The plainest credit card Bank of America® offers just got a makeover.
The BankAmericard® credit card has punched up its balance-transfer benefits 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.
- Recommended Credit Score
- 690850Good - Excellent
- Card Details
- No annual fee
- 0% Intro APR for 15 billing cycles for purchases and qualifying balance transfers
- $0 intro balance transfer fee for first 60 days. After that, the fee for future balance transfers is 3% (min. $10)
- No rewards
- APR: 12.99% - 22.99% Variable APR
- Cash Advance APR: See Terms
- 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
- Additional Information
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days, then 12.99% - 22.99% Variable APR
- $0 Intro balance transfer fee during first 60 days of account opening. After that, the fee for future balance transfers is 3% (min. $10).
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
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 12.99% - 22.99% 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 such as the Chase Slate®.
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.
Updated Sept. 20, 2017.