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When it comes to balance transfer credit cards, Bank of America wants to wipe the slate clean.
The Charlotte, North Carolina-based bank just revamped the terms of its BankAmericard, adding a best-in-class balance transfer offer.
The BankAmericard’s new offer mirrors that of the Chase Slate card, widely considered among the best balance transfer cards available. Both cards include an introductory APR on balance transfers. The Chase Slate’s offer lasts 15 billing cycles, whereas the BankAmericard’s lasts 18 billing cycles. See terms.
What makes the offer good
What clinches their big shot status among balance transfer cards is the one-two punch of a lengthy interest-free introductory period and free transfer from another card. These attributes can give you a leg up on knocking out debt — and can save you hundreds or even thousands of dollars in interest and fee payments.
Before applying for a new card, it’s worth using a debt calculator to see if the 0 percent interest period is enough time for you to make a dent in your debt. If it’s not, you may want to consider a personal loan instead, which often has lower interest rates than credit cards.
|(see rates) 15.24% – 25.24% variable APR||15.74% to 24.49% variable APR|
|No balance transfer fee for 60 days; 3% thereafter||5% balance transfer fee|
|3% foreign transaction fee||3% foreign transaction fee|
|No penalty APR||No penalty APR|
|No annual fee||No annual fee|
There are some notable differences between the two cards. The Chase Slate caps your balance transfer amount at $15,000 or your credit limit, whichever is lower. The BankAmericard doesn’t have a set limit on the amount you can transfer, but it can’t be greater than the credit limit you’re approved for, according to a company spokesperson.
Depending on the size of the balance you’re looking to transfer, this could be a significant difference.
BankAmericard charges no balance transfer fee for the first 60 days after account opening and 3 percent thereafter. That’s lower than the Slate card’s 5 percent.
Both cards also have no annual fees, no penalty APRs and give card holders free FICO scores. The cards also have a 3 percent foreign transaction fee, so you’re better off using a travel credit card without a surcharge when globe-trotting.
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Still have questions about consolidating your debt with a balance transfer card? Browse Bankrate’s complete balance transfer catalog for everything you need to know before applying for one of the year’s top balance transfer offers.