Bank of America® Student Platinum Plus® Visa® Credit Card

Editor's Review: The Bank of America® Student Platinum Plus® Visa® Credit Card is card designed for students that have maintained very good credit and are interested in building a stronger credit history. Unlike prepaid student credit cards, the Bank of America Student Visa® Platinum Plus® Credit Card is a true credit card that extends a line of credit to the cardholder. Therefore, the student that applies for this card must be prepared to handle the card responsibly in order to avoid building a poor credit history.

Like the majority of student credit cards, the Bank of America Student Visa® Platinum Plus® Credit Card does not offer a reward program. Since it reports to the major credit reporting bureaus, however, it will go a long way toward building a student’s credit history. In addition, there is not annual fee associated with the card and there is no maximum cap on how much credit can be extended to the student.

Although the Bank of America Student Visa® Platinum Plus® Credit Card is a good student credit card for building credit, it does have a higher than average interest rate. Therefore, it is not a good option for a student that plans to carry a balance on the credit card from billing period to billing period.

Despite the fact that the Bank of America Student Visa® Platinum Plus® Credit Card does not have a rewards program, it does offer some benefits that are not always found with student credit cards. For example, it offers auto rental insurance, purchase protection services, and convenient online banking options.

There are several potential fees associated with the Bank of America Student Visa® Platinum Plus® Credit Card, all of which are pretty standard for student credit cards. For example, cash advances and balance transfers are both subject to a 3% fee with a $10 minimum charge. There are also late payment fees with the card that are about average in amount. For late payments on balances up to $100, cardholders can expect to pay $15. For late payments on balances of over $100 and less than $1000, the fee is $25 while balances over $1000 will result in a $35 late fee.

The Bank of America Student Visa Platinum Plus® Credit Card also has over the limit fees, which makes it even more important to pay the minimum amount due in a timely manner. For credit cards with a limit of $500, the over the limit fee is $15. Cards with limits of more than $500 but less than $1000 are subject to a $25 fee while those with a credit line of over $1,000 will result in a $35 fee when going over the limit.