| Last updated on October 27th, 2023
BankAmericard® Credit Card for Students
BankAmericard® Credit Card for Students
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 16.24% to 26.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 19.24% to 29.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
- 0% for 21 months from account opening date Intro Purchase APR
At a Glance
The BankAmericard® Credit Card for Students is a no-frills card for college students with little to no credit history who are looking to build and monitor the health of their credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Introductory 0% purchase APR for 18 months
- Introductory 0% APR for 18 months on balance transfers made within 60 days of account opening
- No fee on balance transfers made within 60 days of account opening
- Access to credit and budgeting education and free monthly FICO Score reports
- No annual fee
- Intro Purchase APR: 0% for 21 months from account opening date
- Regular Purchase APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 21 months from account opening date
- Balance Transfer APR: 16.24% to 26.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 19.24% to 29.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- You're a student just starting out building your credit history
- You're looking for a great introductory APR offer on purchases and balance transfers
- You want a credit card with no annual fees
- You want the ability to monitor your credit score monthly
BankAmericard® Credit Card for Students Review
The BankAmericard® Credit Card for Students was designed with credit card beginners in mind: no annual fee, no penalty APR, and access to free monthly FICO® Score credit checks. It is a very rudimentary credit card without a rewards program or introductory bonus offer. Instead, cardholders will find themselves with one of Bank of America’s most forgiving interest rates and educational tools to help get their finances on the right track. To apply, you must be a current college student at the time of the application. Keep in mind that you may need to prove your student status by showing a student ID at a physical Bank of America location (Not a student but still want to build your credit?
0% Intro APR
College is known for the big-ticket essentials that require substantial, upfront costs: tuition, student housing, meal plans, textbooks, etc. and this card handles those nicely. The introductory 0% APR for the first 18 months offers peace of mind to students and gives over one year of interest-free breathing room for a payoff of those large expenditures. The same interest-free offer also applies to balance transfers made within the first 60 days, in the unlikely circumstance where a BankAmericard® Credit Card for Students cardholder already has debt elsewhere. While it may be uncommon for credit card novices to have existing debt, it is a practical perk for those who want to a card with a lower interest rate.
Since this card is a Mastercard and Bank of America product, students can expect the same useful tools to help them make the most out of the card. as BankAmericard Cardholders Just some of the nice features that users can expect include:
- FICO Score Access: Cardholders can easily monitor their credit score thanks to complimentary access to their FICO credit score each month. While FICO isn’t an exact representation of what exists on your credit report, it uses that information to give you a score based on the critical components most lenders look for when you apply for credit.
- Online and Mobile Banking: Pretty much every credit card comes with mobile banking technology, and the BankAmericard is no different. The card syncs seamlessly with Bank of America’s app and allows cardholders to pay bills, dispute transactions, set up alerts, and more through their mobile devices.
- Enhanced Security with EMV Chip Cards: EMV chip technology is quickly gaining traction in the United States and offers an extra layer of security for in-person credit card payments.
- Fraud Protection: Cardholders don’t have to worry about fraudulent activity on their accounts, thanks to Bank of America and Mastercard’s $0 liability guarantee.
- No annual Fee: Annual fees are something most people hope to avoid. Thankfully, with the BankAmericard, you’ll never be charged for the privilege of being a Bank of America credit cardholder.
Students who have intentions of traveling abroad should be wary of this card as each purchase made outside of the U.S. will incur a 3% in foreign transaction fees. Additionally, cash advances, balance transfers (after the first 60 days of opening an account), and wire transfers from non-financial institutions have additional fees attached ranging from 3-5% each. In this regard the card fares comparably to Chase’s Freedom®
Student Credit Card.
Should You Apply for the BankAmericard® Credit Card for Students?
Overall, if you’re just beginning to build your credit, there are certainly more enticing options out there that will put money back in your pocket for everyday purchases you already make. However, in order to qualify for most higher-tier rewards cards, you’ll need some sort of previous credit history – which could put many students at a disadvantage. If your primary goal is to get your feet wet in the world of credit, then the BankAmericard® Credit Card for Students card will serve you well. Once you’ve established your credit and have developed good financial habits, you can upgrade to a credit card with actual rewards.
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