It's an efficient tool to help you whittle down debt. Just be aware that there's not a whole lot of value to be had once the 0% intro APR period ends.
No annual fee
Intro APR period
Requires good/excellent credit
No ongoing rewards
Compare to Other Cards
16.24%-26.24% Variable APR
17.24%-28.24% Variable APR
0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply.
0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months
Recommended Credit Score
Recommended Credit Score
Detailed review: BankAmericard® credit card
The BankAmericard® credit card isn't fancy, but it doesn't try to be. It's got one job — saving money on credit card interest — and it does it about as well as any card on the market.
The card's value derives largely from its 0% period. Beyond that, however, it lacks any of the flourishes you might be seeking in a credit card, such as ongoing rewards or even side perks. And that means there's little incentive to keep using it after the promotional APR expires.
There's a different (but similarly named) version of this card marketed to college students, called the BankAmericard® credit card for Students. Read our review of it here.
BankAmericard® credit card: Basics
Annual fee: $0.
Sign-up bonus: None.
Interest rate: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply.
Balance transfer fee: 3% of the amount of each transaction.
Foreign transaction fee: 3%.
Benefits and perks
It can help you pay off debt for little additional cost
The BankAmericard® credit card offers one of the longest 0% periods available anywhere, giving you nearly two years' worth of relief from interest if you've got high-interest debt weighing you down or a big purchase you need to make. The annual fee is $0, and the transfer fee is a reasonable 3%.
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 steep late fee if you miss a payment, though. And if you’re more than 30 days late, 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.
Drawbacks and considerations
It doesn't earn ongoing rewards
When you're paying down debt, rewards shouldn't be your primary concern. It's more important to minimize your costs. Even so, it is possible to find rewards-earning cards with no annual fee that also offer a 0% intro APR period on balance transfers.
These no-fee cards have value long after their 0% rates expire:
The Citi Double Cash® Card earns 2% cash back on all purchases: 1% when you buy something and 1% when you pay it off. It has a 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 19.24%-29.24% Variable APR. The card's balance transfer fee is 3%, with a $5 minimum, as long as you transfer the balance within the first four months of account opening.
The Discover it® Cash Back has a 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 17.24%-28.24% Variable APR. This 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 and wholesale clubs. The introductory balance transfer fee is 3%, then up to 5% for future balance transfers (see terms).
To see how these cards compare with other balance transfer credit card options, see NerdWallet's roundup of best rated credit cards.
You can get a longer 0% period
The BankAmericard® credit card's introductory 0% APR period is solid, but it's not the longest offer available. If you need more time to pay off a balance, the Wells Fargo Reflect® Card could be a good option. You'll get a 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.24%, 24.74%, or 29.99% Variable APR. Note, though, that the Wells Fargo Reflect® Card has a $5 or 5% balance transfer fee (whichever is greater). So if you don't need those extra three months to pay off your balance, the BankAmericard® credit card might still be a better choice.
How to decide if it's right for you
The BankAmericard® credit card is a solid option for anyone looking to zap debt. But if you're looking for a card you can continue using after you tackle that balance, you have alternatives, including ones that earn rewards.