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BankAmericard Review: Perfect for Paying Down Debt

The card doesn't earn rewards, but anyone looking to tackle high balances would be hard-pressed to find a better option.
Oct. 11, 2018
Balance Transfer Credit Cards, Credit Cards
BankAmericard: About as Basic as It Gets
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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

The BankAmericard® credit card punched up its benefits in October 2018 and can now take a seat alongside other balance-transfer royalty.

Once a rather lackluster card — it was even beige for a while — it’s now one of the few that can allow you to move debt and pay it down over time without a penny in interest or (if you apply via Bank of America®) even fees.

The card offers an intro APR of 0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR of 14.99% - 24.99% Variable APR. However, keep in mind that it doesn’t earn rewards, meaning there’s little incentive to keep using it after the 0% intro APR period expires.

» MORE: NerdWallet’s best balance transfer cards

BankAmericard® credit card

BankAmericard® credit card

Apply Now on Bank of America's secure site
  • Recommended Credit Score
  • 690
    850
    Good - Excellent
  • Card Details
  • Pros

    • No annual fee
    • Intro APR period on Purchases and Balance Transfers

    Cons

    • No rewards

    Annual Fees

    $0

    APR

    • APR: 14.99% - 24.99% Variable APR
    • Cash Advance APR: See Terms

    Bonus Offers

    None

    Intro APR

    • 0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days
  • Additional Information
    • NEW OFFER: 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 14.99% - 24.99% Variable APR. 3% fee (min $10) applies to balance transfers
    • 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

BankAmericard® credit card: Basics and benefits

Annual fee: $0.

Sign-up bonus: None.

Rewards: None.

Intro APR: 0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR of 14.99% - 24.99% Variable APR.

Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater. NOTE: If you apply for this card directly through Bank of America®, the balance transfer fee is $0 for the first 60 days your account is open. That offer is available only through Bank of America® and not through NerdWallet.

» MORE: Bank of America® credit cards mobile app review

Why you should get the BankAmericard® credit card

It can help you get out of debt without interest or fees: The BankAmericard® credit card can net you a bunch of zeroes, in a good way. The annual fee is $0. You also get an intro 0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR of 14.99% - 24.99% Variable APR. And there’s even a way for your balance transfer fee to be $0, if you apply for the card directly through Bank of America®. That kind of triple threat is hard to find in a balance transfer card and can save you a lot as you pay down debt.

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, as 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.

Why you might want a different card

No rewards: The BankAmericard® credit card won’t earn you any rewards. Of course, when you’re paying down debt, that’s not your primary concern — minimizing costs is. Still, it is possible to find rewards-earning cards with no annual fee that also offer 0% intro APR periods on both purchases and balance transfers. For example, you could consider the American Express Cash Magnet™ Card, which earns 1.5% cash back on all eligible purchases. It also offers an intro 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 14.99% - 25.99% Variable APR. Terms apply. The card’s balance transfer fee is 3%. Or take a look at the Discover it® Balance Transfer card, which offers an intro 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 13.99% - 24.99% Variable APR. That card earns 5% cash back on rotating quarterly categories on up to $1,500 in purchases each quarter (after you activate those categories). All other purchases earn 1% back. Bonus categories in the past have included things like gas stations, grocery stores, restaurants, Amazon.com or wholesale clubs. The card also has a balance transfer fee of 3%.

You can find even longer 0% intro APR periods: If 18 months isn’t enough time to pay down a balance transfer, you could consider the U.S. Bank Visa® Platinum Card. It offers 0% on Purchases for 20 billing cycles and 0% on Balance Transfers for 20 months, and then the ongoing APR of 11.99% - 23.99% Variable APR. It has a balance transfer fee of either $5 or 3% of the amount being transferred, whichever is greater. As with the BankAmericard® credit card, this card won’t earn you rewards either. However, it does come with the relatively rare perk of cell phone insurance, which could at least give you an incentive to keep the card around after you pay off your debt.

To see how these cards compare with other balance transfer credit card options, see NerdWallet’s roundup of top rated credit cards.

Is the BankAmericard® credit card right for you?

The BankAmericard® credit card won’t earn you rewards, but anyone looking to zap debt would be hard-pressed to find a better option. Still, if you’re looking for a long-term card that you can continue using after you tackle that large balance, you have some alternatives.