Verdict: The Bank of America Student Visa Platinum card is aimed at college students that are trying to build good credit history. This card is great for students because it has a relatively low APR and no annual fee, helping them build a credit history without over-charging them.
Overview:
The Bank of America Student Visa card is for students only and teaches good credit use. There are no rewards to this card. This card is beneficial because it allows students to have their own credit card, learning proper use and budgeting, while creating a good credit history to benefit them later in life.
How This Card Works:
The Bank of America Student Platinum Visa card is only for full or part-time students at colleges and universities and is very straight forward. There are no rewards with this card, but it has no annual fee and a relatively low APR, especially for someone young with no credit history. The card comes with Student Identity Theft Protection for 4 years and is designed to help build credit and teach budgeting.
Travel and Shopping Benefits:
There are no travel or shopping benefits with this card; it’s sole pupose is to provide a credit card for students to use to create a good credit history while they attend school.
Fees:
There’s no annual fee for the Bank of America student Visa card. The standard APR for purchases and balance transfers is a variable 14.24%. Cash advances are subject to a 19.24% APR. The grace period is 20 days. Transaction fees for balance transfers are 3% (with a minimum of $10 and maximum of $75). For cash advances, the transaction fee will be 3%; the minimum is $10 but there may be no maximum depending on your cash advance method. Late fees are based on the balance of your card the day the fee is assessed. If your balance is between $0 and $100, the charge is $15; if between $100 and $1,000, the fee is $25; the fee is $35 for balances over $1,000. Over the limit fees are $15 for balances under $500; $25 for balances between $500 and $1,000; and $35 for balances over $1,000.
Pros:
- Helps build credit history
- Low APR for someone with little credit history
- No annual fee
- Straight forward credit card for a student
Cons:
- None
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Comments:
July 23rd, 2009 at 12:58 pm
[...] that the bank will issue them a credit card in the future which will help improve their credit. Bank of America in particular has a number of student credit cards that may be a good [...]
July 27th, 2010 at 4:31 pm
[...] Bank of America offers student banking packages and one of the benefits to Bank of America student customers is the Student Platinum Plus Visa. The card does not offer a rewards system for purchases or on time payments. The card also does not offer a 0% introductory APR. Your standard APR from activation of the account is 14.24%, variable. Other APRs may apply to activities other than purchases and balance transfers. [...]