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Is the BankAmericard worth it?

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The BankAmericard® credit card is a balance transfer credit card from Bank of America with some nice perks, including a decent welcome bonus, zero-interest offers on both purchases and balance transfers for a limited time and no annual fee. While this card doesn’t earn rewards or come with the lucrative perks of more luxury cards, it’s a decent introductory card for borrowers looking to build credit or pay down debt.

Details of the BankAmericard

  • Annual fee: $0
  • Welcome bonus: $100 statement credit after spending $1,000 on purchases within the first 90 days
  • Intro APR on balance transfers: 0 percent intro APR for 18 billing cycles on balance transfers made in the first 60 days 13.74 percent – 23.74 percent variable APR thereafter)
  • Intro APR on purchases: 0 percent intro APR for 18 billing cycles on purchases (13.74 percent – 23.74 percent variable APR thereafter)
  • Balance transfer fee: 3 percent (min. $10)
  • Rewards: None

The BankAmericard is a simple, frill-free Bank of America 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. Borrowers with good credit can likely qualify for more lucrative credit cards, but this is a good starter credit card for first-time cardholders or those working to raise their score.

Reasons why the BankAmericard is worth it

There are a few reasons why the BankAmericard might make sense for your wallet, including the $0 annual fee, introductory APR periods and welcome bonus.

$0 annual fee

This card charges no annual fee, which means that 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. The $0 annual fee also means that this is a good card for borrowers in a tight financial spot.

Intro APR

One of the most significant benefits of the BankAmericard is the 0 percent introductory APR for the first 18 billing cycles. 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 the first year and a half (13.74 percent – 23.74 percent variable APR thereafter). Note, balance transfers must be made in the first 60 days to utilize this 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.

Welcome bonus

While not as high as some other more premium credit cards, the welcome bonus for the BankAmericard is a nice added perk. Customers can qualify for a $100 statement credit after making at least $1,000 in purchases within the first 90 days after account opening. This bonus may not be enough of a reason to apply for the card in and of itself, but it’s a nice benefit nonetheless.

Free FICO score and credit education

Another perk of the BankAmericard is that it comes with free access to your FICO score, updated monthly. Staying on top of your credit score can help ensure that 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

The BankAmericard comes with several safety features, including a $0 liability guarantee for fraudulent transactions, 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.

No rewards or luxury perks

First and foremost, this card doesn’t come with any rewards in the form of points or cash back. Borrowers with good or excellent credit can likely qualify for more lucrative cards that earn rewards. Many top-tier cards come with other luxury perks, like various statement credits, free hotel stays, lounge access, concierge service and more. Rewards and perks aren’t necessary if you’re just looking for a simple, straightforward card to help you start to build credit, but the BankAmericard just doesn’t have as much compared to other rewards card options.

Balance transfer fee

The card does charge a balance transfer fee of 3 percent (with a minimum of $10). 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 fairly typical for cards featuring a generous introductory APR, it’s still something to consider when evaluating this card against other options.

Other 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 applying for a credit card for the first time, need to rebuild your credit or are looking to transfer a balance. With a generous zero-interest offer on purchases and balance transfers, the card is ideal if you’re trying to pay down debt or have a sizable purchase on the horizon.

While the BankAmericard has some nice benefits, borrowers with good credit can likely qualify for more premium cards. The BankAmericard doesn’t come with any rewards, and the perks associated with the card are slim. It does offer a $100 welcome bonus (earned after spending $1,000 on purchases within the first 90 days), but there are heftier bonuses to be had from other cards.


BankAmericard® credit card information last updated on June 6th, 2022

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