Your student credit card from Bank of America® can help you build credit and make it easier to pay your expenses when you’re in school or just starting out. Use it responsibly to help establish a good credit history—a must if you plan on applying for an auto loan, mortgage, or other loans later on in life. This can also help you establish good financial habits right now that will follow you into adulthood. Here are five tips on how to get the most out of your Bank of America student credit card and establish healthy spending habits now that will be useful in the future.
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| Bank of America student credit card |
Choose to apply online
If you're a college student, you can apply online at no cost. You can apply and choose to be notified by email when you’re pre-approved so that you know when to expect it. Simply click on Apply Now, select College Student, and follow the steps to complete an online application.
Choose the right credit card account type
Choosing the right credit card account type is important because the wrong one could mean you're paying more in interest than necessary. For example, if you carry a balance from month-to-month, choose a card with a lower APR and pay off your balance each month. If you know you'll always pay off your balance before it's due every month, then choose the rewards that match what you're looking for such as cash back or travel miles. You can also find cards that offer both.
Compare different cards
Bank of America offers different cards that offer benefits for students, including cash-back rewards, travel insurance and extended warranties. It's worth looking into which card is best for you and your needs.
Know the fees and charges
You can only have one free checking account at a time, but that's not all. You'll also need a minimum $25 deposit, which you can make either by transferring money from a linked bank account or depositing cash. To avoid monthly maintenance fees, you'll need to keep that balance above $1,500. Additionally, there's an over-the-limit fee ($25) and an insufficient funds fee ($35). For purchases and cash advances, you'll pay a 3% foreign transaction fee. And if you choose not to set up direct deposit with payroll or benefits (which is required), then there are no ATM withdrawal limits.
Check your application status
You can check your application status for a new or existing account by logging into online banking. You'll need to have either an existing account or have applied for a new account. If you're applying for a new account, you will be prompted with a form that asks for personal information like name, date of birth, and Social Security number. If you're applying for an existing account, you'll need to sign in with your username and password. Once logged in, click on new/existing accounts from the menu bar on the left-hand side of the screen. From there, click on credit cards from the list at the top of the page and then select either view my application or view my approval.
You can check your application status for a new or existing account by logging into online banking. You'll need to have either an existing account or have applied for a new account. If you're applying for a new account, you will be prompted with a form that asks for personal information like name, date of birth, and Social Security number. If you're applying for an existing account, you'll need to sign in with your username and password. Once logged in, click on new/existing accounts from the menu bar on the left-hand side of the screen. From there, click on credit cards from the list at the top of the page and then select either view my application or view my approval.
Use it wisely
If you have a Bank of America student credit card, it's important to use it wisely. It can be tempting to rack up debt and pay for things that you don't need or want, but this can lead to financial stress. Instead, focus on making wise purchases and using your credit limit sparingly. This will help you avoid the high interest rates that come with carrying a balance from month-to-month and prevent overspending when you're trying to save money.
Conclusion
A bank that offers you a credit card when you first start college can seem like a great idea. It can give you some freedom to learn how to use credit responsibly, while still having a safety net of the backup of your bank. However, you should be careful of taking on too much debt. We hope this post has helped you learn more about the Bank of America student credit card and what the benefits and drawbacks are so that you can make an informed decision.
FAQ
What are the Bank of America student credit card requirements?
What's the best Bank of America student Visa credit card?
I just recently signed up with Bank of America. I am a student and needed to get some credit. I went to their website and signed up for a student credit card. I didn't have to do much to verify my identity and deposits and loans were made to my account very quickly. I am now on my way to establishing a credit history. I think this will help me establish a better credit score.
Is it easy to get a student credit card?
Yes, it is quite easy to get a student credit card. These cards are designed for students and are a good way for them to build their credit score. They have a limit on them and so you shouldn't have a problem managing your spending. However, you should only use it for an emergency. Don't use the credit for anything other than an emergency.
What should I do if I can't get a student credit card?
Having a credit card can greatly improve your credit rating and give you a great financial advantage. If you can't get a regular credit card, the first thing you should do is apply for a secured credit card. It's a bit like a debit card, but you have to pay the full amount you spend back into your account every month. However, if you have a bad credit history this might be hard to get, so you may need to find a friend or family member who is willing to help you out. You already have a credit rating, so applying for a store card or a credit card through a bank could be effective. A lot of credit card companies will offer these.
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