Last updated on February 21st, 2023
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Liberty Bank Visa Signature® College Real Rewards Card
Liberty Bank Visa Signature® College Real Rewards Card
- 19.74% to 29.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.74% to 29.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
The Liberty Bank Visa Signature® College Real Rewards Card features no annual fee. Cardholders can earn 1.5 points for every dollar that they spend, and there’s no limit to how much you can earn. New cardholders also receive 2,500 points on their first purchase. What’s more, cardholders can take advantage of 0% APR for six months on purchases and balance transfers when they first sign up.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1.5x points on all of your purchases with no caps
- Receive 2,500 in bonus points after your first purchase
- 0% introductory APR on purchases and balance transfers for your first 6 months
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 19.74% to 29.74% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 19.74% to 29.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- You're in college and may be newer to credit
- You don’t want to pay an annual fee to use a credit card
- You would like to earn rewards points on their purchases
- You want to take advantage of 0% APR on purchases for six months
- You need to transfer a balance from another credit card and plan to pay it off in six months
Liberty Bank Visa Signature® College Real Rewards Card Review
The Visa Signature® College Real Rewards Card from Liberty Bank can be a great starter credit card, especially for young adults. As the name of this card implies, this is an ideal card for college students.
If you feel that you may not need the restrictions that are present on a secured card, then a student card like this one might be for you. Additionally, student cards can be a good option if you have at least some credit history.
The College Real Rewards Card also offers a lot more perks than a secured card does. Cardholders earn 1.5 points for every dollar they spend, and there is no cap on points. Moreover, new cardholders can earn 2,500 bonus points on their first purchase with no purchase minimum.
Another great feature of this card is that it offers new cardholders an introductory 0% APR on balance transfers and purchases for six months. This can help you learn how to use your credit card without having to pay extra money on interest charges. Keep reading to learn more about the features of this credit card.
Earn 1.5 Points on Your Purchases
The Liberty Bank Visa Signature® College Real Rewards Card lets cardholders earn 1.5 points for every dollar they spend on purchases. This feature is slightly better than the bare minimum most credit cards can offer, which is one point for every dollar spent.
While there are other rewards cards that offer more points, this lower earning rate may be a good option for those who are new to credit. Many higher earning rewards cards charge an annual fee, which the College Real Rewards Card does not charge. This way, a cardholder can see whether they like a rewards card without having to invest money on an expensive credit card.
There are no limits to the amount of points you can earn, which is another attractive feature. Some credit cards do place restrictions on your earnings. However, the points you earn with this card do expire after five years.
New cardholders get an added bonus. When you make your first purchase with this student card, you’ll automatically earn 2,500 points on top of any regular points you earn on that purchases. What’s more, there is no minimum purchase amount.
Redeeming Your Points
You can redeem your Liberty Bank Visa Signature® College Real Rewards Card points for cash back, merchandise, gift cards, or travel. Elan Rewards manages this card’s rewards program, so you will need to sign into its rewards website to redeem your points and browse the items that are available.
Unfortunately, the rewards catalog is kept hidden from people who aren’t cardholders. This detail makes it frustrating to determine whether the rewards are worth applying to this card. However, this isn’t unique to the Signature College Real Rewards Card, as many rewards programs don’t publicize their catalogs.
Instead of earning points as soon as you spend, Liberty Bank adds points to your account at the end of your monthly billing cycle. Additionally, it calculates your net spending in order to determine your points.
This means that if you spend $300 but got refunded $50, you will only earn points for $250. Sounds fair, right?
Now, although the rewards catalog is kept a secret until you sign up for this card, Liberty Bank still lets you know the value of your points. Each point is worth one cent ($0.01). As such your 2,500 bonus points you receive on your first purchases are worth $25.
0% APR on Purchases
Another great feature of Liberty Bank College Card is that it offers you an introductory APR of 0% for six months on your purchases. This means that none of the purchases you make during your first six months will accrue any interest.
For college students, this can be a great way to get a feel for using a credit card without having to pay interest on it. It can teach them how to spend within their means and pay off monthly balances in time.
If they slip up within those first three months, they don’t have to worry being penalized with interest payments. It’s almost like having six lives when playing a video game.
Having six months of no interest also means you can make a big purchase when you first sign up for your credit card and have six months to pay it off with no extra charges. If you need to buy stuff for a dorm room, for instance, this may be a good fit for you.
0% APR on Balance Transfers
The Liberty Bank Visa Signature® College Real Rewards Card also offers new cardholders six months of 0% interest on balance transfers. What’s good about this offer is that the six-month promotional period begins on the date that you transfer a balance.
However, you only have 186 to transfer over a balance, which is roughly six months. Nevertheless, you can transfer a balance five months after signing up for this card and still take advantage of 0% interest.
Now, many younger cardholders may not have an existing credit card balance, so this feature may not apply to everyone. Additionally, six months of 0% APR is rather stingy compared to some other credit cards that offer an introductory APR for this type of transaction. If you’re looking for a balance transfer card, you might be better off with another credit card.
Should You Apply for the Liberty Bank Visa Signature® College Real Rewards Card?
This Liberty Bank student credit card can be a great first credit card for young people who want to start using a credit card. It offers some great perks, such as earning 1.5 points for every dollar spent.
This isn’t the most rewarding points system around, but other rewards cards with higher earning rates might charge a hefty annual fee. The 0% introductory interest rate is a cute feature, but it’s not really a unique draw to this card.
In fact, many credit cards offer a similar deal for 12 or even 18 months. If you’re looking to transfer a large credit card balance, you should browse some other options before setting your heart on this card. The Chase
Freedom® Student Credit Card is another great student credit card to
consider, as it offers cash back, a good grades discount, and no annual fee.