BankAmericard® boosts balance transfer offer


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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 revamped the terms of its BankAmericard, adding a best-in-class balance transfer offer.

The BankAmericard’s 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 for any balance transfers made in the first 60 days. (After the intro APR offer ends, 14.99% – 24.99% variable APR applies.)

What makes the offer good

What clinches their big shot status among balance transfer cards is the one-two punch of being on of the best zero interest credit cards 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.

How BankAmericard, Chase Slate compare
BankAmericard Chase Slate
14.99% – 24.99% variable APR 17.24% – 25.99% 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

Key differences

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.