your balance to the BankAmericard for Students within the first 60 days of opening an account to take advantage of 0% APR for 18 billing cycles and the introductory 3% balance transfer fee. If you kept making monthly payments of $90—and if your APR were 22.99% after the 18-month promotional offer expired—it would take you just 20 additional months to repay the remaining $1,470 of your debt (since you would have paid down $1,620 of your $3,000 during the 18-month interest-free promotional period, but the 3% transfer fee would have added $90). And you’d repay a total of just $3,400. Completing a balance transfer would help you save $1,016, and you would have paid off your card balance sooner.
The BankAmericard for Students offers the following benefits, typical of most student credit cards:
- $0 liability guarantee on unauthorized transactions
- View your FICO credit score for free online or through the mobile banking app
The J.D. Power 2021 U.S. Credit Card Satisfaction Study ranked Bank of America fifth out of 11 national card issuers and gave the bank a score that was a bit below average.
However, Bank of America does offer features that cater to students. In fact, Money.com ranked Bank of America as the best bank for college students back in 2019, citing the budgeting features contained in its mobile app as a key perk that could help students manage their spending. However, Bank of America did not retain this title from Money.com in 2020.
You can reach Bank of America's customer service team 24 hours a day, seven days a week, by calling 1-800-732-9194.
The card offers some basic security features that are common for all credit cards, including account monitoring and fraud alerts.
The BankAmericard for Students is a solid choice for college students looking to finance a major purchase, such as a new computer. It can also be ideal for those in a very specific situation—namely, burdened with high-interest debt from another card they're ready to start paying off. The card’s 0% APR for 18 billing cycles on balance transfers and purchases offers an efficient way to do both, potentially saving hundreds of dollars in interest charges for over a year.
However, once the promotional period expires, the card offers little value. With no rewards program and few benefits, it’s pretty bare-bones, even by student-card standards. Kids who don’t already have a lot of debt are likely better off choosing another credit card that offers rewards so they can earn points or cash back on routine expenses.