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Is the BankAmericard worth it?

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man paying for food with credit card at a food truck
Vladimir Vladimirov/Getty Images
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The BankAmericard® credit card is a balance transfer credit card from Bank of America with a few valuable perks, including one of the longest zero-interest periods available on both purchases and balance transfers, no annual fee, no penalty APR, free FICO credit score access and more.

While this card doesn’t earn rewards or come with the lucrative perks of more luxury cards, it’s a solid option for borrowers looking to pay down debt or fund a large purchase over time.

Details of the BankAmericard

  • Rewards: None
  • Welcome bonus: None
  • Annual fee: $0
  • Intro APR on balance transfers: 0 percent intro APR for 21 billing cycles on balance transfers made in the first 60 days
  • Intro APR on purchases: 0 percent intro APR for 21 billing cycles
  • Regular APR: 14.24 percent to 24.24 percent variable
  • Balance transfer fee: 3 percent (minimum $10)

The BankAmericard is a simple, frill-free balance transfer credit card. It doesn’t earn rewards or feature the bells and whistles of fancier cards, but it’s worth considering for its $0 annual fee and lengthy introductory APR periods.

The issuer recently updated this card’s 0 percent intro APR offer from 18 to 21 billing cycles — specifically, you’ll receive a 0 percent intro APR for 21 billing cycles on both purchases and any balance transfers made within the first 60 days. After the introductory period ends, a 14.24 percent to 24.24 percent variable APR applies.

Borrowers with good credit (and who can afford to pay off their debt in a shorter time period) can likely qualify for more lucrative rewards credit cards, but this is an excellent balance transfer card for those needing as much time as they can get.

Reasons why the BankAmericard is worth it

There are a few reasons why the BankAmericard might make sense for your wallet, including its lack of an annual fee and introductory APR periods.

You’re looking to pay off debt or spread out a large purchase

The intro APR, which applies to both purchases and balance transfers, means that borrowers won’t have to worry about accumulating interest on their balances for well over a year and a half. Note that balance transfers must be made in the first 60 days to take advantage of this introductory rate, and a 3 percent balance transfer fee (with a minimum of $10) applies.

Cardholders can use this period to pay down a significant purchase, reduce their current debt burden or just get used to using a credit card responsibly without having to worry about extra interest charges.

You don’t want to pay an annual fee

This card charges no annual fee, meaning it’s a good fit for borrowers on a budget. No matter how much or little you spend, you won’t be set back financially by a hefty annual fee.

You’re interested in free credit score access and educational tools

Another perk of the BankAmericard is that it comes with free access to your FICO credit score, updated monthly. Staying on top of your credit score can help ensure you’re making all the right financial moves. The card also comes with access to educational resources that can help you learn more about borrowing, saving and personal finance.

Account protection is important to you

The BankAmericard comes with a handful of safety features, including $0 fraud liability, overdraft protection and account alerts to help you stay on top of your balance and due dates.

Reasons why the BankAmericard might not be worth it for you

While the BankAmericard is a good fit in some instances, it’s not for everyone.

You want to earn rewards or a welcome bonus

First and foremost, this card doesn’t come with any rewards in the form of points or cash back, nor does it offer a first-year welcome bonus after qualified spending. Borrowers with good or excellent credit can likely qualify for balance transfer cards that offer ongoing rewards — but you’ll be hard pressed to find rewards cards with intro periods as long as that offered by the BankAmericard.

For example, the Discover it® Balance Transfer offers an 18-month 0 percent intro APR on balance transfers (followed by a 14.99 percent to 25.99 percent variable APR) and a 5 percent cash back rate, after activation, on rotating categories each quarter (on up to $1,500 in quarterly purchases, then 1 percent). Additionally, Discover will match all of the cash back you earn in your first year of card ownership. However, you’ll have three months less to pay off your debt, and the intro APR on purchases (o percent for the first six months, followed by the same variable APR) is much shorter.

Note that by owning the BankAmericard, you get access to BankAmerideals — a discount program through which you can earn 5 to 15 percent cash back on purchases through select participating retailers.

Of course, if debt payoff is your main priority, rewards and perks can be seen as the icing on the cake, rather than a necessity.

You don’t want to pay a balance transfer fee

The BankAmericard does charge a balance transfer fee of 3 percent (with a minimum of $10), which is in line with fees charged by other balance transfer cards. Be aware that this fee could eat into the amount you save on interest during the introductory APR period.

While charging a balance transfer fee is typical for cards featuring a generous introductory APR, it’s still something to consider when evaluating this card against other options. If this is a dealbreaker for you, consider reading through our guide to the best balance transfer cards with no balance transfer fee.

You want a card with absolutely no fees

The BankAmericard comes with a few other fees, including a foreign transaction fee of 3 percent and a late payment fee (see terms for additional details). This means that the card isn’t the best fit if you frequently travel internationally or are looking for a card with the fewest fees possible.

The bottom line

The BankAmericard is a good option if you’re looking to pay off existing credit card debt or a large purchase over an exceptionally long period of time.

While the BankAmericard’s benefits are on the lighter side, the card still has plenty to offer in terms of saving money on interest during debt payoff. Before you apply, read through our full BankAmericard credit card review — as well as our list of the best balance transfer cards, for good measure.

BankAmericard® credit card information last updated on August 23, 2022

Written by
Margaret Wack
Personal Finance Expert Contributor
Margaret has written for Money Under 30, MoneyGeek, The Simple Dollar, CreditCards.com, Interest.com and Fiscal Tiger, among other publications. She writes about subjects including saving, credit, insurance, investing and other financial topics.
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