MoneyGeek's Take

Bank of America BankAmericard for Students Review

Students who want to build credit and save on interest may benefit from the Bank of America BankAmericard for Students credit card. It comes with a lengthy introductory 0% APR offer and no annual fee.

Last Updated: 6/7/2022
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The Bank of America BankAmericard for Students is a good credit card for students who will make a large purchase soon or want to pay down existing debt while still in school. While it doesn’t have a rewards structure, you get a 0% APR for 18 billing cycles on purchases and balance transfers posted within the first 60 days after account opening. MoneyGeek’s Bank of America BankAmericard for Students review further analyzes the card’s features and benefits to help you determine if it's the right option for you.

>>MORE: YOUR GUIDE TO CARRYING OUT BALANCE TRANSFERS WITH BANK OF AMERICA
Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Has Rewarding Welcome Offer
  • Credit Needed
    Limited-Fair
Click to see this card’s rates, fees and how they compare to other cards in our dataset.

Bank of America BankAmericard for Students at a Glance

With the Bank of America BankAmericard for Students credit card, you won’t pay interest on purchases during the first 18 months. If you make a balance transfer within 60 days of account opening, you also get a 0% APR for 18 months. Additionally, student cardholders receive a statement credit online bonus when they spend $1,000 or more within 90 days of account opening.


  • Bank of America BankAmericard for Students

    A good no-annual-fee students’ credit card with an intro 0% APR offer


    • Limited-FairCredit Needed
    • $0Annual Fee
    • 18 monthsBalance Transfer Duration
    • 18 monthsAPR Offer Duration

Pros & Cons Explained

While examining the benefits of the Bank of America BankAmericard for Students, it’s also important to pay attention to the card’s drawbacks. As part of our Bank of America BankAmericard for Students review, we outlined its pros and cons, so you can see if it’s the right card for your needs.

Pros

  • Benefits
    Description
  • 0% intro APR
    The Bank of America BankAmericard for Students offers 0% APR for 18 billing cycles. That means you have well over a year to pay off the balance interest-free before the regular APR kicks in. Plus, it applies to purchases and balance transfers. So, if you have a high-interest credit card you want to save money on, you can transfer the balance and pay no interest during the introductory period.
  • No annual fee
    There is no annual fee for this student credit card.
  • Welcome bonus
    You can earn a $100 statement credit online bonus after spending at least $1,000 within 90 days of opening the account.

Cons

  • Drawbacks
    Description
  • No rewards program
    Unlike other student cards, the Bank of America BankAmericard for Students doesn’t have a rewards program.
  • Balance transfer fee
    You pay a 3% or $10 fee on balance transfers to the card. That fee even applies to a balance transfer made within 60 days of opening your account to take advantage of the 18-month 0% APR introductory rate.
  • Foreign transaction fee
    The card has a 3% foreign transaction fee if you use it outside the United States.
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INTERESTED IN COMPARING THE BEST CREDIT CARDS OF 2022?

Each month, MoneyGeek analyzes every card in our database and chooses the top picks for popular card categories. The Bank of America BankAmericard for Students is not a top choice for a student credit card, but you can review the best student credit cards of 2022 to see if another is a better choice for you.

Other Features Explained

In addition to the long introductory APR period and no annual fee, the Bank of America BankAmericard for Students credit card has other key features worth noting.

  • Card Feature
    Description
  • Better Money Habits
    Bank of America has an online resource center that provides tips and other information on how to handle credit, which is helpful to students.
  • Mobile app
    You can use the Bank of America mobile app or online account portal to stay in control of your finances and make/schedule payments.
  • One-on-one appointment
    If you want to connect one-on-one with a credit card specialist, you can set up an appointment that works for your schedule.
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MONEYGEEK QUICK TIP

Choose to receive alerts about your Bank of America BankAmericard for Students credit card via text or email and let your phone inform you when payments are due to stay on top of your balances and due dates. That helps you avoid late payments and the up to $40 penalty fee and builds your credit score.

Understanding the Fine Print

Before you apply for the Bank of America BankAmericard for Students credit card, you need to review and understand the fine print, so you won’t be caught off guard by fees and rates.

  • Card Feature
    Amount or Rate
  • APR
    13.24% - 23.24%
  • Annual Fee
    $0
  • Balance Transfer Fee
    0.03
  • Balance Transfer APR
    13.24% - 23.24%
  • Late Fees
    $40
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    Regular APR

    After the intro APR period, the card has a variable APR of 13.24% to 23.24%, based on your creditworthiness.

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    Annual Fee

    The Bank of America BankAmericard for Students doesn’t have an annual fee.

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    Balance Transfer Fee

    This card has a 0% intro APR for 18 months on balance transfers made within the first 60 days. But you do pay a 3% or $10 fee (whichever is more) per transfer at that time and afterward.

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    Foreign Transaction Fee

    A 3% fee applies on transactions made with the card outside the United States.

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    Late Payment Fee

    If you miss the payment due date on this student credit card, you pay up to $40 as a penalty.

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WHERE TO FIND THIS INFORMATION?

You can find the information about fees, rates and more on Bank of America’s website about the BankAmericard for Students card to compare it to a card you already have or are considering getting. For a card you have, check your card issuer’s website, latest billing statement or the credit card agreement database maintained by the Consumer Financial Protection Bureau.

Who Should & Shouldn’t Consider Bank of America BankAmericard for Students?

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Other Considerations for Bank of America BankAmericard for Students

Before pursuing your card application, consider how the Bank of America BankAmericard for Students credit card may work for you if it's your only card or an additional card in your wallet.

Things to Consider if This Will Be Your First or Only Credit Card

This card has a 0% intro APR offer that can be beneficial for consolidating debt or making a new purchase. But after the introductory period ends, the regular variable APR of this card is 13.24% to 23.24%. You might pay a lot in interest if you don’t pay the balance in full every month.

Things to Consider if This Will Be an Additional Card in Your Wallet

As an additional card in your wallet, you can use the Bank of America BankAmericard for Students credit card to consolidate existing debts from other cards. With the 0% introductory APR on balance transfers for 18 months, you could save money and get out of debt faster. Plus, you can keep this card without having to pay an annual fee.

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WHY TRUST OUR REVIEWS:

MoneyGeek follows a defined and streamlined methodology that involves collecting information from the Consumer Finance Protection Bureau, standardizing data points for card comparison, estimating average spend profiles, establishing card values and carrying out monthly re-rankings.

How Bank of America BankAmericard for Students Compares to Other Cards

Our Bank of America BankAmericard for Students credit card review found it’s a good option for a student card if your focus is on financing a purchase or paying off high-interest debt without interest for a long period. Here’s how it compares to another card in the same category.

Quick Comparison of the Bank of America BankAmericard for Students

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Bank of America BankAmericard for Students

  • Annual fee: $0
  • Intro APR: 0% for 18 months
  • Regular APR: 13.24%–23.24%
  • Rewards rate: None
  • Best for: Students who want to pay down debt or finance a large purchase interest-free
creditCard1

Chase Freedom Student

  • Annual fee: $0
  • Intro APR: None
  • Regular APR: 14.99%
  • Rewards rate: 1%
  • Best for: Students who want to earn unlimited rewards

Other Helpful Decision-Making Q&As

Our Bank of America BankAmericard for Students review covered the card details, but you may still have questions. We answered frequently asked questions about the Bank of America BankAmericard for Students credit card to help you.

Still not sure about this card? Consider these options.

If you’re still undecided about the Bank of America BankAmericard for Students, you can check out other student credit cards. If you don’t think a student card is right for your needs, consider looking at rewards cards or travel cards.

Learn more about credit cards in general

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity.
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