Is the BankAmericard® credit card worth it? April 2018

Review: BankAmericard® credit card – April 2018

Use this Bank of America card to transfer balances from existing cards and pay no annual fees.

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  • Get this card if… you want to transfer balances from existing cards and save on interest.
  • Good to excellent credit score of 680 to 850 recommended.
Product NameBankAmericard® credit card
Intro APR for Balance Transfer0% Intro APR for first 15 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
Balance Transfer Rate (not intro)13.24% to 23.24% variable
APR for Purchases ( Purchase Rate )13.24% to 23.24% variable
Annual fee$0
Cash Advance Rate16.24% to 26.24% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 25 days
Returned Payment Fee$27
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Minimum Interest$1.50
Minimum Credit ScoreFair (660-699)
Minimum Age18 years of age
Annual fee$0
Returned Payment Fee$27
Late Payment Fee$38
Cash Advance Fee$10 or 5% of the amount of each transaction, whichever is greater

The basics

The BankAmericard® Credit Card is a no-frills card that comes with no annual fees, part of a suite of card offered under the BankAmericard name.

With this one, you can take advantage of a generous intro 0% APR offer on purchases and balance transfers for the first 15 statement closing dates. Avoid balance transfer fees on any other card balances you transfer over in the first 60 days. And while nobody plans on late payments, you can rest easy knowing there’s no penalty APR.

The perks

  • Low intro APR. This card comes with a 0% intro APR offer on purchases and balance transfers for the first 15 statement closing dates. After, you could qualify for a low ongoing APR, depending on your creditworthiness.
  • No balance transfer fees. Transfer balances from existing cards within the first 60 days of account opening and pay no transfer fees.
  • $0 p.a. annual fees. You’ll pay no annual fee for the life of the card.
  • No penalty APR. If you miss a payment, you won’t be charged a penalty APR.
  • Security and safeguards. This chip-enabled card comes with $0 liability against fraud, ShopSafe online shopping protection and email and text alerts.

You’ll also like…

  • Free FICO score. Monitor your updated FICO score online or through BofA’s app.
  • Overdraft protection. Link an eligible BofA checking account with your credit card to protect yourself against overdrafts.

What to watch out for

  • Foreign transaction fees. When you use this card outside of the United States, you’ll pay 3% of each transaction in fees.
  • End of intro APR offer. After the first 15 statement closing dates, your 0% intro APR expires — which means that your outstanding balances start attracting interest.

Consider other cards if …

What to know before you apply

Apply for BankAmericard Credit Card if you’re:

  • At least 18 years of age.
  • A resident of the US.

Always consider your options and your financial situation before you apply for a credit card.

What credit score do I need?

A credit score is 680 or higher increases the possibility of your application’s approval.

How to apply for the card

1. On the BankAmericard Credit Card website, click Apply Now.

BankAmericard Credit Card step 1

2. Complete the application by providing the required information, then click Review your information.

BankAmericard Credit Card step 2a

BankAmericard Credit Card step 2b

BankAmericard Credit Card step 2c

BankAmericard Credit Card step 2d

3. Verify the details you’ve provided and submit your application.

How long will it take to be approved?

When you apply online, you’ll learn your card’s conditional approval shortly after.

I got the card. Now what?

  • Keep on top of your spending. Use BofA’s online banking to monitor your spending, view statements and make payments.
  • Avoid unnecessary interest. Once your intro APR offer expires, you’ll start paying interest toward all outstanding balances. If you get a cash advance, you’ll pay interest from the day of your transaction.
  • Avoid fees. While you won’t be charged a penalty APR, late and returned payments come with fees of up to $38.
  • Customer service. Get support at 800-732-9194 or by turning to Ask Jenn, BofA’s online support platform.

Bottom line

The simple BankAmericard could work best if you’re looking to pay down existing debts, combining no fees for transfers made in the first two months with 0% APR on purchases and transfers for the first 15 statement closing dates.

Common questions about the BankAmericard

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