BankAmericard for Students: A Passing Grade, If You Qualify
The Bottom Line
2.8
Requiring good credit to qualify and offering no student-specific perks, this is a student card in name only. The long introductory APR period is a perk, but most students would do better with a different product.
Rates, fees and offers
Annual fee
$0
Rewards rate
No rewards
Bonus offer
None
Intro APR
0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply.
Ongoing APR
APR: 16.24%-26.24% Variable APR
Cash Advance APR: See Terms
Balance transfer fee
3% of the amount of each transaction
Foreign transaction fee
3%
More details from Bank of America
- 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply. A 3% fee applies to all balance transfers.
- No annual fee.
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
- When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Pros and Cons
Pros
Long intro APR
No annual fee
Cons
Requires good/excellent credit
No ongoing rewards
Detailed Review
On the surface, the BankAmericard® credit card for Students looks like a card with great potential. Though it offers nothing in the way of ongoing rewards, the opportunity for students to access a very lengthy intro APR promotion is a huge draw, considering how college expenses add up fast.
However, it has a key limitation: The card requires good to excellent credit (typically, FICO scores of 690 or above) to qualify. Almost by definition, that will exclude many college students, who haven't yet built up a strong enough credit profile.
And if you do have sufficient credit to qualify, you'd likely be better served by a non-student card that offers more rewards.
The BankAmericard® credit card for Students is effectively an identical product to its non-student counterpart, the BankAmericard® credit card. Qualification requirements are the same for both cards, and there are no student-specific benefits to obtaining the student version. Check out our guide to all four of Bank of America®'s student credit cards.
Click to see the four Bank of America® student cards compared side by side
Card name | Rewards | Sign-up bonus | APR |
|---|---|---|---|
BankAmericard® credit card for Students | None. | None. | 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply. |
Bank of America® Unlimited Cash Rewards credit card for Students | Unlimited 1.5% cash back on all purchases. | $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening. | 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49%-28.49% will apply. |
Bank of America® Travel Rewards credit card for Students |
| 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases. | 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49%-28.49% will apply. |
Bank of America® Customized Cash Rewards credit card for Students |
| $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. | 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49%-28.49% will apply. |
BankAmericard® credit card for Students: Basics
Card Type: Student.
Annual Fee: $0
Sign-up bonus: None
Rewards: None.
APR: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply.
Balance transfer fee: 3% of the amount of each transaction
Compare to Other Cards
Benefits and Perks
Long introductory APR period
For older undergraduate or grad students in their last few semesters of school, the BankAmericard® credit card for Students could help bridge the gap between the end of student life and the start of a professional career. If you need to purchase a professional wardrobe or travel for job interviews, for example, this card could help you float those additional costs until you're earning a real paycheck.
Balance transfer for high-interest debt
If you're carrying a balance on a store credit card or other high-interest product, transferring that balance to the BankAmericard® credit card for Students could set you up to pay off your debt without accumulating expensive interest. You'll need to complete your balance transfer within 60 days of opening your BankAmericard® credit card for Students. However, making this move does carry some cost in the form of a balance transfer fee: 3% of the amount of each transaction.
No penalty APR
Many credit cards with long introductory APR offers also include stiff penalties for even one late payment, which can mean losing your low APR rate. If you miss a payment with the BankAmericard® credit card for Students, you'll be charged a one-time late payment fee of up to $40, but it won't impact your interest rate. That's a helpful benefit for students who may be new to managing credit card payments. (Note: Depending on how late your payment is, your credit scores could still be affected.)
Drawbacks and Considerations
Requires good credit
This is the single biggest drawback of the BankAmericard® credit card for Students. By virtue of being typically young and in school with limited income, many students have little if any established credit history, let alone a FICO score of 690 or above. Fortunately, there are other student credit cards for fair credit (FICO scores of just 630 or higher) that are a better fit for students in the early stages of building a credit history. For example, the Discover it® Student Chrome offers an intro APR promotion and earns ongoing rewards, and it's possible to qualify for it with no FICO credit history.
No real perks or rewards
Beyond the introductory APR period, this card offers no real rewards, nor are there any student-specific benefits. Comparatively, several other cards with similar qualification requirements offer more perks, including cash-back rewards. For example, the Bank of America® Unlimited Cash Rewards credit card earns 1.5% cash back on purchases while carrying the same credit requirement and featuring a lengthy introductory APR offer: 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.49%-28.49% will apply .
Loses value after intro APR period
This card's introductory APR period really is the beginning and end of its appeal. Once you've passed that promotional window, the card's ongoing APR is on par with other student cards that would offer higher rewards. So if you're looking for just one card to be your main option for spending, you'd likely do better with a different product.
How To Decide If It's Right For You
If the BankAmericard® credit card for Students had credit requirements fit for a typical student, the long interest-free introductory period would be appealing. By requiring good credit to qualify, though, it renders itself a student card in name only. Most students won't qualify due to the high bar for established credit history and should consider a true student credit card instead.
And students who do happen to have good credit would be better served by an alternative 0% intro APR credit card that also offers rewards.
The Discover it® Student Cash Back offers 5% cash back in quarterly rotating categories, on up to $1,500 in purchases per quarter. (Activation is required; all other purchases earn 1% back.) Crucially, it's also possible to qualify for it with no FICO credit history.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions
How old do you have to be to get the BankAmericard® for Students?
You must be at least 18 years old, or at least 21 years old if you’re a permanent resident of Puerto Rico.
What credit score do I need to qualify for the BankAmericard for Students?
To qualify for the BankAmericard® for Students, you need good credit, or a FICO credit score of at least 690.
Can international students apply for the BankAmericard® for Students?
The BankAmericard® for Students is available only to applicants with a permanent address in the United States; Washington, D.C.; APO/FPO/DPO; or the U.S. territories Guam, Puerto Rico, Northern Mariana Islands, American Samoa or the Virgin Islands.
Do you have to be a student to qualify for the BankAmericard® for Students?
No, there is no requirement to prove your student status in order to obtain the BankAmericard® for Students.
Can I use the BankAmericard® for Students while studying abroad?
While the BankAmericard® for Students will work worldwide anywhere Mastercard is accepted, the card charges a foreign transaction fee of 3% per transaction.
Can I upgrade from the BankAmericard® for Students to a non-student version?
There is no specific path for borrowers to upgrade from the BankAmericard® for Students to a non-student version of the card. However, accounts can be periodically reevaluated for a potential increase in credit line.
