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The best travel credit cards typically offer rewards programs, credits and luxury perks that can help offset the cost of your next adventure. Most of these, however, require cardholders to pay an annual fee, and for students that can be a big unnecessary expense.
For students who plan on studying abroad, traveling during breaks or vacationing somewhere over the summer holiday, consider a travel credit cards with no annual fee. While they may not come with all the bells and whistles of the more luxe travel cards, they still offer cash back, points or miles that can make your future trips more affordable.
There's even a no-annual-fee travel credit card designed specifically for students: the Bank of America® Travel Rewards for Students. Anyone who's 18 or older and enrolled in school (college, vocational or trade school) can qualify.
Cardholders can earn bonus rewards on their everyday spending (not just on their travel expenses), plus a welcome bonus worth up to a $250 statement credit when redeemed toward travel purchases. That plane ticket home to mom and dad just got way less expensive.
Below, Select breaks down the rewards, benefits and fees of the Bank of America Travel Rewards for Students, so you can decide if the card is worthwhile.
Bank of America® Travel Rewards for Students
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Rewards
Unlimited 1.5X points for every $1 spent on all purchases
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Welcome bonus
25,000 bonus points after you spend at least $1,000 in purchases in the first 90 days of account opening, which can be redeemed for a $250 statement credit toward qualifying travel purchases
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Annual fee
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Intro APR
0% APR for the first 12 billing cycles on purchases
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Regular APR
13.99% to 23.99% variable
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Balance transfer fee
Either $10 or 3%, whichever is greater
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Foreign transaction fee
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Credit needed
Good/Excellent
Terms apply.
Bank of America Travel Rewards for Students review
Bank of America Travel Rewards for Students rewards
Cardholders of the Bank of America Travel Rewards for Students earn an unlimited 1.5X points per $1 spent on all their purchases. There is no limit on the points you can earn and points do not expire.
This credit card also offers students a strong welcome bonus of 25,000 bonus points after spending at least $1,000 in purchases in the first 90 days from account opening. This bonus can be redeemed for a $250 statement credit toward travel purchases. Use it to offset the cost of a flight home, rental car or hotel stay on summer break.
While a $1,000 spending requirement can seem like a big ask, if you use the card during back-to-school shopping season, or when you need to buy a big-ticket item, like a new laptop or textbooks, it can be easier to hit that limit.
Cardholders can redeem their rewards at any time and at any amount, including when shopping on Amazon.
Bank of America offers a handy rewards calculator so you can make sure you're maximizing how you redeem your rewards.
Additional benefits
With the Bank of America Travel Rewards for Students card, users can take advantage of email or text alerts to stay on top of their balances and due dates. They can also opt in to access their FICO® Score, which is updated monthly for free within the Bank of America Mobile Banking app or in Online Banking.
FICO credit scores are used in over 90% of U.S. lending decisions, so it's important to know yours as you prepare for life post-college. The higher your credit score, the better approval odds you'll have for renting your first apartment and scoring the best credit cards as you grow older.
When credit cardholders check their credit score through Bank of America, they will also see the key factors that are impacting their score, plus will be able to track their recent scores month to month and compare them to national averages.
Fees
The Bank of America Travel Rewards for Students has no annual fee.
There is a 0% introductory APR for purchases for the first 12 billing cycles (after, it's 13.99% to 23.99% variable APR). A full year of no interest gives you more time to pay off new purchases before incurring interest charges. However, we recommend you pay off your credit card balance on time and in full each month to build good credit and avoid using too much of your credit limit.
The card's promotional 0% APR does not apply to balance transfers. The balance transfer fee is either $10 or 3%, whichever is greater.
Travelers going overseas can take advantage of no foreign transaction fees, which is a huge plus for students studying abroad.
Bottom line
The Bank of America Travel Rewards for Students card has a good welcome bonus and an easy way to earn rewards on your everyday spending that you can then redeem to help cover the cost of a well-deserved break or a flight home. Students look to study abroad will also benefit from no foreign transactions fees.
If you are looking for other perks from a student credit card beyond just travel, consider the Discover it® Student Cash Back, which has a good cash-back program, the Discover it® Student chrome for rewards on gas station and restaurant purchases or the Citi Rewards+℠ Student Card for making small purchases and shopping at supermarkets. International students with no credit history should look at the Deserve® EDU Mastercard for Students, which doesn't require you to be a U.S. citizen to apply.
Not a student? Opt for the standard Bank of America® Travel Rewards credit card, which offers the same rewards as its student card: Earn an unlimited 1.5X points for every $1 spent on all purchases.
For rates and fees of the Discover it® Student Cash Back, click here.
For rates and fees of the Discover it® Student chrome, click here.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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Bank of America Travel Rewards for Students review: A no-annual-fee travel credit card that rewards everyday buys - CNBC
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