Is the BankAmericard® credit card worth it? August 2018

Review: BankAmericard® Credit Card – August 2018

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A stellar balance transfer card — one that offers a strong intro APR and a rare promotion on balance transfer fees.

30-second take

  • Get this card if you want to transfer debt from other sources and save on interest.
  • Pick something else if you want to earn rewards.
  • Apply with a good to excellent credit range of 680 to 850.
Product NameBankAmericard® Credit Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases14.74% to 24.74% variable
Introductory Purchase APR0% for the first 15 statement closing dates (then 14.74% to 24.74% variable)
Introductory Balance Transfer APR 0% for the first 15 statement closing dates (then 14.74% to 24.74% variable)
Balance Transfer Fee3% or $10 of the transaction, whichever is greater
Cash Advance Rate17.74% to 26.74% variable
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Minimum Interest$1.5
Late Payment Fee$38
Returned Payment Fee$27
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

The BankAmericard® Credit Card doesn’t come with many bells and whistles. However, it offers three great perks: a$0 annual fee, a strong intro APR and a rare promotion on balance transfer fees.

If you’re looking for a balance transfer card, the BankAmericard® Credit Card could be the right pick. It offers 0% intro APR on purchases and balance transfers for the 15 statement closing dates, reverting to 14.74% to 24.74% variable after.

Fifteen months for a promotional APR is eclipsed by few other cards. Use the BankAmericard® Credit Card if you want to make a big purchase now and pay it off over time — or simply pause your current interest with a balance transfer.

You’ll find many balance transfer cards, but not many of them waive transfer fees. With the BankAmericard® Credit Card, you’ll pay no balance transfer fees for the first 60 days your account is open. After, you’ll pay 3% or $10 of each transaction. It’s a big differentiator that puts the card head and shoulders above competitors.

How good is the BankAmericard® Credit Card‘s balance transfer fee promotion?

Your typical credit card comes with a fee for each balance transfer — usually 3% for each transaction. That means on a $10,000 balance transfer, you might pay $300 in fees.

Not so with the BankAmericard® Credit Card. If you transfer the same $10,000 within the first 60 days your account is open, you’ll pay $0 in fees.

That’s one of the reasons the BankAmericard® Credit Card is such a strong choice: You can transfer your debt for nothing, as long as you do so within the time limit. Very few cards offer this promotion, making the BankAmericard® Credit Card that much more special.

The perks

  • Annual fee: $0.

    The card comes with a $0 annual fee, so it’s easy to keep long term. Keeping cards open can also help your credit score by increasing your average account age.

  • Low intro APR.

    This card comes with a 0% intro APR on purchases and balance transfers for the 15 statement closing dates. After that, you could qualify for a relatively low ongoing APR, depending on your creditworthiness — as low as 14.74% variable.

  • Balance transfer fee promotion.

    Transfer balances to the BankAmericard® Credit Card within the first 60 days your account is open, and pay no transfer fees.

    This is half of the one–two punch that makes the card so special. Intro APRs can sound great, until you realize how much you have to pay in balance transfer fees. Few cards waive those fees, making the BankAmericard® Credit Card a stellar pick if you want a zero-cost transfer.

You’ll also like …

  • No penalty APR.

    If you miss a payment, you won’t be charged a penalty APR. Some banks raise your APR as high as 29.99% variable if you pay late.

  • Free FICO score.

    Monitor your FICO score online or through Bank of America’s app.

  • Overdraft protection.

    Link an eligible Bank of America checking account with your credit card to protect yourself from overdrafts.

  • Security and safeguards.

    This chip-enabled card comes with $0 liability for fraud, ShopSafe online shopping protection and email and text alerts.

What to watch out for

  • Foreign transaction fees.

    When you use this card outside the United States, you’ll pay 3% of each transaction in fees.

  • End of intro APR.

    After the 15 statement closing dates, your 0% intro APR expires. Your outstanding balances will start accumulating interest at an APR of 14.74% to 24.74% variable.

Consider other cards if …

Compare balance transfer cards

Updated August 19th, 2018
Name Product Introductory Balance Transfer APR APR (Annual Percentage Rate) for Purchases Annual Fee Minimum Credit Score
0% for the first 15 months (then 14.74%, 18.74% or 24.74% variable)
14.74%, 18.74% or 24.74% variable
$0
Fair (660-699)
Earn unlimited 1.5% cash rewards on purchases. See Rates and Fees
0% for the first 18 months from account opening (then 12.74%, 16.74% or 20.74% variable)
12.74%, 16.74% or 20.74% variable
$0
Fair (660-699)
An 18-month 0% Intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
0% for the first 15 billing cycles (then 16.74% variable)
16.74% variable
$195
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
0% for the first 15 billing cycles (then 16.74% variable)
16.74% variable
$495
Good (700-739)
Mastercard Black Card members receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
0% for the first 15 months (then 14.74% to 25.74% variable)
14.74% to 25.74% variable
$0
Fair (660-699)
Earn 10,000 Membership Rewards® Points after you use your new Card to make $1,000 in purchases in your first 3 months.
0% for the first 15 months (then 14.74% to 25.74% variable)
14.74% to 25.74% variable
$0
Fair (660-699)
Earn $200 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $200 back in the form of a statement credit.
0% for the first 12 months (then 14.74% to 24.74% variable)
14.74% to 24.74% variable
$95
Fair (660-699)
15,000 Membership Rewards points after you spend $1,000 in the first 3 months of opening your account
0% for the first 12 months (then 14.74% to 25.74% variable)
14.74% to 25.74% variable
$95
Fair (660-699)
Earn $250 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $250 back in the form of a statement credit.
0% for the first 15 months (then 16.74% to 25.49% variable)
16.74% to 25.49% variable
$0
Fair (660-699)
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
0% for the first 15 statement closing dates (then 14.74% to 24.74% variable)
14.74% to 24.74% variable
$0
Fair (660-699)
Transfer high rate balances and save on interest with an Introductory $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3% (min. $10).
0% for the first 15 months (then 16.74% to 25.49% variable)
16.74% to 25.49% variable
$0
Fair (660-699)
Earn unlimited 1.5% cash back on every purchase - it's automatic. No minimum to redeem for cash back.
0% for the first 12 statement closing dates (then 14.99% to 24.99% variable)
14.99% to 24.99% variable
$0
Good (700-739)
Earn more cash back for the things you buy most.

Compare up to 4 providers

How does a balance transfer work with this card?

What should I know before I apply?

To apply for the BankAmericard® Credit Card, you must be at least 18 years old (or at least 21, if you’re a permanent resident of Puerto Rico).

Information you’ll need

  • Your name, residential status and residential address
  • Your Social Security number and date of birth
  • Your email address and phone number
  • Financial information like your annual income, source of income and employment information

What credit score do I need?

You’ll have a better chance of approval for the BankAmericard® Credit Card if you apply with a credit score of 680 or higher.

What do customers say about the BankAmericard® Credit Card?

Cardholders generally like the BankAmericard® Credit Card‘s intro APR, though some think the card isn’t very useful after that rate expires.

Bank of America itself earns a Trustpilot score of 5.5 out of 10 at the time of this writing. Most negative reviews cite unhelpful customer support. Positive reviews often point to the bank’s easy-to-use website.

Bank of America also earns a B+ rating from the Better Business Bureau.

How to apply for the BankAmericard® Credit Card

  1. Go to the Bank of America website and click Apply now.
  2. Complete the application with details like your name, address, annual income and Social Security number.
  3. Review and submit your application.

How long will it take to be approved?

Because conditional approval is automated on the Bank of America website, you’ll often get a decision within minutes. In some cases, you’ll need to wait a few business days to a few weeks to receive a response.

I got the card. Now what?

  • Keep on top of spending. Use Bank of America’s online banking to monitor your spending, view statements and make payments.
  • Avoid unnecessary interest. After your intro APR expires, you’ll start paying interest toward all outstanding balances. If you take out a cash advance, you’ll pay interest from the day of your transaction.
  • Avoid fees. While you aren’t charged a penalty APR, late and returned payments come with fees of up to $38.
  • Customer service. Call Bank of America Customer Support at 800-432-1000 or email using an online secure form. Connect on social media using Twitter or Facebook @BankofAmerica.

Bottom line

The simple BankAmericard® Credit Card may work best if you want an option to pay down existing debts. It’s a great choice for balance transfers, as it combines a no-transfer-fee offer with an intro APR.

Frequently asked questions

Images: BankofAmerica.com

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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