Is the BankAmericard® credit card worth it? June 2018

Review: BankAmericard® Credit Card – June 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
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)14.49% to 24.49% variable
APR for Purchases ( Purchase Rate )14.49% to 24.49% variable
Annual fee$0
Cash Advance Rate17.49% to 26.49% 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 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 first 15 statement closing dates, reverting to 14.49% to 24.49% 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 whichever is greater, $10 or 3% 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 first 15 statement closing dates. After that, you could qualify for a relatively low ongoing APR, depending on your creditworthiness — as low as 14.49% 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 first 15 statement closing dates, your 0% intro APR expires. Your outstanding balances will start accumulating interest at an APR of 14.49% to 24.49% variable.

Consider other cards if …

  • Your credit history is so-so.

    If you have less-than-stellar credit, consider improving your score with a secured credit card. Look into the Discover it® Secured Credit Card, an excellent product that allows balance transfers.

  • You want a longer intro APR on purchases and balance transfers.

    Consider the Citi Simplicity® Card, which offers a 0% intro APR on purchases and balance transfers for 18 months. After, you’ll receive an ongoing APR of 15.49% to 25.49% variable.

  • You want a market-leading intro APR.

    Look into the Citi® Diamond Preferred® Card, which offers 0% intro APR for 21 months on balance transfers and 0% intro APR for 12 months on purchases. You’ll receive an ongoing APR of 14.49% to 24.49% variable after.

  • You want rewards.

    Cards with market-leading intro APRs often don’t offer rewards. If you’re looking for travel rewards, try products like the Chase Sapphire Preferred® credit card or Bank of America® Travel Rewards Credit Card. For cash back, consider the Citi® Double Cash Card or Bank of America® Cash Rewards Credit Card.

  • You want rewards and a strong intro APR.

    Try the Discover it® Card, which offers 0% intro APR on purchases and balance transfers for 14 months from the date your account is open. After, you’ll receive an ongoing APR of 13.49% to 24.49% variable. On top of that, you can earn 5% cash back in quarterly rotating categories.

Compare other balance transfer cards

Rates last updated June 21st, 2018
Name Product Product Description Intro APR for Balance Transfer APR for Purchases ( Purchase Rate ) Annual fee Minimum Credit Score
Chase Slate® Credit Card
Jumpstart your financial fitness! 60 day introductory balance transfer offer, save on interest, and get your free monthly credit score.
0% Intro APR for 15 months (with $0 for transfers in first 60 days. Then $5 or 5% balance transfer fee)
16.49% to 25.24% variable
$0
Fair (660-699)
BankAmericard® Credit Card
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% Intro APR for first 15 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
14.49% to 24.49% variable
$0
Fair (660-699)
Blue Cash Everyday® Card from American Express
Earn $150 back after you spend $1,000 in purchases on your new Card in your first 3 months. You will receive the $150 back in the form of a statement credit.
0% Intro APR for 15 months (with whichever is greater, $5 or 3% balance transfer fee)
14.74% to 25.74% variable
$0
Fair (660-699)
Chase Freedom Unlimited® credit card
Earn unlimited 1.5% cash back on every purchase – it's automatic. No minimum to redeem for cash back.
16.49% to 25.24% variable
$0
Fair (660-699)
Bank of America® Cash Rewards Credit Card
Earn more cash back for the things you buy most.
0% Intro APR for 12 statement closing dates (with whichever is greater, $10 or 3% balance transfer fee)
14.74% to 24.74% variable
$0
Good (700-739)
NASA Federal Platinum Advantage Rewards Credit Card
NASA Federal Platinum Advantage Rewards Credit Card
Enjoy perks and save money while gaining points that never expire with every purchase.
9.9% Intro APR for 90 days
11.40% to 17.99% variable
$0
Fair (660-699)
DCU Visa® Platinum Secured Credit Card
A great way to establish or improve your credit history.
13.00% variable
$0
Poor (Below 660)
Barclaycard Ring™ Mastercard®
A low, variable APR on purchases, balance transfers and cash advances.
10.49% variable
$0
Good (700-739)
Discover it® Secured Credit Card
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
10.99% Intro APR for 6 months (with the amount of each transfer, 3% balance transfer fee)
24.49% variable
$0
Poor (Below 660)
HSBC Cash Rewards Mastercard® credit card
Earn unlimited 1.5% cash rewards on all purchases. See Rates and Fees
0% Intro APR for 15 months (with whichever is greater: $10 or 4% balance transfer fee)
14.49%, 18.49%, or 24.49% variable
$0
Fair (660-699)
Apply now Read review
Fifth Third Secured Card
Build, or rebuild, your credit with each purchase.
25.49% variable
$24
Poor (Below 660)

Have we missed anything in the comparison table? Tell us

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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).

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

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 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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