Bank of America Travel Rewards Credit Card for Students is for students who travel and shop. It gives students some points to redeem on transactions like books, flight tickets, food and everything else that benefits students. Read this article in detail to know all about it.
Here are some key details
– Annual Fee: $0
– Foreign Transaction Fee: $0
– APR: 0.0% – 0% fixed monthly fee with adjustable APR ranging from 19.74 % to 29.74% depending to the creditworthiness of the client.
– Credit Limit: It is an open credit limit provided with student credit card but may vary from $500 – $1500.
Key Features of Bank of America Travel Rewards Credit Card
1. Spend with No Restrictions and Earn Unlimited 1.5 Points per Dollar on Every Business Purchase
This is perhaps the greatest strength of this card because usually cards come with bonus point offers in specific categories, therefore,
all purchases with this Bank of America Travel Rewards Credit Card for Students earns double the points. This is especially useful for students who don’t have a steady spending behaviour.
2. Sign-Up Bonus
New cardholders are given a welcome bonus on the card also. For instance, students are awarded 25,000 online bonus points provided that they make at least.
$1000 in purchases within the first 90 days of signing up to the account. This bonus can be collected as $250 statement credit against any spent on travelling.
3. Flexible Redemption Options
These points can easily be utilized when paying for numerous travel related issues, for instance, airline tickets, accommodation, car rentals, holidays,
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check-in, baggage fees and so much more. The best part? You do not have to use one particular airline or stay at a particular chain of hotels and that makes a lot of difference.
4. No Foreign Transaction Fees
Finally, for those students, who attend school abroad or travel during the school year, the no foreign transaction fees bonus is handy.
Other credit cards might even charge as much as 3% on all foreign transactions – but that’s not the case with this card and your travels.
5. Build Your Credit History
This card is perfect for a student who wants to start establishing credit from the ground up as a student. That way, a credit history will be built, and it will be easy to look for loans, get an apartment, or to purchase a car in the future.
6. Bank of America has a preferred rewards program in place for its customer
Now if you are the Bank of America’s customer indeed, whether you have checking/saving account, you can participate in the Preferred Rewards program.
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Besides, depending on the balances in your account, it accrues a bonus of 25% to 75% of the points you earn within this program, enhancing the rewards.
7. Travel-Related Perks
Some international students prefer to go back home during the break period or during summer.
The card is advantageous for cutting the expenses that are associated with the travelling such as costs of travelling through an aircraft, fares for the check in baggage and the costs of accomodation in a hotel.
8. Building U.S. Credit History
First of all, an international student does not have sufficient opportunities to establish his/her credible credit history in the United States.
This card enables you to create credit history to help you if you recuperate in the United States, looking to secure a job, apply for loans, rent an apartment or advanced credit check.
Benefits for Students
1. Travel Flexibility
Due to the options it offers in redeeming rewards the Bank of America Travel Rewards Credit Card for Students is ideal for student who ordinarily travel or intend to study in other countries.
Whether you are booking a flight home for the holidays or planning your spring break this card allows you to build points fast and use them to pay for travel.
2. Easy to Use and Manage
Banking has been made easier by the mobile application of bank of America; this will help students to manage their cards through their mobile phones; they can monitor their spending, set alerts and frozen their cards in a case of theft.
3. Introductory APR Offer
Students also have the 0% introductory rate on purchases for the first 18 billing cycles This is advantageous because through intro rate,
Bank of America Travel Rewards Credit Card for Students: A Complete Guide
one can make a large purchase during the first 18 billing cycles such as a new laptop required for school and make on-going payments without incurring interest.
4. Security Features
Through their mobile app, Bank of America has a wide range of security measures including no liability for any fraudulent transactions while also offering a free credit score in the app.
These features will guarantee that the students invest ample time on books and their travelling without worrying about their money.
How to Apply for the Bank of America Travel Rewards Credit Card for Students
1. Check Eligibility: That card is for student and mostly you get to provide it with your social securities number and some identification of a student.
It is obvious recommendation point if you some kind of job or if you have a part time jobs then the approval will be quick in general.
2. Apply Online: As to the application, there is no nicer way than applying online at the Bank of America’s web-site. Indeed, it normally only takes up to five minutes to fill the application.
3. Approval Process: When your application has been forwarded, Bank of America will evaluate your credit history, your income and other characteristics.
Isn’t it easy? Oh, once the approval is completed, you will receive your card in the post within the 7-10 business days.
Tactics to Enable You Get the Best out of Your Rewards
Here are some tips for making the most of your Bank of America® Travel Rewards Credit Card for Students:
1. Use the Card for All Purchases: The rewards rate is 1.5 points for each dollar spent so all necessary purchases should be made with the card especially because they include groceries, gas, textbooks and coffee.
2. Pay Your Balance in Full Each Month: There are so many disadvantages of utilizing credit cards but one of them is that they will afford you an interest fee,
therefore you should do as much as possible to clear all your balance before the due date.
This will also assist in establishing your credits score Credit status and particularly credit line is mostly captured in your credit score thus an assistance in creating your score.
3. Take Advantage of the Sign-Up Bonus: As a result, if you are in a position to incur enough expenses to fulfill this in the first 90 days, the sign-up bonus is perfect to assists you in kickstarting the accumulation of points.
4. Enroll in Preferred Rewards: For those with checking /saving accounts in the Bank of America, the best way to get extra points is by registering for the preferred rewards.
Any amount that a person had moved to the account, the larger the bonus they would be awarded with.
5. Monitor Your Credit Score: Monitoring of your credit score is possible through the mobile ap of Bank of America, and the progress is visible while building the credit history.
Other Bank of America Travel Rewards Credit Card for Students’ alternatives
If you’re looking for other student credit cards that offer travel rewards, here are a couple of alternatives:
1. Chase Freedom Student Credit Card: This card delivers cash back on purchases and charges no annual fee, with a tiny sign-up bonus specifically for students.
2. Discover it Student Chrome: Provides cash back on gas and dining and the bonus of the bank matching all the cash back given in the first year.
Both these cards are good to go cards but, Bank of America Travel Rewards Credit Card for Students is better because what I like most to select the travel option to avail the points either.
Here’s why this is a powerful feature for students
1. Flexible Budgeting: If, for instance, you have to buy a few items at the onset of the school year, the 0%APR gives you the opportunity of paying for the purchase for several months.
This characteristic may be essential for learners who are juggling other commitments such as working while in school, making tuition fee payments, and paying other kinds of living overheads.
2. Smart Debt Management: Although it is possible to put more money towards your purchase to try to avoid paying the higher APR once the first time offer expires,
the convenience of being able to payoff a car note, etc, over time without being charged interest is great.
It is necessary to remember, however, that after the first 12 consecutive months, a variable APR ranging from 19.74% to 29.74% is applied. Thus, it would be wise to clear any balance in full before the duration provided elapses, as this attracts charges.
How The Card Stacks Up Against Other Student Travel Credit Cards
When comparing the Bank of America Travel Rewards Credit Card for Students to other student travel cards, it stands out for several reasons:
1. Higher Points Earnings: The unlimited 1.5 points per dollar on all purchases is more generous than most student credit cards that only allow a considerable number of points where they focus on specific categories such as eating or fuel.
That is why it is more beneficial for students who want to receive the reward for a great number of purchases that are not necessarily connected with textbooks.
2. No Annual or Foreign Transaction Fees: There are other similar student travel credit cards that could provide the same or similar rewards but they have annually charged fee or may levy foreign transaction fees that cost quite a lot amount for the consumers.
The absence of both these fees give the Bank of America® Travel Rewards Credit Card a distinct advantage.
3. Flexible Redemption Options: Some travel rewards cards come with restrictions such as; this credit card will only give you rewards when you travel with this airline or book a room in this specific hotel.
The benefits of the card are that you can redeem your points with any airline or hotel without restriction on travel or program brand.
Ten Good Practices of Credit Card Usage for Students
The prospective students should carefully apply and utilise BANK OF AMERICA TRAVEL REWARDS CREDIT CARD FOR STUDENTS to avoid ending up in unnecessary debts but at the same time be able to get the best of the benefits. Here are some essential tips:
1. Pay Your Balance in Full Each Month: The ways to improve your credit status and avoid interest are simple — to pay the bill in full before the due date.
This will also help you avoid incurring with debts that are very difficult to be paid incase they are left unpaid.
2. Use the Card for Everyday Purchases: This way you can earn a lot of points by paying for things you would need anyway such as food;
gasoline; coffee for your office. Just be careful not to spend a lot more than you intended since that could lead to more damaging results.
3. Set Up Automatic Payments: By paying automatically, one can be very sure not to miss a payment and thus have a bad credit score rating. Of course,
it is especially important to pay at least the minimum amount due but on time so as to establish credit history.
4. Keep an Eye on Your Credit Score: By using Bank of America mobile application, customers can monitor their credit score without charge. By keeping track of your score,
you will be able to tell how well you are doing in your quest to build credit as well as identify error in crediting or any case of fraud.
5. Avoid Carrying a High Balance: One more important rule is to use not more than 30% of your credit limit; otherwise it will negatively affect credit score.
This means not to reach the limit on your credit card and to pay off your balance as often as you can.
Final Thoughts For Bank of America Travel Rewards Credit Card
Bank of America has a student version of the Travel Rewards Card which is perfect for college students who are seeking for both a credit card and travel rewards card.
This card has no annual fee and no foreign transaction fees and flexible redemption options – and these make this card especially helpful for loads of card users, whether domestic or international students.
If used properly the student benefits from a variety of promotions and discounts on travels and has the ability to learn how to keep, properly and effectively spend money while in the meantime building credits for their future.
If you are considered traveling to another country or just need to find an intelligent approach to getting rewards on the purchases, this card will become a perfect travel companion for students.