I'm a student and already have a credit card with balance around $1,000. I would like to pay it off but not sure if I qualify for one more credit card. I do not want to lower my credit with a hard inquiry. Do you think the BofA Cash rewards is good for balance transfer?

Answered on July 11, 2019
Updated on July 11, 2019
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
If you do not have any negative items on your reports (like late or missed payments), you should have good chances to qualify as the Cash Rewards card from Bank of America is offered to people with limited credit. The only obstacle is credit limit you would be given. If you are not approved for a high enough credit limit, you won't be able to transfer the whole balance from your current credit card. Also, note that the card has a balance transfer fee which you will need to pay when you request a balance transfer. We would recommend you calculate if it's worth opening a new credit card and transferring your balance to it.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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BROWSE MORE QUESTIONS ABOUT Student Credit Cards:

No, you won't need a co-signer to apply for a student credit card or Amex Everyday. In fact, there are not many issuers that would allow co-signers. That is actually great as cosigning is a complicated thing. Having your own credit card from the beginning is a great way to learn finances, responsibility, and to start building credit. You may qualify for a student credit card as long as you are at least 18 years old, have SSN, U.S. citizen/resident, and have verifiable income. To qualify for the Amex Every Day card, you should have at least good credit history. If you already have some...
The Amex EveryDay card is for applicants with good or excellent credit history. If your credit is lower, we would recommend considering a different credit card. Since you are a student, you can apply for a student credit cards. These cards are rather easy to qualify for but there still are some approval requirements. The requirements are simple: you should be a student over the age of 18, be a U.S. citizen or resident, have SSN (Social Security Number), have a verifiable income (your part-time job and money form parents will do), and you should not have bad credit already. You may qualify...
Unfortunately, this credit card id not currently available on the banks's website. But to get a credit card young people under 21 have to show proof of their sufficient income or have a co-signer (say, one of the parents). As for the credit cards you may be eligible for, consider student credit cards targeting high school and college students. For example, you can apply for the Discover it® Student Cash Back card. This card comes with 6 months 0% intro APR on purchases (when the introductory interest rate is over, the ongoing APR will apply) and no annual fee.

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