BankAmericard Credit Card
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The BankAmericard Credit Card underwent a big makeover in May 2017, transforming this piece of plastic from drab to fab.
The revamped card now is a top choice among balance transfer credit cards. It carries an introductory 0% percent APR for 15 billing cycles on purchases and balance transfers made within 60 days. Make a transfer during that time and you’ll pay no balance transfer fee. That could save consumers hundreds of dollars over other balance transfer credit cards.
The key to BankAmericard’s appeal is its one-two punch of a lengthy interest-free introductory period and the fee-free transfer from another card. The card now offers the same introductory balance transfer terms as Chase Slate, long considered a top choice among balance transfer cards.
Transferring high-interest debt without having to pay a fee — typically 3% to 5% — could help cut debt balances significantly. If you transfer a $10,000 balance to the BankAmericard, you have 15 billing cycles to pay it down — for free. But if you choose a card that charges a 3% balance transfer fee, you’re adding another $300 to your debt — even if that card gives you longer to pay off the balance at 0%.
If you don’t need to transfer a high-interest balance, there really is no compelling reason for you to apply for this credit card. It doesn’t have much in the way of rewards or perks. BankAmericard also charges a 3% foreign transaction fee, so it’s not a good choice for overseas spending.
Who should get this card
If you’re looking to pay down debt, this card is a good choice. Unlike many other balance transfer cards that have a capped amount, you can transfer a balance of up to the credit limit you’re approved for.
Fees and APR
- This card charges no annual fee.
- If you’re late with a payment, there is no penalty APR.
- You’ll pay a 3% foreign transaction fee on all purchases made outside the United States.
- The balance transfer fee is waved for the first 60 days after account opening, then 3%.
- After the 0% introductory period on purchases and balance transfers expires, the standard APR is a variable 12.99% to 22.99%.
Extras and perks
This card gives you a free monthly FICO score.
How this card compares
There are other credit cards on the market offering longer terms like 18- and 21-month 0% APRs on balance transfers, but nearly all of them charge a 3% balance transfer fee. Where the Chase Slate stands out is the option to forgo a balance transfer fee if you make the transfer within the first 60 days of opening the account.
The BankAmericard is most similar to Chase Slate, although there are some notable differences. Chase Slate caps your balance transfer amount at $15,000 or your credit limit, whichever is lower. The BankAmericard doesn’t have a maximum transfer limit, but it can’t be greater than the credit limit you’re approved for. Depending on the size of the balance you’re looking to transfer, this could be a significant difference.
After the first 60 days, BankAmericard also charges a lower balance transfer fee of 3% to the Slate card’s 5%.
Citi Diamond Preferred gives you 21 interest-free months to pay off purchases and balance transfers. That’s the longest 0% introductory period available today. After that, the variable APR will be 13.99% – 23.99% based on your creditworthiness.
The Citi Simplicity Card also offers a 21-month 0% intro APR on purchases and balance transfers. After that, the variable APR will be 14.99% – 24.99% based on your creditworthiness. You’ll also never pay late fees or get stuck with a penalty APR.
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