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East West's Bank College Rewards Visa Card is designed for college students with limited or no credit history that want a credit card with a rewards program and no annual fee. The card includes several travel benefits that are not common among student credit cards, particularly those available to people with average credit.
The East West Bank is a Chinese/American full-service commercial bank with over 130 locations throughout China and the US. It has $29.8 billion in assets, an A+ rating with the BBB and a four-star rating with Bauer Financial.
The East West Bank College Rewards Visa Card has a rate for purchases and balance transfers that ranges from 12.49% APR to 23.49% APR. Cash advances have a 23.99% APR and there is no penalty rate for late payments. However, there are penalty fees to consider for not paying on time.
The East West Bank College Rewards Visa Card doesn't have an annual fee or an overlimit fee. It does charge a 3% balance transfer ($5 minimum) and a 4% cash advance fee ($10 minimum). Foreign transactions incur a 2% fee when in U.S. Dollars and 3% when in a foreign currency.
The East West Bank College Rewards Visa Card gives cardholders 1 point per $1 spent on purchases. There is no limit to the amount of points a cardholder can earn but points do expire after 5 years. Members can redeem points as a cash deposit to a savings account or as a statement credit to their credit card account.
The East West Bank College Rewards Visa Card gives new cardholders a 1,000-point bonus after their first purchase. Cardholders can earn an additional 1,000 points by enrolling in auto-pay and e-statements.
The East West Bank College Rewards Visa Card offers a unusually wide selection of travel and shopping benefits for a student credit card. These include, extended warranty coverage (double the manufaturer's warranty), auto rental collision damage waiver, travel assistance and zero fraud liability.
The East West Bank College Rewards Visa Card is available to students with just average credit but still manages to include a signup bonus, a rewards program, and decent travel and shopping benefits. However, it doesn't charge an annual fee and it has competitive rates. The rewards program only offers 1 point per $1 spent, but cardholders can redeem them for a cash deposit or statement credit.
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