Bank of America Student Credit Card Benefits

College is the time when most students begin to build their own credit profile. However, having no credit history and a part-time job at most can make successfully applying for and receiving a credit card more difficult. Many banks offer student credit cards that are designed especially for young people who are enrolled at a post-secondary school and are just beginning their adult financial life. As one of the most popular banks, Bank of America offers three student credit card options. Each card has advantages that appeal to different students based on the priorities in choosing a credit card product.

Low APR

Of the three products in the Bank of America student card lineup, the BankAmericard offers the lowest APR and a competitive introductory rate. Card members who wish to transfer their balance from a card that charges a higher interest rate may enjoy 18 months interest-free, which applies to the transferred balance only; interest is charged as usual on new purchases that are not paid off before the end of the billing cycle. Students will also save money as the BankAmericard does not charge an annual fee.

Travel Rewards

The BankAmericard Travel Rewards Visa is a rewards card with no restrictions. Members may earn reward points, which can be used to book travel on any airline or at any hotel at anytime as there are no blackout dates. The points never expire, and there is no limit on the amount of points card members may earn. Points may be redeemed for statement credits that can be used toward travel-related purchases including hotels, airline tickets, rental cars, vacation packages, cruises, and baggage fees. Card holders who also have a Bank of America Checking or Savings account earn an additional 10 percent customer bonus points on every purchase that is made with the card. As an added incentive for opening a Travel Rewards credit account, members receive an exclusive online bonus of 20,000 bonus points for making purchases totally $1,000 within the first 90 days of receiving a new card. The 20,000 points can be redeemed for a $200 statement credit. Students who choose the Travel Rewards card may enjoy zero percent interest on purchases and balance transfers for the first 12 billing cycles.

Cash Rewards

Students who prefer to receive a cash back incentive over travel rewards are likely to choose the BankAmericard Cash Rewards Visa. The Cash Rewards card allows students to earn one percent back on all purchases when they use their card. Each quarter, card holders may earn two percent on grocery store purchases and three percent on gas for the first $1,500 in combined purchases. Card members who spend at least $500 within the first 90 days of opening their account receive an online exclusive $100 rewards cash bonus. Customers receive an additional 10 percent bonus each time they redeem their cash back into a Bank of America checking or savings account. Cash back rewards have no expiration date, and the qualifying categories never change. Therefore, customers are always aware of which purchases qualify for higher cash back percentages. The Cash Rewards card also offers is zero percent interest for the first 12 billing cycle. The promotion applies to purchases and balance transfers.

Advantages Offered by All Bank of America Student Cards

While reward system may vary from card to card, none of the BankAmericards have an annual fee. All are eligible for the Preferred Rewards program. All cards come with enhanced security chip technology and are accessible via mobile and text banking. Card members who wish to transfer their balance from another card to any of the Bank of America Student credit cards can expect to incur a three percent balance transfer fee.