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The plainest credit card offered by Bank of America® got a makeover last year.
The BankAmericard® credit card punched up its balance-transfer benefits in 2017 and can now claim a seat alongside other balance-transfer royalty. Once a rather lackluster card — it was even beige-colored for a while — it’s now one of the few that allow you to move debt and pay it down over time without a penny in interest or fees.
That makes this card an outstanding deal, if you can qualify for it. But for some, that’s a big “if”: The card requires good credit.
Why you should get the BankAmericard® credit card
It can help you get out of debt without interest or fees
The revised BankAmericard® credit card offers these perks:
- A $0 annual fee.
- A generous 0% APR offer: You get an introductory rate of 0% on Purchases for 15 billing cycles and 0% on Balance Transfers for 15 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR of 14.74% - 24.74% Variable APR. With a promotion for both purchases and balance transfers, you can use your “get out of debt” card for purchases, too, without racking up interest.
- A way to avoid balance transfer fees. This card offers a $0 introductory balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3%, with a minimum fee of $10. If you transfer a balance during that 60-day window, this deal could save you hundreds of dollars right off the bat.
This card doesn’t offer rewards, but when you’re paying down debt, that’s not your primary concern — minimizing costs is. This card’s new features put it on par with the industry-leading balance transfer offers.
It doesn’t charge A penalty APR
With the BankAmericard® credit card, your interest rate won’t go through the roof after a late payment because the updated version of the card doesn’t charge a penalty APR.
You’ll still have to pay a late fee of up to $38 if you miss a payment. If you’re more than 30 days late on a payment, your credit could take a hit. But the lack of penalty APR can give you some peace of mind, and potentially save you some money down the road.
To see how this card compares with other balance transfer credit card options, see NerdWallet’s roundup of top rated credit cards.
Is the BankAmericard® credit card right for you?
Go ahead and move your debt over to the BankAmericard® credit card, if you can qualify for it. This card offers top-notch value for those paying down large balances.