Financial institution of America® Journey Rewards Credit score Card for College students Evaluation
In case you’re actively enrolled in any type of accredited greater schooling or certification program, you’re eligible for an entire slew of scholar bank cards.
Sorting by way of all of your choices could be a chore, however take my phrase for it: You need to take into account the Financial institution of America® Journey Rewards Credit score Card for College students. It’s probably the greatest scholar bank cards available on the market — for those who qualify.
And qualification is only one of this card’s curveballs. Earlier than you apply, ensure you perceive all its ins and outs.
What Is the Financial institution of America Journey Rewards Credit score Card for College students?
The Financial institution of America Journey Rewards Credit score Card for College students is a scholar bank card with no annual charge and a flat-rate rewards program.
Notable options embrace a better-than-average sign-up bonus and an unusually lengthy 0% intro APR promotion on purchases and steadiness transfers. When you have a Financial institution of America checking account, you’ll be able to (however aren’t required to) use your card for overdraft safety. There’s no switch charge for this service, however curiosity begins to accrue immediately.
What Units the Financial institution of America Journey Rewards Credit score Card for College students Aside?
Whereas not wildly distinctive, the Financial institution of America Journey Rewards Credit score Card isn’t a typical scholar bank card. It stands out for a number of causes:
- Unusually beneficiant sign-up bonus. This card has one of the best sign-up bonus of any scholar bank card available on the market. In case you can meet the cheap early spending requirement, it’s a superb incentive to open an account.
- Unusually lengthy 0% intro APR promotion. This card additionally has a category-leading 0% intro APR promotion: 18 months for purchases and steadiness transfers. Whether or not you’re planning an enormous buy forward of the semester or must pay down present high-interest bank card debt, there’s no higher scholar card.
- Excessive credit score requirements. This card has unusually choosy underwriting requirements, at the least in comparison with different scholar playing cards. You want good credit score to qualify.
Key Options of the Financial institution of America Journey Rewards Credit score Card for College students
The Financial institution of America Journey Rewards Credit score Card for College students has is a primary rewards bank card with student-friendly options like an above-average sign-up bonus, a median rewards program, and a really spectacular 0% intro APR promotion.
Signal-Up Bonus
Earn 25,000 on-line bonus factors after you make at the least $1,000 in purchases within the first 90 days of account opening. That is price $250 when redeemed for a press release credit score towards journey and eating purchases.
Incomes Rewards
All eligible purchases earn 1.5 factors per $1 spent. There’s no restrict to what number of factors you’ll be able to earn, and factors don’t expire so long as your card stays energetic and in good standing.
Redeeming Rewards
One of the simplest ways to redeem is for assertion credit towards eligible journey and eating purchases. Every level is price $0.01 if you redeem, so a 20,000-point redemption is price $200.
0% Intro APR Promotion
This card has a 0% intro APR promotion on purchases and steadiness transfers for 18 months from account opening. After that, variable common APR applies, at the moment 17.74% to 27.74%. You could make qualifying steadiness transfers inside the first 60 days of account opening.
Vital Charges
This card has no annual charge or overseas transaction charge. The steadiness switch charge is 3% of the switch quantity.
Overdraft Safety (Steadiness Join)
When you have a Financial institution of America checking account, you’ll be able to hyperlink it to your bank card for overdraft safety. When your checking account steadiness goes detrimental, Financial institution of America fees your bank card for the distinction, negating the overdraft.
There’s no switch charge for this service, however transfers instantly start accruing curiosity, so it’s best to pay them off as quickly as attainable to cut back your price.
Credit score Required
This card requires good or higher credit score to qualify. In case your FICO rating is far under 700, you might have bother qualifying. That is an unusually strict requirement for a scholar bank card.
In case you choose in, you will get your FICO rating month-to-month by way of your Financial institution of America account dashboard. This doesn’t have an effect on your approval possibilities (you have already got the cardboard, in any case), however it’s a pleasant technique to preserve tabs in your credit score at no cost.
For extra data, see our article on good versus below-average credit.
Benefits
This card has a number of issues going for it, together with no annual charge, limitless rewards, a really spectacular sign-up bonus, and a category-leading intro APR deal.
- No annual charge. This card has no annual charge, which is good for those who don’t use it on a regular basis or don’t spend sufficient to offset a recurring cost.
- Limitless rewards. There’s no restrict to your rewards-earning potential with this card. Some scholar playing cards cap earnings, so that is notable.
- Spectacular sign-up bonus for a no-annual-fee card. This card has one of the best sign-up bonus within the scholar bank card class. In actual fact, it’s one of many higher sign-up bonuses of any no-annual-fee rewards card.
- Class-leading 0% intro APR promotion. This card’s 18-month 0% APR promotion on purchases and steadiness transfers is one other uncommon and interesting promoting level for a scholar bank card. It blows different scholar playing cards’ 0% intro APR offers out of the water.
- Low-cost overdraft safety. When you have a Financial institution of America checking account, you should use your bank card to again it up if (or when) your checking steadiness goes detrimental. Many bank cards don’t supply an overdraft safety choice in any respect, and Financial institution of America’s is notable for being transfer-fee-free.
Disadvantages
Be careful for this card’s choosy underwriting, capped rewards charge, and restricted value-added perks.
- Choosy underwriting. By scholar bank card requirements, the Financial institution of America Journey Rewards Credit score Card for College students is tough to qualify for. You want good credit score or higher, which many college students can’t swing.
- No technique to earn above the 1.5x baseline. This card has no bonus rewards classes or tiers. Your incomes charge tops out at 1.5 factors per $1 spent, it doesn’t matter what you spend your cash on — decrease than many competing playing cards.
- Few value-added perks. This card has little in the best way of perks and advantages. Most journey playing cards supply extras like airport lounge entry or lodge freebies, however not this one.
How the Financial institution of America Journey Rewards Credit score Card for College students Stacks Up
The Financial institution of America Journey Rewards Credit score Card for College students is an efficient scholar bank card, however not so good that you simply shouldn’t take into account any others earlier than making use of. See the way it compares towards the Capital One SavorOne Pupil Money Rewards Credit score Card, one other well-liked (and comparatively beneficiant) choice.
| Financial institution of America | Capital One | |
| Annual Price | $0 | $0 |
| Signal-Up Bonus | Beneficiant | Much less beneficiant |
| Rewards Charge | 1.5x | As much as 8% |
| 0% Intro APR | 18 months | None |
| Overseas Transaction Price | $0 | $0 |
| Credit score Wanted | Good or higher | Honest or higher |
Closing Phrase
The Financial institution of America® Journey Rewards Credit score Card for College students has some notable perks that aren’t frequent within the scholar bank card area. Its sign-up bonus beats out many grownup cash-back bank cards, its 0% intro APR promotion can also be category-leading, and it earns rewards on all eligible purchases.
The catch: This card is unusually tough to qualify for. That’s a possible downside for college students with restricted (or nonexistent) credit score histories. By all means, attempt your luck — however don’t be shocked if that you must accept a much less beneficiant card till your credit score is in higher form.
