This Bank of America student card has a very specific value proposition, and, unfortunately, it’s not a good fit for most college students.
However, the card’s introductory 0% interest promotion may be a good fit for older students who might already have some credit card debt or need to make a large purchase and pay it down interest-free. If you’re simply looking for a card that can help you build credit and provide rewards along the way, you may want to keep shopping around.
Also, consider applying for the card if you have a creditworthy co-signer. Unlike some student credit cards, this one allows co-signers.
Generous 0% APR promotion on purchases and balance transfers
Balance transfer fee waived upfront
Free FICO score access
Allows a co-signer
No rewards program
High ongoing APR
- Generous 0% APR promotion on purchases and balance transfers: The bulk of the value this card offers is in its introductory 0% APR promotion. Upon approval, you’ll get a 0% APR for 15 billing cycles on both purchases and balance transfers. In general, it’s a good idea to avoid carrying a balance from month to month. But if you need to, this promotion can save you a lot of money.
- Balance transfer fee waived upfront: Balance transfer credit cards may offer an introductory 0% APR promotion, but many of them charge a fee to move your balance from another card. This fee, which typically ranges from 3% to 5% of the transfer amount, is waived for the first 60 days with the BankAmericard for Students.
- Free FICO score access: Bank of America gives you free access to view your FICO score, which can help you keep track of your progress as you work to build your credit history.
- Allows a co-signer: Bank of America is one of the few major credit card issuers that still allows co-signers. So if you have a parent or other trusted family member with great credit, they may be able to help you get approved.
- No rewards program: While the card offers a lot of value through its 0% APR promotion, it doesn’t offer any rewards. If you want a similar 0% APR promotion with rewards, consider the Bank of America Cash Rewards for Students.
- High ongoing APR: Getting an introductory 0% APR promotion can save you money. But once it ends, the card’s variable APR ranges from 14.49% to 24.49%, based on your creditworthiness. If you can, avoid carrying a balance on the card.
How to Get the Most Out of This Card
If you already carry some credit card debt, getting rid of it may be more important than earning rewards. If that’s the case, take advantage of the card’s 0% APR promotion by transferring your balance within 60 days of your account opening.
Make sure you pay off the balance in full by the end of the card’s 0% interest promotion. Otherwise, you may get slapped with a high standard interest rate on the remaining balance.
If you’re new to credit and don’t yet have credit card debt, this card may not provide as much value as a student credit card that offers rewards. Several of those cards offer introductory 0% APR promotions in addition to their rewards programs.
In the most recent J.D. Power Credit Card Satisfaction Study, Bank of America was rated about average. In the marketing firm’s mobile app rankings, however, the bank ranks third. The card issuer’s customer service team is responsive, giving you 24/7 access over the phone and a live chat feature on the website.
Bank of America also gives you free FICO score access, which can be helpful for college students as they work on establishing a credit history.
Bank of America offers standard security, including zero liability for fraudulent purchases. If you lose your card, Bank of America doesn’t allow you to lock it through your mobile app or online account. However, you can request a replacement card, which begins the process of canceling the old one and sending you a new one.
BankAmericard for Students’ Fees
This Bank of America student card doesn’t charge an annual fee, and it waives its balance transfer fee for the first 60 days. However, it does charge a few other fees, all of which are in line with industry standards. Most of the fees are avoidable if you avoid cash advances and balance transfers after the introductory period. However, if you plan to travel abroad any time soon, note that the card tacks on a 3% fee to international purchases.