Review of Bank of America Student Platinum Plus Credit Card

Picture of Item Reviewed
Editor's Rating: 3.2/5.0
A pretty plain vanilla student credit card from Bank of America. It's unique feature is that they offer free ID theft protection service for four years. But it faces stiff competition from it's mainstream peers, who all have student cards with rewards.
Intro Purchase APR Regular APR Intro Balance Transfer Annual Fee Issuer Credit Needed
N.A. 14.24 14.24 $0 Bank of America Average
PROS
  • Free Identity Theft service for four years
  • No Annual Fee
CONS
  • No Reward Programs or Cash Back Unlike It's Peers

A Vanilla Student Credit Card With ID theft Protection - The student credit card space in the credit card space can be defined into two segments. The first segments are school affinity and alumni credit cards which will appeal to a student's sense of belonging? The other segments are simply cards offered by credit card issuers with no school affinity. The Bank of America Student Platinum Plus Visa Credit Card belongs to the second segment and is a basic no-frills credit card that will appeal to the part-time or full-time college student who is just looking for a basic credit card to start building their credit history. The real question is how does it stack up with other student cards in the market?


Are There Any Special Perks? - At first glance, this is a plain vanilla card that is being offered by BOA. And by far and large, it is. But there is one unique feature of this card. And that is that Bank of America gives you a free identity theft monitoring service for 4 years. I'm not totally sold on the benefits of a ID theft monitoring service. But given the prevalence of social media sites and issues about privacy policy, this is actually a good thing to have.

Other Benefits That Will Appeal To Students - I would now like to highlight some benefits (which are common in other issuers) that students are most likely to use and find useful.

Mobile Banking - BOA has apps that allow you to manage your credit card payments from your cell phone. You can pay bills, transfer funds, check your credit limits all from your phone. This is a feature that will be used by students.

Text Banking - Have a question about your card or statement? Rather than calling customer service, you can actually text BOA for help. They have a team of folks to answer your "text questions". Once again, a student will probably use this feature whereas like me is more likely to call customer service.

Account Alerts - You can get account alerts over the phone and also through text messages on your cell phone.

Requirements - To apply for this card, you need to be either a part-time or full-time college student attending an accredited 2-year or 4-year college.

Is BOA Student Visa As Good As Other Student Credit Cards?

This card faces competition from other mainstream issuers. And the main concern is that it is simply a vanilla credit card with no reward programs. It's biggest competition comes from Citi and Discover.

BOA Student Visa Versus Discover More Student Card - The first stiff competition they face is against the Discover More Student Card. The Discover card has cash back rewards where you can earn cash rebates from simply using the card. They also have a shopping portal shopdiscover where you can earn 5% to 20% cash back from their online merchant partners. So from a rewards perspective, BOA loses out to Discover.

BOA Student Visa Vs Citi Dividend Platinum Select - Citi has a student version for their Citi Dividend Platinum Select Card. It is much like the Discover More Student in which you earn cash rebates from using the credit card. You can also earn extra cash rebates when you shop with their merchant partners on Citi Bonus Cash Center. Once again, you actually save money using this card versus BOA's card.

BOA Student Vs Citi Forward Card - Citi also has another rewards card for student called the Citi Forward Card. It is a rewards card based on Citi's ThankYou Reward program.

Is This A Good Card? - The problem that the Bank of America Student Platinum Plus Visa Credit Card face is the fact that it is a plain vanilla student card. It's competition, on the other hand, is offering cards with reward programs (either cash back or reward points). Hence, it is really quite hard for us to recommend this card when there are other cards that give you something back for using it. It's only advantage is that you get free ID theft monitoring package for four years. That is not enough to change our views about this card.


blanket