10 Benefits of the Bank of America Student Credit Card

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Like a lot of other financial institutions, Bank of America offers specialized credit cards for students, which tend to have lower requirements than other credit cards. This makes sense because student credit cards provide them with a chance to secure a customer for life, which can prove to be very profitable in the long run. With that said, this is convenient for the students as well, though they will need to choose with care to ensure the right results for themselves.

Here are 10 benefits of having a student credit card from Bank of America:

1. Convenience

Credit cards can be much more convenient than other payment methods under a wide range of circumstances. For example, if someone wants to make payments in person, carrying a credit card tends to be much more convenient than carrying cash. Likewise, there are other ways to make payments online, but a credit card tends to be the simplest and most straightforward method in that regard.

2. Security

Speaking of which, the convenience of credit cards means that there are a lot of people who are concerned about their security. As a result, credit cards tend to come with a number of security measures to protect people from potential security problems as well as limit the consequences should something go wrong.

3. Choice

Some financial institutions offer credit cards that have been specialized for students but no more than a single option. In contrast, Bank of America offers a number of options, which share some basic similarities that make them useful for students but still bear differences that can make some more attractive than others for students.

4. Low Credit Requirements

Students tend to have either no credit scores or not particularly great credit scores. As a result, student credit cards tend to have low credit requirements, which makes them accessible to a much wider range of people than most of their counterparts.

5. Credit Building

On a related note, this makes student credit cards an excellent choice for people who want to build up their credit scores. After all, their use of their student credit cards will be recorded in their credit histories, thus providing future lenders with reason to be confident in their ability as well as their willingness to honor their debt obligations.

6. No Annual Fee

There is no annual fee on Bank of America’s student credit cards. This is great for people who want to minimize their costs of credit card use as much as possible. However, it should be mentioned that a lack of annual fee removes the pressure on people to make more use of their credit cards so as to make its annual fee worthwhile, which can be a real consideration in some cases.

7. Good Introductory Offers

Interestingly, Bank of America has introductory offers on its student credit cards to make them more appealing for interested individuals. For example, two of them have introductory purchase APRs of 0 percent for 12 months, while the third has something similar but extended to 15 months instead. Likewise, one of them has an introductory transfer APR of 0 percent for 12 months, while another has an introductory transfer APR of 0 percent for 15 months.

8. Rewards Program

Two of the student credit cards comes with a rewards programs of sorts. One is a cash back credit card, meaning that it offers 1 to 3 percent cash back on purchases made using it. The other is a more conventional rewards credit card that provides 1.5 to 3 points per dollar spent using it. Moreover, these credit cards come with introductory bonuses of either $150 or 20,000 rewards points depending on the card.

9. Wide Range of Features

Speaking of which, the fact that the student credit cards can be used for balance transfers should be treated as good news. After all, that makes the credit cards that much more useful to consumers even if balance transfers are something that people shouldn’t use without much care and consideration.

10. Variable Interest Rates

On a final note, the student credit cards from Bank of America have variable interest rates. This can seem like a bad thing, but it should be noted that it presents opportunities as well. After all, if someone can improve their creditworthiness over time even if they start out with either no or poor credit scores, they should have a real chance of securing better interest rates for themselves.


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