CREDIT CARDSCREDIT CARDSBANKAMERICARD REVIEW: A GREAT BREATHER FROM CREDIT CARD INTEREST
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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.
Claire Tsosie Author AvatarRobin Saks Frankel Author Avatar
Feb 21, 2024 12:02 p.m. PST
Edited by
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SOME CARD INFO MAY BE OUTDATED
This page includes information about the Wells Fargo Reflect® Card, currently unavailable on NerdWallet. The information about the Wells Fargo Reflect® Card has been collected by NerdWallet and has not been provided or reviewed by the card issuer.

4.6

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.

Pros
  • No annual fee
  • Intro APR period
Cons
  • Requires good/excellent credit
  • No ongoing rewards
BankAmericard® credit card Image
BankAmericard® credit card
Annual Fee

$0

Regular APR

16.24%-26.24% Variable APR

Intro APR

0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days

Rec. credit score

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

Annual Fee

$0

Regular APR

16.24%-26.24% Variable APR

Apply Now
on Bank of America's website,
on Bank of America's website, or call (800) 322-7707
  • Annual fee

    $0

  • Rewards rate

    No rewards

  • Bonus offer

    None

  • Intro APR

    0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days

  • Ongoing APR

    APR: 16.24%-26.24% Variable APR

    Cash Advance APR: See Terms

  • Balance transfer fee

    3% for 60 days from account opening, then 4%

  • Foreign transaction fee

    3%

More details from Bank of America
  • 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 16.24% - 26.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Compare to Other Cards

ANNUAL FEE
$0
REGULAR APR
16.24%-26.24% Variable APR
INTRO APR
0% intro APR on Purchases for 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
REGULAR APR
18.24%-28.99% Variable APR
Rates & Fees
INTRO APR
0% Intro APR for 21 months on Balance Transfers and 12 months on Purchases
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
REGULAR APR
18.74%-29.74% Variable APR
Rates & Fees
INTRO APR
0% intro APR for 18 billing cycles on purchases and balance transfers
RECOMMENDED CREDIT SCORE
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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.

🤓Nerdy Tip

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 18 billing cycles and 0% intro APR on Balance Transfers for 18 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 16.24%-26.24% Variable APR

Balance transfer fee: 3% for 60 days from account opening, then 4%.

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% for 60 days from account opening, then 4%.

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 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.

Alternate Pick: Longer 0% period

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 18.24%-28.99% 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.

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 for the first 60 days from account opening is 3% of the amount transferred; after that, it's 4%.

The $0-annual-fee BankAmericard® credit card is a good 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.

About the authors

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