BankAmericard for Students: A Passing Grade, If You Qualify

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.

BankAmericard® credit card for Students: The basics

Card Type: Student.

Annual Fee: $0

Sign-up bonus: None

Rewards: None.

APR: 0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 15.99%-25.99% Variable APR

Balance transfer fee: 3% of the amount of each transaction

Foreign transaction fee: 3%

» LEARN: How to choose a student credit card

Benefits of the BankAmericard® credit card for Students

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.

» MORE: NerdWallet's best 0% intro APR credit cards

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

» MORE: NerdWallet's best balance transfer credit cards

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.)

» LEARN: Penalty APR: What it is and how your can avoid it

Drawbacks and alternatives

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.

» MORE: Student credit cards 101: Everything you need to know

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 on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 17.99%-27.99% Variable APR .

» LEARN: Do you have to be a student to get a student credit card?

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.

» SEE ALSO: What to do with your student credit card when you graduate

Should you get the BankAmericard® credit card for Students?

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.