BankAmericard Credit Card
Advertiser Disclosure: This post contains references to products from one or more of our advertising partners.
Editor’s note: Some of the offers below may have expired. Bank of America rates updated January 16, 2018.
The BankAmericard Credit Card underwent a big makeover in May 2017, transforming this piece of plastic from drab to fab.
The revamped card is now Bankrate’s 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 similar 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, as long you make the transfer within the first 60 days of opening the account. After that, it’s a minimum of $10 or 3%, whichever is greater, If you choose a card that charges a 3% balance transfer fee without that 60 day grace period, 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% (min $10).
- See Terms.
Extras and perks
This card gives you a free monthly FICO score.
How this card compares
If you can make your balance transfer within the first 60 days of opening a Chase Slate account, you can shift your debt to this card to take advantage of the introductory 0% APR offer for 15 months, which could help you save money and ultimately pay off your bill faster. Watch out for that 2% balance transfer fee though- it could end up costing you more than another card..
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 balance transfers. That’s the longest 0% introductory period available today.
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 0% APR introductory period.
The Citi Simplicity Card falls into this second group.