Full Review: Bank of America® Travel Rewards Credit Card for Students

The Bank of America® Travel Rewards Credit Card for Students offers an enticing gateway into the world of travel rewards without the burden of an annual fee.

This card is especially appealing for students planning to study abroad or who travel frequently, thanks to its straightforward rewards structure and absence of foreign transaction fees. With competitive rewards and an impressive introductory bonus, it stands out as a top choice among student travel cards.

CreditFinder’s Rating: 3.3/5

Overview

The Bank of America Travel Rewards for Students is not just another student credit card; it’s a travel-focused financial tool that offers substantial value through its rewards program and introductory offers. It’s designed to help students make the most out of every dollar spent, with unlimited 1.5X points on all purchases and an attractive welcome offer that bolsters its appeal.

Key Features:

• Rewards Rate: Earn 1.5 points for every dollar spent on all purchases, with no limits or restrictions.
• Introductory Offer: New cardholders can earn 25,000 bonus points after spending $1,000 in the first 90 days of account opening, equivalent to $250 in travel credit.
• APR: Enjoy a 0% introductory APR on purchases for the first 15 billing cycles, followed by a variable APR of 18.24% to 28.24%.
• Annual Fee: $0, making it cost-effective for students on a budget.

Pros:

• No Annual or Foreign Transaction Fees: Ideal for students traveling or studying abroad.
• Generous Welcome Bonus: One of the best in the student card category, offering substantial value right off the bat.
• Flexible Rewards Program: Points can be redeemed for travel, cash back, or gift cards, though the best value is obtained through travel-related redemptions.

Cons:

• Value of Points: Points are worth significantly less when redeemed for cash back compared to travel.
• Lack of Additional Travel Benefits: Aside from no foreign transaction fees, the card does not offer much else in the way of travel perks like travel insurance or lounge access.

Rewards Flexibility

The card earns points that can be redeemed in several ways, though they hold the most value when redeemed for travel-related expenses such as flights, hotels, and car rentals. This makes the card particularly valuable for students who travel during breaks or who participate in study abroad programs. However, if travel isn’t a priority, cardholders may find the redemption value for cash back (0.6 cents per point) less appealing.

Earning Potential

The flat-rate reward earning of 1.5 points per dollar spent on all purchases is simple and straightforward, making it easy for students to accumulate points without keeping track of specific bonus categories. Additionally, if students are part of the Bank of America Preferred Rewards program, they could earn up to 75% more points on purchases, significantly increasing their earning potential.

Intro APR and Fees

The introductory APR offer is particularly useful for students looking to make large purchases or manage existing debt, as it allows for an interest-free period on purchases and balance transfers for 15 billing cycles. The lack of an annual fee and foreign transaction fees also makes this card a cost-effective option for students keeping a tight rein on their budgets.

Suitability for Students

This card is particularly suited for students with good to excellent credit or those looking to build their credit while earning rewards on their spending. Its simple rewards structure and valuable introductory offers make it an attractive option for students new to credit cards.

Conclusion

The Bank of America® Travel Rewards Credit Card for Students is an excellent option for students who travel or who are planning to study abroad. Its robust rewards program, lack of annual fee, and valuable introductory offers make it a standout choice in the realm of student credit cards. While it lacks some of the travel-specific perks seen in more premium travel cards, its benefits are well-aligned with the needs and financial realities of most students.

In the landscape of student credit cards, the Bank of America Travel Rewards for Students shines with its balance of rewards, flexibility, and cost-efficiency, making it a worthy consideration for any student looking to maximize their spending power while exploring the world.