BankAmericard Review: A Great Breather From Credit Card Interest
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5.0
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
No annual fee
Intro APR period
Cons
Requires good/excellent credit
No ongoing rewards
on Bank of America's website, or call (800) 322-7707
Compare to Other Cards
Annual fee$0 | Annual fee$0 | Annual fee$0 |
Regular APR15.99%-25.99% Variable APR | ||
Intro APR0% 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 | Intro APR0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases | Intro APR0% intro APR for 18 billing cycles on purchases and balance transfers |
Recommended Credit Score |
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
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 15.99%-25.99% Variable APR.
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 18.99%-28.99% 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 a0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 16.99%-27.99% 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 best rated credit cards.
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 17.99%-28.74% Variable APR. The annual fee is $0.
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.
on Bank of America's website, or call (800) 322-7707
