Skip to Main Content

Should you pay off debt with the BankAmericard?

young woman using laptop and credit card in living room
Delmaine Donson/Getty Images
Bankrate Logo

Why you can trust Bankrate

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

If you’re carrying around some extra debt, a credit card with a low introductory APR is a great strategy to help you pay off the debt faster without accumulating additional interest.

With an introductory 0 percent APR for 21 billing cycles on balance transfers made in the first 60 days (14.24 percent to 24.24 percent variable APR after), the BankAmericard® credit card is one option if you’re looking to transfer a balance and pay down debt. We’ll cover the details of this balance transfer card, other balance transfer cards to consider and tips for completing a transfer.

Details of the BankAmericard credit card

  • 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
  • Welcome bonus: None
  • Rewards rate: None
  • Regular APR: 15.24 percent to 25.24 percent variable APR
  • Balance transfer fee: 3 percent (minimum $10)
  • Annual fee: $0

0% intro APR on balance transfers

The standout benefit of the BankAmericard credit card is its zero-interest offer on both purchase and balance transfers. Note, balance transfers must be made in the first 60 days after opening an account in order to qualify, and any balance transfers made after this date will be subject to the regular APR (14.24 percent to 24.24 percent variable). With one of the longest balance transfer offers on the market, you can easily pay down debt without accumulating additional interest and jump-start getting your finances in order.

Balance transfer fee

The card does come with a balance transfer fee of 3 percent or $10, whichever is greater. Because of this fee, you should think carefully about whether a balance transfer is worth it for your situation. However, since the interest being charged on your current balance is likely higher than 3 percent, this card can still save you a significant amount on interest in the long run.

If you’re dead set on avoiding a balance transfer fee, you still have options. Consider reading through our guide to the best balance transfer cards with no balance transfer fee — but note that these cards’ offers are less generous than that of the BankAmericard.

No penalty APR

If you’re worried about accidentally missing a payment deadline and facing the typical consequences of doing so, you’ll be pleased to know the BankAmericard doesn’t charge a penalty APR. This can act as a safety net for cardholders still trying to find their footing when it comes to responsible card usage.

How does the BankAmericard’s intro APR compare to other balance transfer cards?

The BankAmericard’s intro APR period is impressive, but there are a few other no-annual-fee balance transfer credit cards worth considering if you’re looking to pay down debt:

Card 0% intro APR period Balance transfer fee Rewards Variable APR
BankAmericard credit card 21 billing cycles on purchases and balance transfers made in the first 60 days 3% (min. $10) None 14.24% to 24.24%
Wells Fargo Reflect® Card Up to 21 months: 18 months from account opening on purchases and qualifying balance transfers; intro APR extension of up to 3 months with on-time minimum payments during the intro and extension periods Intro 3% (5% after the first 120 days, $5 minimum) None 15.24% to 27.24%
U.S. Bank Visa® Platinum Card 20 billing cycles on purchases and balance transfers made in the first 60 days 3% (min. $5) None 16.74% to 26.74%
Discover it® Balance Transfer 18 months on balance transfers; 6 months on purchases 3% (up to 5% on future transfers) 5% cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1%); 1% on everything else 14.24% to 25.24%
Citi® Diamond Preferred® Card 21 months on balance transfers made in the first four months; 12 months on purchases 5% (min. $5) None 15.99% to 25.99%
Citi Simplicity® Card 21 months on balance transfers made in the first four months; 12 months on purchases 5% (min. $5) None 16.99% to 26.99%
Citi® Double Cash Card 18 months on balance transfers  3% (min. $5) 1% as you buy, plus another 1% when you pay for your purchases 16.24% to 26.24%

Wells Fargo Reflect

The Wells Fargo Reflect offers a 0 percent intro APR for up to 21 months on qualifying balance transfers from account opening (15.24 percent to 27.24 percent variable APR after). This includes 18 months from the opening of your account, plus up to three additional months if you make consistent, on-time monthly payments during the intro and extension periods. This ultimately brings its offer in line with that of the BankAmericard, but if you slip up and fall behind on payments, you’ll lose access to the extension period.

The Reflect also has no annual fee — but you’ll need to pay an intro balance transfer fee of 3 percent ($5 minimum), which jumps to 5 percent after the first 120 days ($5 minimum).

U.S. Bank Visa Platinum

The U.S. Bank Visa Platinum has a 0 percent intro APR for 20 billing cycles on balance transfers (16.74 percent to 26.74 percent variable APR thereafter). And similar to the BankAmericard, you must transfer your balance within the first 60 days to qualify for the intro rate.

In terms of fees, there’s no yearly charge for owning the U.S. Bank Visa Platinum, and you’ll pay a 3 percent balance transfer fee ($5 minimum).

Discover it Balance Transfer

The Discover it Balance Transfer features a 0 percent intro APR on balance transfers for the first 18 months (14.24 percent to 25.24 percent variable APR after), but unlike the BankAmericard, it offers ongoing rewards. You’ll earn 5 percent cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1 percent). Discover cash back categories for the rest of 2022 include restaurants, PayPal, Amazon.com and digital wallet purchases.

Even better, this card comes with Discover’s Cashback Match welcome offer, meaning all cash back you earn during your first year will be matched by the issuer.

Citi Diamond Preferred

The no-annual-fee Citi Diamond Preferred Card offers a 0 percent intro APR on balance transfers for 21 months (15.99 percent to 25.99 percent variable APR thereafter), which is on par with that offered by the BankAmericard (though the BankAmericard does charge a slightly lower variable APR). Keep in mind that this card charges a 5 percent balance transfer fee ($5 minimum), which is a tad higher than other cards on this list, and that you’ll need to transfer your balance within the first four months to qualify for the introductory offer.

Citi Simplicity

The Citi Simplicity also offers a 0 percent intro APR for 21 months on balance transfers made within the first four months (16.99 percent to 26.99 percent variable APR after). Like the Citi Diamond Preferred, this card also comes with a 5 percent balance transfer fee ($5 minimum). The difference between these two Citi balance transfer card can be seen in their benefits — with the Simplicity, similar to the BankAmericard, you won’t be subject to late fees or a penalty APR should you pay late.

Citi Double Cash

Lastly, the Citi Double Cash offers a 0 percent intro APR for 18 months on balance transfers (16.24 percent to 26.24 percent variable APR after). This card also earns up to 2 percent cash back on all purchases (1 percent as you buy, plus another 1 percent when you pay), making it both a top 2 percent cash back card and a good option for paying off debt.

Tips for completing a Bank of America balance transfer

The process to complete a balance transfer with a Bank of America card is fairly simple. When applying for a balance transfer card from the issuer, enter the 16-digit account number on your credit card that currently holds the balance you’d like to transfer, along with the balance amount.

If you’ve already opened an account, you should look for the “Transfer Balance or Get Cash” option in your banking menu, then provide the account number of the card you’d like to transfer from, along with the amount you’d like to transfer.

If you’d prefer that someone walk you through the process, you can also complete a balance transfer over the phone. Simply call the number on the back of your Bank of America credit card in order to speak to a representative.

The bottom line

The BankAmericard is a fantastic option if credit card debt payoff is your top priority. While it earns no standard rewards and doesn’t come with many bells and whistles, a full 21 billing cycles sans interest on both purchases and balance transfers (14.24 percent to 24.24 percent variable APR after) is certainly a fair trade. Plus, there are a handful of helpful BankAmericard benefits.

After the introductory period has expired, however, there’s not a lot else this card has to offer, unlike some other Bank of America credit cards. That said, it’s worth considering if you’re looking to save on interest while working to reduce your debt burden.

BankAmericard® credit card details were last updated on Aug. 31, 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.
Edited by
Editor, Product
Reviewed by
Editorial Director