Editorial Review

BankAmericard Review: Nearly Perfect for Paying Down Debt

This card doesn't earn rewards, but when you're trying to rid yourself of high-interest debt, that's not your main concern. Minimizing your costs is.

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Our Take

4.1

NerdWallet rating 

The Bottom Line: It's a solid, low-cost 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.

BankAmericard® Credit Card

on Bank of America's website, or call (800) 322-7707

on Bank of America's website, or call (800) 322-7707

Annual Fee

$0

Regular APR

14.74% - 24.74% Variable APR

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

Recommended Credit Score

Quick Facts

Annual Fee
$0
Annual Fee
$0
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

Pros & Cons

Pros
  • No annual fee

  • Intro APR period on Purchases and Balance Transfers

Cons
  • No rewards

Alternate Pick: 0% plus cash back

Capital One® Quicksilver® Cash Rewards Credit Card

1.5% cash back on purchases

This card offers an intro APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.74% - 25.74% Variable APR. The balance transfer fee is 3%. But because it earns rewards, it holds value long after that 0% window closes.

Read our review

Compare to Other Cards

Annual Fee

$0

Annual Fee

$0

Annual Fee

$0

Regular APR

14.74% - 24.74% Variable APR

Regular APR

16.24% - 26.24% Variable APR

Regular APR

13.49% - 24.49% Variable APR

Rates & Fees

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

Intro APR

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

Intro APR

0% on Purchases for 6 months and 0% on Balance Transfers for 18 months

Recommended Credit Score
Recommended Credit Score
Recommended Credit Score

Full Review

After punching up its benefits in October 2018, the BankAmericard® credit card can 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 through Bank of America®) even fees.

The cards value lies in its lengthy 0% introductory APR period. It doesn't earn rewards, though, and with an ongoing APR that's not especially low, that means there's little incentive to keep using it after the 0% period expires.

BankAmericard® credit card: Basics

  • Card type: Balance transfer.

  • Annual fee: $0.

  • Welcome bonus: None.

  • Rewards: None.

  • Interest rate: 0% on Purchases and Balance Transfers for 18 billing cycles, and then the ongoing APR of 14.74% - 24.74% 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 out of debt for little cost

The BankAmericard® credit card can net you a bunch of zeroes, in a good way. The annual fee is $0. You get an introductory 0% APR period. 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 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 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 0% intro APR periods on both purchases and balance transfers.

These no-fee cards have value long after their 0% rates expire:

  • The Capital One® Quicksilver® Cash Rewards Credit Card earns 1.5% cash back on all eligible purchases, plus offers a great welcome bonus. It has an APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.74% - 25.74% Variable APR. The card's balance transfer fee is 3%.

  • The Discover it® Balance Transfer has an intro APR of 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 13.49% - 24.49% 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).

You can find a longer 0% period for transfers

If 18 months isn't enough time to pay down a balance transfer, consider the Citi Simplicity® Card - No Late Fees Ever. It comes with an intro APR of 0% on Balance Transfers for 21 months and 0% on Purchases for 12 months, and then the ongoing APR of 16.24% - 26.24% Variable APR. The balance transfer fee is 5% of the transfer or $5, whichever is greater.

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 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 alternatives.