Reviews BankAmericard Visa for Students review
BankAmericard Visa for Students review

BankAmericard Visa for Students review

Published: April 21, 2017
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Ratings Policy
Students Rating:
2.2 rating
2.2 rating
2.2 / 5
Introductory Offer 2.8
Interest and Fees 3.4
Rewards Program 0.0
Features 3.0

In a nutshell:

Bank of America’s bare bones student card comes with a generous zero-percent balance transfer offer and a low starting interest rate, but it also charges a stiff penalty if you fall behind on payments.

APR
11.24-21.24%

Annual Fee
None

Penalty APR
29.99%

Introductory Offer
0% APR on balance transfers made within 60 days of account opening for 18 billing cycles. No introductory offer on purchases

Estimated Yearly Rewards Value ($300 monthly spend)
$0

Rewards Program
None

Other Notable Features: Mobile banking, email and text alerts, fixed due dates, zero liability, overdraft protection, paperless statements, EMV chip, private online shopping

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When you’re just starting to use credit, it’s all too easy to get carried away and rack up a hefty balance. A balance transfer card such as the BankAmericard Visa for Students could help you shave down that balance faster – if you can pay bills on time and pay more than the minimum amount due.

The BankAmericard Visa earns top marks from us for its lengthy interest-free balance-transfer offer and low starting interest rate. But we don’t like that it charges such a high penalty APR, which could cause your balance to balloon if you accidentally miss a payment.

Lengthy zero-percent balance transfer period

The BankAmericard Visa for Students offers one of the longest interest-free balance transfer periods on the market, making it a good deal for cardholders who want to knock out their balances quickly. You have a year and a half to trim your balance before the card’s standard interest rate kicks in. By contrast, other student cards typically offer just six billing cycles to a year to take advantage of an interest-free balance transfer.

Comparatively low interest rate

We also like that the interest rate on the BankAmericard Visa is low compared to other student cards – particularly for students with excellent credit. Depending on your credit history, you could be offered an APR as low as 11.24 percent, which is significantly lower than most student cards. The average student credit card APR, for example, is currently 13.14 percent, according to CreditCards.com data.  The card’s maximum interest rate of 21.24 percent is more typical of student cards, but it’s still lower than the top rate offered by some competitors.

Dangerously high penalties

The BankAmericard Visa is a good card if you’re a responsible credit user and pay all your bills on time. However, just one late payment on this card could set you back significantly – especially if you’ve you have a hefty balance you’re trying to pay down. Unlike other student cards, the BankAmericard Visa doesn’t automatically forgive your first late payment. So if you fall behind just once, you could get a penalty rate as high as 29.99 percent. This card also charges a $37 late fee, which is on the high side for student cards.

No rewards 

The BankAmericard Visa doesn’t offer a rewards program, so you’ll have to look elsewhere if you want to squeeze more value from your spending. However, if you just need a basic, low-rate card to build your credit history or are focused on paying down a large balance, it could be a good option. Rewards cards typically charge much higher APRs, so they’re less than ideal if you plan to carry a balance.

Fewer perks

The BankAmericard Visa also comes with fewer perks than other student cards, but it does offer some benefits that set it apart. For example, if you’re concerned about privacy when you shop online, you can take advantage of the card’s ShopSafe feature, which masks credit card details when you buy something online. You can also sign up for email and text alerts to help you keep better track of your bills. In addition, Bank of America offers mobile and text banking, so you can text questions about your credit card and get quick answers on the go. 

Reasons to sign up for it:

  • You have a large balance on another card or are juggling multiple credit cards and want to consolidate your debt onto one lower-rate card.
  • You’re looking for a basic credit card to help you build credit history.
  • You want a lower credit card interest rate.
  • You want to easily mask your credit card details when you shop online.

How to use it:

  • If you transfer a large balance, pay it down aggressively before the introductory period expires. It will be much harder to pay your balance down once your standard interest rate kicks in.
  • Always pay your bills on time so you aren’t stuck with a sky-high penalty rate.
  • Take advantage of the card’s email and text alerts so you always know when your bills are due.

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information. 

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