Our Verdict
The Bank of America® Travel Rewards credit card for Students is an excellent option for those students who spend their time in lecture halls daydreaming about traveling. With no annual fee, no foreign transaction fees and 1.5 points per dollar spent on purchases, the card provides all the great benefits of a postgrad’s credit card in the form of a slightly less flexible student option.
Pros
- Flexible rewards redemption options
- Unlimited 1.5 points per $1 on all spending
- No foreign transaction fee
- Easy-to-earn welcome bonus
Cons
- No bonus categories to boost rewards.
- High penalty APR and late fee.
Highlights
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire as long as your account remains open.
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.
- Use your card to book your trip how and where you want – you’re not limited to specific websites with blackout dates or restrictions.
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 19.24% – 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
- When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO® Score for free within Online Banking or your Mobile Banking app.
- Contactless Cards – The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Introduction
Whether returning to parents on holiday or running further away, the jet-setting and homesick alike can appreciate the rewards of the Bank of America Travel Rewards Credit Card for Students. Cardholders earn 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open, plus a welcome bonus of 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening.
There’s no annual fee and no foreign transaction fee with this card, which means reward earnings aren’t offset by fees. Some of the travel perks with more powerful travel cards are absent from this card but the student card’s point-earning potential is competitive. It also permits students to establish a solid credit history so that when they graduate (and get a job) they’ll qualify more readily for a better card.
The card’s benefits include $0 fraud liability and the standard array of digital wallet technology, account alerts, FICO Score monitoring and overdraft protection—all things that can make a busy student’s life easier while they build healthy spending and credit habits.
Quick Facts
- Earn unlimited 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open
- No annual fee
- No foreign transaction fees
- Welcome bonus: Earn 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening
Bank of America Travel Rewards Credit Card for Students Rewards
Earning Rewards
An unlimited 1.5 points per dollar on all purchases everywhere, every time with no expiration on points as long as your account remains open is automatically earned on all eligible purchases with the Bank of America Travel Rewards for Students card.
The card comes with an attractive welcome offer: Earn 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening.
Redeeming Rewards
Reward redemptions with the Bank of America Travel Rewards for Students card are hassle-free. There are no blackout dates or airline or brand restrictions; cardholders simply book their travel and redeem points for a statement credit reimbursement for the travel they’ve booked. Redemptions can be spent reimbursing flights, hotels, vacation packages, rental cars, baggage fees, cruises or restaurants including takeout. Points are typically valued at 1 cent each when used for travel or dining.
Rewards Potential
To determine the rewards potential of the Bank of America Travel Rewards for Students card we have to look at the bonus categories and calculate what a typical college student might spend in those areas. Forbes uses data from various government agencies to determine annual expenses and spending averages across various categories.
The Bank of America Travel Rewards Credit Card for Students offers a 1.5% rewards rate on all purchases. At a return rate of 1.5% on typical annual expenses of $13,640, the average college student could expect to earn rewards worth $204.60 back per year to use toward travel with the Bank of America Travel Rewards Credit Card for Students. This is in addition to the first-year welcome bonus.
Other Bank of America Travel Rewards Credit Card for Students Card Benefits
- $0 liability guarantee: Cardholders are not responsible for fraudulent charges.
- Overdraft protection: The card may be used to protect Bank of America banking checking accounts from overdraw.
- Paperless statements: Go green and save a tree with digital statement options
- FICO Score: Credit score monitoring is included at no extra cost.
- Digital wallet and contactless chip technology: Cardholders can tap to pay and can add their card to Apple Pay®, Google Pay™ and Samsung Pay.
- Account alerts and online or mobile banking: Ease of account access and management through the Bank of America App and website.
Fine Print
Interest Rates
- Regular APR: 19.24% - 29.24% Variable APR on purchases and balance transfers
- Purchase intro APR: 0% Intro APR for 15 billing cycles for purchases
Fees
- Annual fee: $0
- Balance transfer fee: 3% for 60 days from account opening, then 4%
- Foreign purchase transaction fee: None
How the Bank of America Travel Rewards Credit Card for Students Stacks Up
Bank of America® Travel Rewards credit card for Students vs. Discover it® Student Cash Back
For those who’d prefer straight cash-back rewards and think they can take full advantage of quarterly rotating categories, the Discover it® Student Cash Back provides an entirely different rewards-earning scheme.
Cardholders get 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations and more, up to the quarterly maximum once activated. Plus, automatically earn unlimited 1% cash back on all other purchases. Students with the Discover it® Student Cash Back may easily out-earn those with the Bank of America card if their spending habits align well with the categories and their spending falls within the limits.
The Discover it® Student Cash Back offers a 0% intro APR on purchases for 6 months, then the standard variable purchase APR of 18.24% - 27.24% applies and allows some extra benefits like custom card designs.
Bank of America® Travel Rewards credit card for Students vs. Bank of America® Customized Cash Rewards credit card for Students
The Bank of America Cash Rewards and Travel Rewards cards for Students have similar features but entirely different reward earning and redeeming options. The Cash Rewards for Students offers 3% cash back in the category of choice and an automatic 2% at grocery stores and wholesale clubs. Bonus earning is limited to the first $2,500 in the 3% and 2% categories combined each quarter. Earn an unlimited 1% on all other purchases.
The Cash Rewards Card also falls short of waiving foreign transaction fees, making the Travel Rewards for Students card truly suited to those whose interest in rewards primarily involves travel. Like choosing between a finance course and an Italian literature class, the only real decision between these two cards is entirely about redemption priority.
Compare the Bank of America Travel Rewards Credit Card for Students With Other Cards
Is the Bank of America Travel Rewards Credit Card for Students for You?
For students who love to travel, the Bank of America Travel Rewards for Students credit card offers fantastic rewards-earning opportunities and a great way to build credit toward more rewarding or beneficial options come graduation.
It isn’t for balance transfers and there may be cards with higher targeted reward-leveraging available to students. But the straightforward rewards design of the Bank of America Travel Rewards for Students combines travel-oriented rewards, credit building and healthy financial habit creation into a pretty great option for students.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
