BankAmericard Credit Card For Students 2021 Review

The BankAmericard® Credit Card for Students* s seems to appeal to students who may be looking for another credit card—one with which they can buy some time to pay down balances they’d like to transfer from an earlier, higher-rate card—or a card with which to make large purchases and pay down the cost over time without accruing any interest. The BankAmericard® Credit Card for Students* offers a 0% Intro APR on purchases and balance transfers for 18 billing cycles, then a standard APR of 12.99% - 22.99% variable applies .

Though the card offers no ability to earn rewards, this can be considered fairly normal for a run-of-the-plastic-mill low intro APR or balance transfer card. With no annual fee, the card might seem painless enough until the fine print reveals a balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater and a 3% of the U.S. dollar amount of each transaction foreign transaction fee. For those trying to study abroad and learn to say, “bill me later” in some foreign language, think again.

The BankAmericard® Credit Card for Students* offers the standard Bank of America benefits array: FICO score monitoring, $0 fraud liability, overdraft protection, paperless statements, digital wallets and online or mobile banking. For students, the convenience of these options will be welcomed, but any card worth considering will offer similar perks. What’s really important to consider is the need to finance a large purchase or transfer a balance and whether this card makes sense to do so.

• No annual fee
• Introductory APR period: 0% Intro APR on purchases and balance transfers for 18 billing cycles, then a standard APR of 12.99% - 22.99% variable applies
• Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater
• FICO score monitoring for free, monthly
• High tech mobile and online banking
• $0 liability guarantee

This card offers 0% Intro APR on purchases and balance transfers for 18 billing cycles, then a standard APR of 12.99% - 22.99% variable applies .

• FICO Score: Receive monthly free access to a FICO score.
• $0 Liability Guarantee: Cardholders aren’t responsible for unauthorized purchases.
• Mobile and Online Banking: Convenience of the click with alerts and account monitoring via phone or computer.
• Paperless Statements: Go green and save the planet by viewing your debts online.
• Digital Wallet and Contactless Chips: Don’t even take the card out of the wallet with contactless payment—a great feature for pandemics.
• Better Money Habits: Bank of America offers educational resources for those working to strengthen credit.

Interest Rates

• Regular APR: 12.99% - 22.99% Variable APR on purchases and balance transfers
• Purchase Intro APR: 0% Intro APR on purchases for 18 months
• Balance Transfer Intro APR: 0% Intro APR on balance transfers for 18 months

Fees

• Annual Fee: $0
• Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
• Cash Advance: Either $10 or 3% of the amount of each transaction, whichever is greater.
  
  ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater.
• Foreign Purchase Transaction Fee: 3% of the U.S. dollar amount of each transaction

BankAmericard® Credit Card for Students* vs. Bank of America® Customized Cash Rewards Credit Card for Students*

The BankAmericard® Credit Card for Students*s and the Bank of America® Customized Cash Rewards Credit Card for Students* can confuse those not yet familiar with the branding specifics of Bank of America’s cards. Though offered by the same bank, the Bank of America® Customized Cash Rewards Credit Card for Students* offers something entirely different: cash back reward earning. It offers 3% cash back in the category of your choice and an automatic 2% at grocery stores and wholesale clubs. Cash back is limited on up to $2,500 in the 3% and 2% categories combined each quarter. Earn an unlimited 1% on all other purchases.

BankAmericard® Credit Card for Students* vs. Bank of America® Travel Rewards credit card for Students*

For those students looking to study abroad or who go to school far from home and would like to visit now and then, the Bank of America® Travel Rewards credit card for Students* may be the card. Unlike a balance transfer card, the Travel Rewards for Students focuses on rewarding students with points to redeem on travel in exchange for spending on everyday purchases. The card earns unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points. It also doesn’t charge an annual fee.

The BankAmericard® Credit Card for Students*, on the other side of the piece of plastic, best suits for paying off balance transfers or large purchases. Though Bank of America’s array of student credit cards may seem confusing and often overwhelming to those who have no idea what they’re looking for, the differences among them are as varied as the choice between majors offered to students.

BankAmericard® Credit Card for Students* vs. Discover it® Student Cash Back

Most student cards will focus on rewards earning as a means of enticing the classically-overleveraged college student into getting something out of the piles of debt they’re accruing trying to better themselves in preparation for a life in a world of challenge. The Discover it® Student Cash Back is no different, though it does offer rewards somewhat differently.

With rotating quarterly categories that earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, automatically earn unlimited 1% cash back on all other purchases. Though offering something in sharp contrast to the low introductory APR period offered by the BankAmericard® Credit Card for Students*.

For those looking to buy time to pay down a balance transfer, the balance transfer fee is a hefty price to pay, but it might beat some previous card’s absurdly-high standard-rate APR. The BankAmericard® Credit Card for Students* also might work for those looking to finance large purchases, like textbooks for biology or a camera for a photography class.

What it won’t do is earn rewards on purchases like many other student cards. For rewards, look elsewhere. For painful interest relief, this card might be the best way to go for America’s college students.