An inexpensive, no-frills card aimed at college students with good credit.
Who the Bank of America Student Platinum Plus Visa Card Is For
- College students.
Credit Rating Required
- Fair and up (660+).
About the Bank of America Student Platinum Plus Visa Card
Pros
- No annual fee.
- Relatively low APR.
- Low balance transfer fee.
Cons
- No rewards.
APRs
- 14.24 percent on purchases and balance transfers.
Fees
- Balance transfer fee: 3 percent of balance.
- Late payment fee: Up to $35.
- Returned payment fee: Up to $35.
Bank of America Student Platinum Plus Visa Card Review
Ordinarily, this plan vanilla card with no rewards wouldn't have much to recommend it. However, it does make sense as a first Visa card for students.
Actually, the main thing that makes the Bank of America Student Platinum Plus Visa attractive is it's lack of rewards. Young people in college or recent graduates shouldn't be so quick to be earning rewards on their credit card spending. While earning rewards is ok for some, it could teach credit card newbies bad credit and spending habits, namely spending beyond their ability to pay their balance in full each month. That should be the most important thing young adults learn and make a habit of early on. There's plenty of time to earn rewards later.
As BofA's website says, the card helps you to "be financially responsible while you learn to manage your credit."
The card is also reasonably priced: there's no annual fee, and the APR is a relatively low 14.24 percent. The balance transfer fee is a low three percent of the balance transferred.
Recommendation
Despite the lack of rewards, this reasonably priced credit card is a good starter card for students looking to build their credit histories with the largest consumer bank in the country.