Full Review of BankAmericard for Students
Relatively long introductory APR period
No balance transfer fee (for 60 days)
No rewards program
3% foreign transaction fee
Potentially high regular APR
- Relatively Long Introductory APR period: The BankAmericard credit card for students charges no interest for 15 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 Balance Transfer Fee (for 60 Days): When you transfer a credit card balance to another card, you typically have to pay a fee, a percentage of the amount you transfer over; if you’re transferring a significant (four-figure) amount, this charge can add up, impacting the cost-effectiveness of the transfer overall. The BankAmericard credit card for students' zero balance transfer fee (provided you complete the transaction within 60 days of opening your account) is another major benefit that isn’t commonly offered by a student credit card. Be aware, though, that after those introductory sixty days, this card does charge a 3% balance fee on each transfer, with a minimum charge of $10. So if you move fast, the savings can be significant. If you transferred a balance of $3,000 to your BankAmericard student card, you’d normally have to pay $90 to do so. But if you complete the transfer within the introductory 60 days, you’d save $90.
- No Rewards Program: Unfortunately, the BankAmericard credit card 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 there are a few that do 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 credit card 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 credit card 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 24.49% 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 $80, it would take you 60 months to pay off your balance and you’d repay a total of $4,494; interest charges would cost you nearly $1,500.
But let’s say you transferred your balance to the BankAmerica credit card for students within the first 60 days of opening an account to take advantage of 0% APR for 15 billing cycles and the introductory $0 balance transfer fee. If you kept making monthly payments of $80—and if your APR was 24.74% after the 15-month promotional offer expired—it would take you just 46 months to repay your debt. And, you’d repay a total of just $3,644.01. Completing a balance transfer would help you save $850 and you’d be out of debt over a year earlier.
The BankAmericard credit card for students offers the following perks, typical of most student credit cards:
- $0 liability guarantee on unauthorized transactions
- View your FICO credit score for free on your statements, onine, or through the mobile banking app
According to the J.D. Power Credit Card Satisfaction Study, Bank of America was ranked seventh out of 11 issuers—not the most ringing endorsement in terms of customer satisfaction overall.
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 in 2019, citing the budgeting features contained in its mobile app as a key perk that could help students manage their spending.
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 credit card 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 15 billing cycles and zero transfer fee for transfers made in the first 60 days of account opening offer efficient ways 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.