BankAmericard Review: A Nice Breather From Credit Card Interest

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 solid option for people looking for relief from interest.

The BankAmericard® credit card offers a promotional 0% APR period of well over a year (up to 18 billing cycles), in addition to a low balance-transfer fee. And unlike a lot of other cards in its class, it even offers a sign-up bonus.

But the card's value derives largely from its 0% period. 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 with an ongoing APR that's not especially low, that means there's little incentive to keep using it after the promotional APR expires.

» MORE: NerdWallet's best balance transfer credit cards

BankAmericard® credit card: Basics

Card type: Balance transfer.

Annual fee: $0.

Sign-up bonus: $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.

Rewards: None.

Interest rate: 0% intro APR for 18 billing cycles on purchases and on any balance transfers made within 60 days of account opening, 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%.

» MORE: Bank of America® credit cards mobile app review

Why you might want the BankAmericard® credit card

It can help you pay off debt for little additional cost

The BankAmericard® credit card offers a long 0% period, giving you more than a year's 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.

There's a sign-up bonus

Typically, cards that offer super-lengthy 0% intro APR periods (more than 15 months or so) do not also offer bonuses — their value is tied almost entirely to what they can save you, not what they can earn you. But with the BankAmericard® credit card, you'll get a $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.

It's worth keeping in mind, though, that adding new transactions to a transferred balance can defeat the purpose of opening a balance-transfer card in the first place. Make sure you're organized enough to keep track of (and pay off) those new purchases in addition to the transferred balance you're working on.

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 – 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%, 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 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 best rated credit cards.

Is the BankAmericard® credit card right for you?