Just like adults, students normally have their own expenses. From paying hotel accommodation fees to paying tuition fees, there are many expenses that students incur while in college. As a result, they need to have ready cash with them, nearly all the time. While this is possible for some, others need to look for other financing options so as to supplement their budget.
After all, not all students come from rich backgrounds. Having a credit card is one way that can help you finance most of your activities. With this credit card, you will not only get the much-needed financing but also build your credit history. If you are able to make timely monthly payments, you are likely to qualify for prime credit cards, guaranteeing more financing.
With so many banks where you can apply for a credit card, at some point you might be spoilt with choices. For optimal results, you should apply for a student credit card from the Bank of America. Here, you will not incur any annual fee and this card allows you to earn 3% cashback in a purchase category of your choice. In this article, we shall discuss more this card so that you can make a wise decision.
What Do You Need to Know About Each Card?
To start with, Bank of America normally offers two student focused credit card. It is imperative to note that these cards come with their own individual benefits.
Some of the credit cards that you can choose from include:
- The Bank of America Cash Rewards credit card for students.
- The Bank of America Travel Rewards credit card for students.
1. The Bank of America Cash Rewards Credit Card for Students
Are you looking for a way to earn cashback for any of the purchases you make? The above-mentioned card meets all these requirements. With this card, you will enjoy the flexibility to choose your top cash-back earning category. You can expect to earn the cashback at the rate of 3%.
Some of the categories to choose from include:
- Online shopping.
- Home improvement or furnishings.
Besides this, you also stand a chance to earn 2% cashback anytime that you shop at the grocery stores and wholesale clubs. However, for other purchases, you can expect that you will earn a 1% cashback.
It is imperative to note that the cashback for the 3% and 2% bonus category is normally limited to the first $2500 in combined purchases each quarter. Thereafter, you will earn 1% cashback on the rest of your purchases in those bonus categories. Apart from the 3% and 2% cashback, the card also comes with other helpful features that might mesmerize you.
- With this card, you will not pay an annual fee.
- If you spend more than $1000 in your purchases within the first 90 days of account opening you stand the chances of getting$200 cash rewards.
- Free FICO credit score.
- To qualify for the intro balance transfer APR, balance transfers have to be made within 60 days of opening the account. Here, a balance transfer fee of $10 or 3% applies.
It is important to note that this card does not charge a 3% foreign transaction fee and as a result, it might not be ideal if you want to use the card while studying abroad.
2. The Bank of America Travel Rewards Credit Card for Students
As the name suggests, this credit card normally offers an easy way to earn rewards. Here, you can expect that you will earn 1.5 points for every $1 of purchases you make. The good news with this card is that you do not need to worry about bonus categories or reward caps.
In addition, there are no foreign transaction fees involved. This makes the card ideal to use in case you are traveling abroad or better still doing your studies there.
However, for you to redeem your points there is a series of steps that you should follow. For you to get a value of 1 cent per point, you have to redeem your points for a travel statement credit. Your other redemption option normally leaves you with a point value of less than 1 cent per point. Apart from this, the card offers the following features that can be of help to you:
- The card comes with no annual fee.
- If you spend more than $1000 on your normal purchases within the first 90 days after opening your account, you stand a chance to win 25000 bonus points.
- Free FICO credit score.
- The card comes with no intro APR offer for balance transfers. You will note that balance transfers normally have a variable APR of 14.99% to 22.99%. In addition, the card comes with a balance transfer fee of $10 or 3%.
- There is an introductory 0% purchase APR for 12 billing cycles from account opening.
Either of these cards can work optimally well for you. However, your needs will determine the one that best suits you. For instance, if you are looking for the best credit card rewards, the Bank of America Cash Rewards credit card for students is ideal for those students who want to earn some cash back for any of the purchases they make.
However, if you are studying abroad and you want to avoid foreign transaction fees, you should consider choosing the Bank of America Travel Rewards credit card. Here, you can trust that you will save more on transaction fees.
How to Get a Bank of America Student Credit Card?
For you to get the Bank of America student credit card, you have to be a student of at least 18 years old. Also, you should be a U.S citizen or a resident alien with a valid U.S SNN. At some point, your credit score might be checked.
Therefore, you need to know your current credit score so that you can build it in the long run.
Compare Bank of America Student Credit Cards
To have a clear picture of Bank America student credit cards, you should compare them with its competitors out there. Here, we shall look at some of the popular student credit cards and then make comparisons with the Bank of America student credit card.
1. Discover it Student Cashback
The above-mentioned card is ideal for those students who want to save more on their purchases. You will note that the card provides one of the highest rewards rates out there. Imagine getting 5% cashback on your daily purchases at different places such as restaurants, grocery stores, and even on a platform such as Amazon? This is truly incredible.
Besides this, when you pay using PayPal, up to the quarterly maximum, you will get 1% unlimited cash back on all purchases that you make out there. This makes the card better than its peers.
When it comes to the bonus calendar that comes with this card, you will realize that is student-friendly. In fact, it offers a myriad of opportunities that help maximize your purchases each quarter. For instance, in this year, you can maximize your purchases when you visit gas stations, restaurants, grocery stores and many more. Generally, it is ideal for those who endeavor to get as much cash bask as possible.
In fact, this credit card offers an exclusive Cashback Match. Here, trust that you will automatically get an unlimited dollar-for-dollar match for all the cash back you have earned and the end of the first year. If your GPA is 3.0 or higher, this card will award you a statement credit of $20 each school year. You will enjoy this benefit for 5 years or even more.
2. Journey Student Rewards from Capital One
This card is ideal for any student who wants to build a responsible credit habit. Here, you can trust that you will earn 1% cashback on all the purchases you make. Also, you will earn a 0.25% cashback bonus on the cash back you earn each and every month you pay on time.
Apart from this, the card comes with a $60 streaming subscription credit. Therefore, you will earn $5 per month for 12 months on select streaming subscriptions whenever you make your payment on time. Also, you will be on a stronger credit journey since the additional cashback and the streaming service credit will incentivize you to pay the balance on time.
In case you are torn between choosing the Bank of America Cash Rewards Credit Card or the Bank of America Travel Rewards Credit card, the Journey Student Rewards from Capital One is the best choice for you. Here, you will not pay any transaction fees and is therefore ideal for those studying abroad.
In addition, it allows you to earn some cash back whenever you make any purchases. Although this card is a good option for many students, it comes with high purchase rates of 26.99% Variable APR. Therefore, it is ideal that you clear of accruing any interest fees.
3. Wells Fargo Cash Back College Card
Cardholders of the above-mentioned credit card are eligible to earn 3% cash rewards for all the purchases made on grocery, gas, and drugstores. However, for you to enjoy this luxury, you should ensure that you spend at least $2500 for the first 6 months. For other purchases, you will earn a 1% cash reward.
When you compare this card and the Bank of America Cash Rewards credit card, the limits on this card are quite lower. In addition, there is no sign-up bonus with this card. Moreover, the 1% rewards on nearly all your purchases are quite discouraging. Therefore, the Bank of America Cash Rewards credit card is better off.
The 10 Best Bank of America Student Credit Card – Provides
1. Bank of America Travel Rewards Credit Card for Student
Are you a travel fanatic still pursuing your college education? If this is the case, this bank will completely make a very suitable choice when it comes to student credit cards. To begin with, it allows users to earn up to 1.5 points for every 1 dollar they spend.
This is way better compared to the points earned when using other credit cards. Most credit cards also charge a certain fee just in case you transact by your credit card while outside the United States. However, whenever you shop with the latter even when you are in a different country, you won’t be charged any foreign transaction fees. This allows you to save more money
- Allows users to earn 1.5 points for every 1$ spent at any given time even when they are in a foreign country.
- It has fixed payment dates, which helps the users to know the exact date on which they will receive their payments.
- In case you make the purchase worth 1000$ within the first ninety days, the latter will automatically award you with 25000 online points. Now, isn’t that splendid.
- They block any suspicious dealings as well as notifying users whenever their national security number is detected on bad sites.
- They charge variable APR on purchases which range between 13.99%-23.99℅.
- They don’t charge any foreign transaction fee whereas other credit cards charge a quite substantial amount as foreign transaction
- It rids off users the constraints associated with airline rewards cards.
- They don’t charge any annual fee.
2. Discover it Secured Credit Card
This is another suitable credit card from Bank of America designed for students. Just like the Bank of America travels reward credit card, these one top charges zero annual fees. Despite that, it exhibits a fixed annual percentage rate.
This APR is strictly set at 22.99%, a rate that doesn’t change irrespective of your location. On top of that, this credit card allows its student users to build a credit history. This is usually done with the three largest credit bureaus in the country.
- Once you have applied and approved, you can create your own credit line just by paying as less as $200. Actually, that initial deposit is refundable.
- It is accepted and used countrywide by almost all other places that accept credit cards.
- It allows users to earn up to a 2℅ cash return in places such as restaurants. However, this only applies whenever you have spent up to 1000$.
- Gives users the opportunity to acquire a fee credit scoreboard with both your credit and fico score.
- They notify users in case they discover any fraudulent motives geared towards them. This happens whenever they find your social security number on untrustworthy platforms. They give users a welcome bonus during their first year.
- Once your account is over eight months old, they review you automatically so as to establish whether you can be moved to an unsecured line of credit.
- Its users are not charged any annual fees.
3. Wells Fargo Cash Back College Card
Endowed with a varying APR rare that ranges between 11.15% and 21.15%, the latter charges zero annual fee. Moreover, its APR changes depending on the level of your credit worthiness. So in case, your credit history is a bit cockeyed, your creditworthiness may be affected. On top of that, it charges zero annual fees as a well as super low intro APR.
Nonetheless, Wells Fargo allows its users to develop and improve their credit histories. This is because most students either have a bad credit history or rather have no credit history at all. Therefore, the latter ameliorates this for you even before completing your studies.
Last but not the least, this credit card exhibits a lot of flexibility when it comes to using cash rewards on other factors like travel, gift cards, merchandise e.t.c
- It charges zero annual rates.
- It comes with a super minimum APR, thus allowing students to buy the essential things they need.
- It gives you access to your FICO credit score as well as providing users with credit education.
- It helps the students to greatly build their credit history.
- In case you spend up to 2500$ on certain items such as gas and groceries, they give you a 3% cash reward.
4. Chase Freedom Student Card Bank
If you have a credit score ranging from 670 points to 850 points, the latter will definitely accept you very easily. On top of that, it charges a zero annual fee which is also inclusive of a 14.99% variable APR rate. With this credit, you will enjoy up to $20 good standing rewards during your accounts anniversary.
This offer continues until your account attains five full years. Additionally, because most students don’t have a very high spending expenditure, it allows users to earn 1% cashback on all the purchases made. In case you transact with this credit card whilst outside the United States, it will charge you a foreign transactions fees of 3%.
- It doesn’t charge any yearly fee.
- Allows users to earn a credit limit increase after making 5 monthly payments on time during the first ten months since the creation of the account.
- There’s no set minimum amount required to redeem for cashback.
- It gives users their credit scores for free.
- Users earn 1% cashback on all purchases.
- You get a 20$ good standing reward for the first five years since the first-year account creation.
- There’s a 50$, bonus that is availed once you make your first purchase within the first three months since the creation of your account.
5. Bank of America Cash Rewards Credit Card for Students
Similar to the previous credit cards mentioned in the above list, this one does not charge annual fees to its users. On top of that, one earns 3% cashback in your most preferable category. As if not enough, the latter renders it, users, with fifteen months of zero APR offer.
This applies to both purchases made as well balance transfers. Lastly, the latter was ranked as the winner of Best Bank for College Students.
- In case you buy goods worth over 1000$ dollars within the first 90 days since your account creation. You are awarded online 200$ cash reward bonuses.
- It allows users to access their FICO score for free. Which is quite essential in helping people to manage and reshape their credit history?
- You won’t have to pay any annual fees.
- Classified as the best bank of America best bank for college students.
- Users earn up to 3% or 2% cashback on the first $2500.
- Users receive a 3% money-back offer in the category of their choice. This can either be shopping at a gas station or even hopping even online.
6. Journey Student Rewards From Capital One
In most cases, students settle for credit cards without necessarily looking into the other offers that are available. Therefore, it is very advisable to look at the terms and services offered by other providers before committing yourself to a specific credit card.
To begin with, the latter allows people with a credit score of 580 and 740 to join as members with no annual fees. On top of that, this credit card allows you to save on foreign transaction fees by not charging a transaction fee.
- Allows customization of due dates hence being more flexible.
- They protect and lock your card in case of misplacement to avoid incidences of fraudulence.
- Allows users to manage their credit histories and profiles.
- Through it, users have been incorporated for a higher budget line as less than six months.
- It helps users improve both their credit scores and their credit histories.
- There aren’t any annual fees charged.
- In case you go for streaming subscriptions and pay on time. The latter gives you a 5$ per month during the first twelve months.
- It allows any potential user to earn 1$cash back on all the things bought.
7. Discover it Student Chrome
Unlike most credit cards mentioned above, the latter allows you to acquire a statement credit each time you refer a friend. However, he or she has to be approved first before it is given to you.
Besides that, it awards students with 20$ each school year if at all they are maintaining good grades. As a matter of fact, their GPA has to be over 3.0 over the next five years.
- It does not charge any annual fees.
- It alerts you immediately in the event they find your social security number on someone else’s hands. This acts to promote security.
- Allows users to switch off their accounts to prevent unnecessary purchases.
- It is accepted in a wide variety of places all around the country.
- It does not charge any APR on purchases for six months. However, after that, the normal APR rates will be charged.
- You are awarded once you refer a friend and they are approved.
- The credit card allows you to build your credit history.
- You are awarded for good performance in class. Now isn’t that amazing?
8. Discover it Student Cash Back
Here is yet another student credit card that will earn you a few bucks after maintaining good grades in school. This means that if in case you maintain a GPA of at least 3.0 for the next five years. You will be awarded 2.0$ for each year.
More also, they don’t charge any annual fees or any late payments for the first late payment. Also, the APR does not change for paying late, however, the standard variable APR of 12.99% to 21.99% applies. It also has a freeze on/off feature which allows users to switch off your account.
- It does not charge any annual fees.
- It is accepted national wide by the vast majority of places that accept credit cards.
- They inform you in case they realize your social security news.
- It awards students for good performance.
- Exhibits the freeze it on/off account that prevents new purchases.
- They pay you once you refer a friend and they get approved.
- It earns you rewards while also improving your credit history.
9. Bankamericard Secured Credit Card
Endowed with a regular APR of 22.99% that is variable, the above credit card does not exhibit any annual fees. Besides that, no application fees are charged whenever someone wants to apply for it.
This credit card provider also provides your account information to three major credit bureaus. So, this gives you a chance to either build or destroy your credit history.
- It does not charge any yearly fees to its users.
- Provides users with access to their FISCO scores.
- Provides its subscribers with education regarding credit and credit card responsibility.
- Once twelve months are over, its users may qualify to have their initial deposit returned as they continue to use their card.
- Do not charge any kind of application fees.
- Exhibits a credit of $300-$4,900.
10. National Education Association Cash Rewards
One of the most dominant advantages associated with the above credit card is that, unlike other credit cards, its rewards do not expire at all. On top of that, the latter grants its users free general admission with museums in the United States.
Nevertheless, no annual fees are charged here. Furthermore, your account information is reported to credit bureaus every month for reevaluation.
- It gives users 2% cashback on items such as groceries and wholesale clubs. And, 1%cash back on the rest of the purchases.
- Annual fees are not charged.
- It exhibits null intro rates for both purchases and balance transfers for the first 15 months. However, from there the rate will range from 13.99% to 23.99.
- In the event, you make a purchase worth over 500$ within the first 90 days since your account’s creation. You are awarded a 200$ amazon gift card.
- Its rewards never expire.
- Allows users to access their FISCO scores.
- There’s are free general admissions with United States museums.
- Users get up to 3%back depending on their choice amongst the following activities, traveling, dining and gas.
Frequently Asked Questions (FAQ)
Answer: Yes. The Bank of America Student credit card is ideal if you are looking for a cash-back card that will not require you to replace it once you graduate from college. Generally, the card comes with impressive rewards rates compared to other cards. In addition, it gives you the much-needed flexibility to choose one of your bonus categories.
Answer: If you are looking for the best credit card for a college student, you should not hesitate to choose Discover it Student cashback. This card will help you save more on your purchases.
Answer: Typically, the credit limit on a student credit card ranges between $500 and $1000.This amount is fairly low compared to non-students. It is assumed that the credit limit is bound to rise over time if the student is able to make monthly timely payments as agreed.
Are you are looking for a student credit card that will offer value for money? If yes, a Bank of America student credit card is the best choice for you. Both of these cards offer generous sign-up bonuses and rewards. Since they do not come with annual fees, you will be able to save more in the long run.
Besides this, they can also help you build your credit score and thereby increase your chances of getting prime cards in the future. With this credit card, you will not be inconvenienced in case you need any form of financing. Apply for any of these cards today and you will not be disappointed.