While the BankAmericard allows people to focus on paying down debt during the intro APR period, the value beyond that is limited to what you can save on interest relative to other cards. The BankAmericard doesn’t offer rewards and will cost you extra if you use it abroad, making it a poor choice for rewards enthusiasts and frequent travelers.
Rewards: No rewards or welcome offer
You won’t get cash back or points and miles for purchases with the BankAmericard. However, the BankAmericard isn’t trying to be your go-to option for rewards.
Once your intro APR offer ends, it could be hard to justify keeping the BankAmericard. Any balance transfers you make after the first 60 days are subject to the card’s ongoing APR, and you won’t have much incentive to use this card to make new purchases since you won’t get rewards.
Once your intro APR period ends, you have little to gain from this card. With this in mind, paying off your balance might prompt you to close a card like this, but you should leave it open even after you’ve paid off your debt. Closing a credit card impacts your credit profile, so it’d be better to hold onto the BankAmericard even if you’ve exhausted its best features — its intro APR offers. While it won’t earn rewards on any new purchases you make, it can still be a handy low-interest card for carrying a balance you can’t pay right away. However, even if you don’t use it, it will expand your overall credit limit and increase your credit history.
Fees: Foreign transaction fee
If you travel internationally and need a credit card to use when you’re abroad, the BankAmericard probably isn’t the best choice. The card’s 3 percent foreign transaction fee will add to the cost of any purchase you make.
If you frequently travel abroad, consider a travel card or a rewards card without foreign transaction fees. Cards in these categories might subject you to higher APRs than the generously low APR on the BankAmericard. However, skipping foreign transaction fees and earning rewards might help offset the difference between the interest accrued with the BankAmericard’s potentially low APR and the interest you accrue on a card with a higher APR, if you carry a balance.
Of course, if you consistently pay on time and keep your balance at $0, you’ll never worry about interest payments. In this case, a card without foreign transaction fees will be all about saving money on international purchases, something the BankAmericard cannot offer.
Perks: Limited useful benefits
There are only a few noteworthy cardholder perks on the BankAmericard. The most interesting is the Museums on Us® program, which grants you free general admission to museums during the first weekend of every month. All you have to do is show your Bank of America card and a valid photo ID at any of these 225 cultural institutions and save some money on a fun weekend trip.
Otherwise, Bank of America’s BankAmerideals (a standard credit card shopping portal) and free monthly FICO® score are both common credit card features that hardly stand out.