The American Bar Association and Bank of America have created the ABA Student Visa Signature credit card with WorldPoints Rewards. There are no annual fees, fraud protection, 24 hour customer service, online access and access to the MyConcierge service.
This is a unique personal assistance program. In addition there is a low introductory APR offer. Based on creditworthiness of the applicant, the 0% introductory APR may be for 7 or 10 billing cycles. For every $1 net retail purchase, one rewards point is earned. They can be redeemed for cash, travel, gift cards, brand name merchandise and many others.
The rewards level is similar to other Visa Signature and Specialty cards offered through Bank of America. One of the primary differences for the American Bar Association Visa is the annual percentage rate. Although it is variable, it may be as low as 12.99% plus prime.
Many other cards, especially those for students begin at 15.24%-17.24% plus the prime rate. Late payment and penalty fees are average for a regular card and are somewhat lower than most student cards. As the interest rates are variable, monthly payments may vary somewhat.
If the balance has different APRs at the end of the billing cycle, payment will be applied to the balance with the lowest APRs first. The billing cycle is 25 days. No interest will be charged if the entire balance is paid by the due date each month.
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