Credit cards for students are mostly required to contain rewards of competitive purchase, lack any annual fee, and downtime that’s beneficially long enough. The valuables that offer these extras provide benefit to students from their graded incentives, and it also makes them quickly attracted to signing up as cardholders.
The Bank of America Student Credit Card is one of the several credit cards which offer potential solid cash backs that can help the students purchase things like groceries and gas for each quarter. Students need to be responsible when using credit cards because their credit history will determine what benefits they get to establish. The student credit cards from Bank of America (BOA) come in two defined segments. the alumni and affinity options.
The Bank of America (BOA) Student Credit Card falls under the alumni segment, which includes no-frills that provide services to part or steady college scholars, and it allows them to build their history of credit as they get low fees in the market. Bank of America credit card also offers an introductory APR that makes it one of the unbeaten cards that exist in the market.
It provides a 15 month period of 0% on the APR purchases, and it also applies to the transfers made on the card balance. Students who live away from their home can also get this card to enjoy the no-fee charges and non-expiration dates on the different rewards. They can decide on applying for the Checking or Savings account in Bank of America (BOA) and get bonuses that involve gaining 10% back on the redeemed cash.
General Requirements Needed for any Credit Card
A person who is applying to get a credit card needs to fulfill specific requirements that qualify them as cardholders. Apart from technically having a legal age of over 18 years, you need also to have the following information;
- Name of client
- Phone number
- Date of birth
- Physical address
- Email address
- Annual income
- Social security number
- Housing payments for every month
Are Student Credit Cards Only Given to Students?
With several benefits that come with credit cards for the students, such as the low fees or the easy approval of flexible requirements that aim to establish and build their credit, student credit cards are only meant for scholars and not any other person.
A person needs to apply only after their enrollment in school, but for some card issuers, they might accept the learners who have been allowed to join college for the coming semester. The enrollment proof will also get needed so that the student can get issued with the credit card.
Things to Look for in a First Credit Card as a Student
The first card that you get as a college student probably needs to be the one that is overall when it comes to your credit. It’s one way to push you in the right direction when you want to establish and build an impact on your scores of praise for the coming years.
The features contained in your first student credit card should help you become a responsible cardholder who will not be able to miss out on any future perks. The needs to look out for when you are potentially getting your first credit card include:
1. Lacks any Annual Fees:
any first student card should qualify to have no fees paid annually to be able the money as well as it makes it easy to keep the card open indefinitely.
2. The Grace Period is Long:
A new credit card needs to have an extended period that allows the student cardholder to pay off their balances without experiencing any accruing interests. A grace period that’s given by most of the cards is usually 21 days.
3. Lacks any Penalties on APR:
High APR gets charged by most of the cards I the market when a cardholder makes late payments. It might even lead to its indefinite activation to replace your APR purchases, which add up to 29.99%. A card that’s free of any APR should be good for a start so that the student avoids any extra charges of interest.
4. Allows Purchasing of Rewards:
any first cardholder should enjoy the offers of getting rewards after they purchase with their credit cards, such as gaining points and cash backs.
5. Gain Perks as a Cardholder:
Many student credit card issuers such as Bank of America (BOA) Student Credit Card come with lucrative perks that allow a student to earn things like good grade rewards or coverage extension of their warranty.
The Best Bank of America Student Credit Card
1. BankAmericard for Students
Students who take this card get to enjoy an option that involves low fees with an APR introductory of 0% on it for up to 15 months on the transfers of balances and purchases, which can’t be compared to any other student card that can be found in the market. Some of the different characteristics of this card include:
- For every 15 first billing cycles, 0% APR is applied.
- $0 APR reflects the transfer fees when the card is in use in the prime first 60 days.
- The card doesn’t have any annual fees on the first APR deal, accompanied by fee waivers on the transfer of balances within the early 60 days of use.
2. Bank of America (BOA) Student Credit Cash Rewards for Students
As one of the major banks in the US, Bank of America (BOA) usually accepts credit card cosigning in its applications. It enables students to quickly get a qualification on a card if they don’t have any history in credits. Some of the characteristics of the Cash Reward credit card include;
- Bank of America credit card options get to offer student rewards of unlimited cash backs of at least 3% in every choice of the category of travel, see shopping, drug store, home, online shopping, and dining.
- The groceries and wholesale clubs get 2% on cash backs.
- The following rewards are only limited with the use of the first $2500 on each quarter, and there is no payment of any annual fee.
3. Bank of America (BOA) Student Credit Travel Rewards for Students
Mainly, this credit card involves students getting offers in regards to points of every purchase that they make. It also allows students to engage in a foreign transaction with no fees charged and affordable when traveling back to their homes. Other characteristics of this credit card include:
- Unlimited 1.5X points for every eligible purchase made through the card of $1
- Redemptions don’t involve any blackouts on its dates or either restriction on the brands.
- Doesn’t involve any annual fees
- Students who lack the US Social Security Number are eligible to get this card.
Benefits of the Bank of America Student Credit Card
1. Account Management Benefits:
- Offers alerts from the account of all the information about any transaction that got made on a purchase
- It includes mobile and online banking or credit purchases and transfers.
- Clients can use the text banking method to get their information about the account.
2. Security Benefits:
- Offers protection against any fraud that involves usage by unauthorized users.
- Offers protection its overdraft by linking the cardholder’s account; hence they won’t spend too much money from their cash when engaging in purchases.
- When shopping online, the card protects the user by making their temporary credit number on the platform to remain secure and a secret.
- The card offers protection against prices during purchase so that the student can save their money, and it takes 60-120 days to use the card after the first purchase.
- A chip technology comes with the card’s design, which allows any of the cardholders to be secure within each terminal.
How Can a Student Apply for a Bank of America (BOA) Student Credit Card?
Application of the Bank of America (BOA) Student Credit Card can get applied through the following steps by any student who qualifies:
- Login to the Bank of America (BOA) official website
- Check and click on the apply button.
- Enter the required personal information
- Complete anything else needed so that your application details are fully answered.
How Can a Student Increase Their Bank of America (BOA) Student Credit Card Limit?
The credit limits for first-time student credit cardholders are usually meager, and they need to build their profile with time. The issuer will determine the limit through several factors like profile and income. Most of the students in college receive credit limits that range from $300-$500.
Bank of America (BOA) Student Credit Card usually evaluated a student’s account to check if they can increase their credit limit. If the first few payments get to be made consistently on time, they can get an increase. The users can also directly request a restriction on their growth when they don’t want to wait for it, and it can either be an inquiry that’s hard or soft.
Frequently Asked Questions (FAQs)
Q: How do Secured Student Credit Cards Work?
A: When a student deposits their money in their credit card that’s secured, it means that it gets doubled, and you will owe the secured card. They protect any payments to help the students build up their credit score since their balance is lower, but at the same time, it’s safe.
Q: What’s the Impact of Closing a student Card on their Credit Mix?
A: Credit Mix is usually a way that can impact the credit score negatively when the student’s credit card gets closed, especially when the profile was low. Credit issuers get several factors and products before they hand over any credit card, and with the Credit Mix, it can impact up to 10% of the credit score on FICO.
Q: Can the international students also make an application for the Bank of America (BOA) Student Credit Card?
A: Application options are available for all students, including international students. Most credit cards involve a hectic and intimidating procedure for application, unlike Bank of America (BOA), which doesn’t require one to provide a Social Security Number.
Q: For students, what is considered standard credit card debt?
A: Statistics taken from Credit cards.com shows that that the student’s norm balance on their credit is over $1423. Students should, however, apply still even when this debt seems to be high and one of the ways that they can avoid such a rack up on their obligations is by managing to try to pay all their bills at the right time, engage in minimum purchases and avoid getting many new credit cards at the same time. It will help them monitor their credit scores actively to maintain low debts.
Q: Does the Bank of America (BOA) offer student credit cards that are affordable?
A: The three different cards available as options by the Bank of America (BOA) Student Credit Card are affordable and involve only approval through limited credits that suit college learners.
Q: Can someone acquire a credit card if they have no income?
A: A person who doesn’t have income can still qualify in getting a credit card through several available options that include seeking out a cosigned or asking out a friend as well as family members who have a good credit score that they can cosign their credit card application. They will also have to accept all the responsibilities that come with account payments if they fail in their pay.
Bank of America (BOA) Student Credit Card is one the best ways that students can get to transfer any fee without worrying about any additional interests that come when they are purchasing something of their choice, such as big tickets or even when they have any existing loan.
Through the available options, the scholar will get quickly approved in their application, unlike some of the credit issuers who don’t offer credit cards to people who have no credit already. Only students can apply for the card, and they need to provide documents that will support their application for approval. For those who don’t get any job, they need to get accompanied by an adult who is over 21 years old for them to be able to help the scholar in getting a credit card.