BankAmericard® credit card
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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.
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.
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
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.
The Citi Simplicity Card falls into this second group.