It is not new that the Bank of America is one of the world’s most prominent banks and is well known for providing efficacious services for all, ranging from individuals to small and large businesses for years. The answer is yes, they do, but to own a credit card in the bank of America, you have to be in college and at least 18 years of age. A credit card is a thin plastic that a bank or any financial institution issues to customers, which allows them to withdraw money from their bank account or pay for goods and services. Students must own a credit card, especially when they come of age, as this makes using a bank account a whole lot easier. So let’s start with Does Bank Of America Give Students Credit Cards?
The Two types of student credit cards are
*Cash reward credit card
*Travel reward credit card
Cash Rewards Credit Card- This card allows you to earn a particular percentage of cash back when you purchase the following or related items or services: online shopping, gas, travel, drugstores, travel dining, etc
The plan is quite flexible, and users can choose from various cashback rates, with the highest being 3% cashback. But it is also important to note that cashback of 3% is only accessible to users who have made a combined purchase of a minimum of 2500 dollars.
The Bank Of America Cash Reward Credit Card has some other benefits which include:
* You get about a $200 bonus after making a purchase of at least $1000 in the first 90 days of opening your account.
*There are no hidden charges or annual fee
*You can qualify for an intro balance transfer APR after which you can take the balance transfer fee of $10 or 3%. This feature is only available to customers who make balance transfer within the first 60 days of opening a bank account
*balance transfer APR for 15 billing cycles from account opening
Things You Must Know Before Getting A Student credit Card From The Bank Of America!
First, you must have a reliable and legal source of income and proof to show for it. Secondly, you must be able to bring along someone who stands for you as a guarantor. Note: A person must be 21 or older and have a steady source of income just in case they have to pay up their missed payments or debt.
Types Of Bank Of America Credit Cards.
1. Cash Reward credit cards
2. Student credit card
3. Cards for building credit
4. Airline rewards credit card
5. Travel rewards credit card
6. Point rewards credit card
7. Lower interest rate credit card
How To Apply For A Student Credit Card In The Bank Of America
The first thing you should consider doing before applying for a credit card is to request a copy of your credit history and ensure there are no errors. You should also check for your credit scores to know which card you are eligible for
Get all your necessary documents at the ready and updated. You may not need all of them, and at the same time, you do not want to be found wanting in any.
Go online and locate the official website. Google can help you. Since it’s a world-recognized bank, it’s probably the only option that will pop up when you search for `bank of America. After getting to the website, navigate to the card issuers portal and read through the terms and conditions.
Required Documents/Information To Have Before Applying For A Credit Card
Most banks will request the following:
A government issues documentation like a drivers licence or passport which carries your full legal name.
You SSN(social security number) and ITIN. A credit card issuer may request for either or both of them.
The address you would like your card be mailed to.
Annual income proof
Enmployment status
Cost of housing
Phone Number
Conclusion
These are the basic requirements for any student around the country to open up any type of bank account in any bank. Any students with all the documents can easily open up bank account in Bank of America.
Frequently Asked Questions
What are the eligibility criteria to get a credit card in the bank of America as a Student?
Applying for a credit card in the bank of America is easy, however, there are certain criteria one must fulfill:
Firstly, you must be of age, as stated earlier, students applying for credit cards must be at least 18 years of age. You must provide proof of a legal and reliable source of income which must also be sufficient to pay the card issuing bill monthly. Only authorized US citizens are applicable for the student credit card in the bank of America or at least have a permanent residence or address in the united states.
You must posses what is known as a social security number.
An active student ID card is compulsory and a student email address.
Students need to have a credit score of at least 700 to be eligible for a credit card approval in the Bank of America.
What Is The Minimum Income Requirement To Qualify Students For A Credit Card?
There is no minimum income for any given credit card. Students however could have considerably low income and still be approved for a credit card, however, the higher your income, the higher credit limit you may get
Why Must I Provide Proof Of My Source Of Income Before Being Eligible For A Credit Card?
Your ability to pay for a credit card after applying must be scrutinized before getting you an approval for one. Card issuers also use this information to decide what credit limit to set on your credit card account, therefore, the higher your income, the higher your credit limit.
