BankAmericard Review: A Great Breather From Credit Card Interest

You won't get ongoing rewards or perks, but it's a terrific option for paying down debt or financing a large purchase.

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Our Take

5.0

NerdWallet rating 
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.

Jump to: Full Review
BankAmericard® Credit Card
BankAmericard® credit card
Annual fee
$0
Regular APR
15.74%-25.74% Variable APR
Intro APR
0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days
Rec. credit score
690-850 (Good - Excellent)

Quick Facts

Pros & Cons

Pros

  • No annual fee

  • Intro APR period

Cons

  • Requires good/excellent credit

  • No ongoing rewards

Alternate Pick: Longer 0% period
Citibank Diamond Preferred Credit Card
NerdWallet rating 
Citi® Diamond Preferred® Card

Need more than a year to wipe out your debt? This card offers 0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases, and then the ongoing APR of 16.74%-27.49% Variable APR. The annual fee is $0.

Read our review

Compare to Other Cards

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Annual fee

$0

Annual fee

$0

Annual fee

$0

Regular APR

16.74%-27.49% Variable APR

Regular APR

18.24%-28.24% Variable APR

Regular APR

18.74%-27.49% Variable APR

Intro APR

0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases

Intro APR

0% intro APR for 18 billing cycles on purchases and balance transfers

Intro APR

0% intro APR for 15 months on purchases and balance transfers

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score
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Full Review

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, however. Beyond that, 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.

BankAmericard® credit card: Basics

Card type: Balance transfer and 0% APR.

Annual fee: $0.

Sign-up bonus: None.

Rewards: None.

Interest rate: 0% intro APR on Purchases for 21 billing cycles and 0% intro APR on Balance Transfers for 21 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 15.74%-25.74% 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 offers one of the longest 0% period 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% (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

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 17.74%-27.74% 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 an intro APR of 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 15.74%-26.74% 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.

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.

Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
Frequently asked questions

The BankAmericard® credit card does not offer rewards. However, Bank of America® offers cash back and travel rewards cards that used to go by the name "BankAmericard," prior to mid-2017.

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.