Bank Of America Travel Rewards For Students Review
Data from the Institute of International Education (IIE) shows that, in the 2019/20 academic year, over a million international students attended American colleges and universities. These students need financial services that work with their needs, and one such service is the Bank of America Travel Rewards for Students credit card. This article provides an in-depth review of the card to help students decide whether it's the right fit for them.
Features and Benefits
The Bank of America Travel Rewards for Students credit card comes with a host of features and benefits, including:
- 1.5 points for every dollar spent on purchases
- No annual fee
- No foreign transaction fees
- Bonus points of 25,000 if you make at least $1,000 in purchases in the first 90 days of opening your account
- Redeem points for statement credits to pay for flights, hotels, vacation packages, cruises, rental cars or baggage fees
- Points don't expire
The Travel Rewards for Students credit card is ideal for international students who often travel to visit their families or explore the United States during breaks. The card's lack of foreign transaction fees and generous rewards program make it a great option for students who want to earn points and use them to save on travel expenses.
Eligibility Criteria
The Bank of America Travel Rewards for Students credit card has basic eligibility criteria that applicants must meet to qualify for the card. These include:
- Being a US resident
- Being at least 18 years old
- Being enrolled at an accredited college or university as an undergraduate or graduate student
Additionally, to qualify for the bonus points of 25,000, you must make at least $1,000 in purchases on your card within the first 90 days of opening the account. It's important to note that individuals who already have a Bank of America credit card or have received a new cardholder bonus within the past 24 months may not be eligible for the Travel Rewards for Students credit card.
Interest Rates and Fees
The Bank of America Travel Rewards for Students credit card comes with competitive interest rates and fees:
- Purchase APR: 14.99% - 22.99% variable APR
- Balance transfer APR: 14.99% - 22.99% variable APR
- Cash advance APR: 25.24% - 27.24% variable APR
- No annual fee
- No foreign transaction fees
- Late payment fee: Up to $40
- Returned payment fee: Up to $29
It's important to note that interest rates are subject to change based on market conditions, so it's essential to check the latest rates and fees before applying.
How to Apply
Students can apply for the Bank of America Travel Rewards for Students credit card online, over the phone or by visiting a Bank of America branch. Applicants must provide personal information such as name, address, Social Security number and employment status. It's important to note that the bank will run a credit check as part of the application process.
Applying for a credit card with no prior credit history can be challenging, but the Travel Rewards for Students credit card is an excellent option for new credit users. Bank of America takes into account factors such as the applicant's income and employment status to determine their creditworthiness, making it easier for students to apply for and receive approval for the card.
Conclusion
The Bank of America Travel Rewards for Students credit card is an excellent option for students who want to earn rewards for their purchases, especially those who travel frequently. With no annual fee, no foreign transaction fees and a generous rewards program, the Travel Rewards for Students credit card is an excellent option for international students who want to save money on travel expenses.
It's essential to remember that credit cards come with responsibilities, and users must be aware of interest rates and fees to avoid unnecessary charges. As with any financial decision, it's crucial to review the terms and conditions thoroughly and only apply for credit cards that meet your needs and financial goals.
