Students Get Worse Terms


The credit card marketed to students by Bank of America carries less favorable terms for students than alumni. Under the secret terms of the original agreement, the student credit cards were charged an annual percentage rate or APR of 15.99%. That’s three points higher than the 12.99% offered to alumni.

Right now, alumni cards carry a fixed 15.99% APR, and charge no interest for the first twelve months on any balance transfers. Cash advances are charged at the rate of 19.99%.

By contrast, the student cards carry a more volatile variable rate starting at 15.99%, and charge 4.99% interest for the first six months on any balance transfers. Student cash advances are charged at the higher rate of 20.99%.

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