The bottom line: 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.
Pros & Cons
No annual fee
Intro APR period on Purchases and Balance Transfers
Alternate Pick: Longer 0% period
Compare to Other Cards
12.99% - 22.99% Variable APR
14.74% - 24.74% Variable APR
13.99% - 23.99%* Variable APR
0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening
0% intro APR on Purchases and Balance Transfers for 18 months
0%* intro APR for 20 billing cycles on purchases and balance transfers
Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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The BankAmericard® credit card has dialed back some of the features that once made it the king of the hill in balance-transfer credit cards, but it remains a fair option for people looking for relief from interest.
The BankAmericard® credit card used to offer a promotional 0% APR period of well over a year (up to 18 billing cycles), in addition to an introductory balance-transfer fee as low as $0. But the card was taken off the market in mid-2020, and when it returned months later, its 0% period had shrunk significantly, and it was charging a transfer fee.
The card's value derives almost entirely from its 0% period. Beyond that, it lacks any of the flourishes you might be seeking in a credit card, such as rewards or even side perks. And with an ongoing APR that's not especially low, that means there's little incentive to keep using it after the promotional APR expires.
BankAmericard® credit card: Basics
Card type: Balance transfer.
Annual fee: $0.
Sign-up bonus: None.
Interest rate: 0% intro APR for 12 billing cycles on purchases and balance transfers, and then the ongoing APR of 12.99% - 22.99% Variable APR.
Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
Foreign transaction fee: 3%.
Why you might want the BankAmericard® credit card
It can help you pay off debt for little additional cost
The BankAmericard® credit card doesn't offer a super-long 0% period, but if you've got high-interest debt weighing you down or a big purchase you need to make, it can provide about a year's worth of relief from interest, time enough to really attack your balances. The annual fee is $0, and the transfer fee is a reasonable 3% (with a $10 minimum).
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.
Why you might want a different card
You can find a longer 0% period for transfers
If 12 billing cycles isn't enough time for you to pay down your debt, consider the Citi® Diamond Preferred® Card. It comes with a 0% intro APR on Purchases and Balance Transfers for 18 months, and then the ongoing APR of 14.74% - 24.74% Variable APR. The balance transfer fee is 3% of the transfer or $5, whichever is greater.
It doesn't earn 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 – 18 month BT offer 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 13.99% - 23.99% Variable APR. The card's balance transfer fee is 3%.
The Discover it® Cash Back has an intro APR of 0% intro APR for 14 months on purchases and balance transfers, and then the ongoing APR of 11.99% - 22.99% 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 top rated credit cards.
Is the BankAmericard® credit card right for you?
The BankAmericard® credit card is an OK 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.
on Bank of America's website
Frequently asked questions
The balance transfer fee is 3% of the amount transferred (minimum $10).
The $0-annual-fee BankAmericard® credit card is a fair option for paying down debt and for financing large purchases, but it doesn't have a lot of long-term value after the introductory 0% APR period for purchases and qualifying balance transfers ends.
The BankAmericard® credit card is a Mastercard.
You’ll need good to excellent credit, usually a credit score of at least 690, to qualify for the BankAmericard® credit card. Issuers also consider factors beyond credit score when evaluating applications, including your income and other debts.
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