BankAmericard® credit card review
The BankAmericard® credit card review was last updated on 01.20.2019.
BankAmericard® credit card: Details and benefits
If you have credit card debt to pay off, the BankAmericard® credit card can help you do so with a significantly long 18-billing cycle zero percent intro APR for balance transfers made in the first 60 days (14.49 percent — 24.49 percent variable APR after that).
Most notably, the BankAmericard doesn’t offer a rewards structure — but you won’t, in certain circumstances, have to pay a balance transfer fee (which most balance transfer credit cards charge). If you transfer your balance within the first 60 days your account is open, you’ll pay a balance transfer fee of 3% (minimum $10).
Is the BankAmericard® credit card worth it for you?
The 18-billing cycle introductory zero percent APR (14.49 percent — 24.49 percent variable APR thereafter) is quite notable, as the longest offers available hovers around 21 months. And, unlike other balance transfer cards that have a capped amount, you can transfer a balance of up to the credit limit you’re approved for.
The BankAmericard doesn’t offer a rewards structure, so if you’re looking to earn rewards alongside your debt payoff, you’re better off choosing a different card. If you’re interested in a balance transfer card that offers fixed-rate cash back, consider the Capital One® Quicksilver® Cash Rewards Credit Card. Should you want more of a challenge, try a rotating category card like the Discover it® Balance Transfer.
Get the most value from the BankAmericard® credit card
The card comes with a handful of helpful resources that can keep you on track during and after the debt payoff process.
There’s no penalty APR, meaning if you accidentally make a late payment one month, Bank of America won’t raise your interest rate. (You will, though, owe a late payment fee of up to $39.)
You also receive overdraft protection when you link an eligible Bank of America® checking account to your BankAmericard and can sign up for text or email alerts that notify you of your balances and bill due dates.
When dealing with credit card debt, it’s especially important to keep an eye on your credit score. Fortunately, the BankAmericard offers access to your FICO® Score online or within the mobile app. Your score is updated monthly for free with the ability to view a list of key factors that are impacting your score.
Should fraudulent transactions appear in your account, you’ll be notified and are protected by $0 Liability Guarantee.
Balance transfer example
Say you owe $3,000 in credit card debt and transferred your balance to the BankAmericard within the first 60 days of owning it. In doing so, you’ll pay just under $167 a month for 18 months without accruing interest, and you will owe a $90 balance transfer fee. When the interest-free period ends you’ll be subject to a variable APR between 14.49 percent and 24.49 percent.