BankAmericard® credit card

Robin Saks Frankel  in  Balance Transfer Advertising Disclosure
Bank of America Image

Recommended Credit Score

Good to Excellent (670 - 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Apply Now On Bank of America's secure website

Best for no penalty APR

Annual Fee:
$0
Purchase Intro APR:
0% Introductory APR on purchases for 18 billing cycles
Balance Transfer Intro APR:
0% Intro APR for 18 billing cycles for balance transfers made in the first 60 days
Regular APR:
15.24% - 25.24% Variable APR on purchases and balance transfers
Terms and Restrictions Apply
Bankrate Score: 89 out of 100

Commonly used for: 0% APR, Balance Transfer, Excellent Credit, No Annual Fee.

The BankAmericard credit card carries a 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, then 15.24% – 25.24% Variable APR. Make a transfer during that time and you’ll pay a 3% balance transfer fee (min $10). While not as great as the previous $0 balance transfer offer, consumers could still save hundreds of dollars over other balance transfer credit cards which can carry up to a 5% BT fee.

Review

The key to BankAmericard’s appeal is its one-two punch of a lengthy interest-free introductory period and the low fee for transfers from another card. The card now offers a slightly longer introductory balance transfer term than the Chase Slate; however, both cards may be considered top choice among balance transfer cards.

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.

Advantages
  • It comes with a 0% introductory APR for 18 billing cycles on purchases and balance transfers made within 60 days of opening the account.
  • After the intro period expires, if you qualify for the lower end of the variable APR range, it’s much better rate than the industry average.
  • If you're late with a payment, you'll be assessed a fee, but the card does not have a penalty APR.
Disadvantages
  • There are no sign-up bonuses or rewards program with this card.
  • There’s a 3% foreign transaction fee for every purchase made outside the U.S.
  • There is a balance transfer fee of 3% of the amount transferred or $10, whichever is greater.

Fees and APR

  • This card charges no annual fee.
  • There’s a 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days. After that, a variable APR of 15.24%-25.24% will apply.
  • 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 3% of the amount of each transaction or $10 (whichever is greater)

Extras and perks

This card gives you a free monthly FICO score.

How this card compares

Chase Slate®
  • $0 Intro balance transfer fee for the first 60 days your account is open. After that, the fee for future transactions is 5% of the amount transferred with a minimum of $5.
  • 0% Intro APR for 15 months on purchases and balance transfers. After that, 16.49% - 25.24% variable APR.
  • See monthly updates to your FICO® Score and the reasons behind your score for free
  • No Penalty APR - Paying late won't raise your interest rate (APR). All other account pricing and terms apply
  • $0 Annual Fee
Credit Needed

Excellent/Good

Regular APR

0% Intro APR for the first 15 billing cycles that your Account is open. After that, 16.24% to 24.99%, based on your creditworthiness. These APRs will vary with the market based on the Prime Rate.

Annual Fee

No Annual Fee.

Balance Transfers Intro APR

0% Intro APR for the first 15 billing cycles that your Account is open. After that, 16.24% to 24.99%, based on your creditworthiness. These APRs will vary with the market based on the Prime Rate.

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.

Bank of America also charges a balance transfer fee of $10 or 3% of the amount of each transfer, whichever is greater. While the Slate card charges $5 or 5% of the amount of each transfer or whichever is greater.

Citi Simplicity® Card
  • The only card with No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 16.24% - 26.24%, based on your creditworthiness
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • The same great rate for all balances, after the introductory period
  • Save time when you call with fast, personal help, 24 hours a day — just say "representative"
  • Enjoy the convenience of setting up your own bill payment schedule on any available due date throughout the month
Apply Now On Citi's secure website
Credit Needed

Excellent, Good

Regular APR

16.24% - 26.24%* (Variable)

Annual Fee

$0*

Purchase Intro APR

0%* 12 months on Purchases* for 12 months

Balance Transfers Intro APR

0%* 21 months on Balance Transfers* until 01/2019

If you have a great deal of credit card debt, you have a choice to make when it comes to balance transfer credit cards: Pick the one that on the surface offers the cheapest way to get out of debt, or pick the one that gives you a long introductory period.

The Citi Simplicity Card falls into this second group.