The BankAmericard® credit card may not have all of the bells and whistles offered by more premium rewards cards, but it’s a great starter card for new borrowers and those looking to pay down debt or build their credit. With a low introductory APR and no annual fee, there’s a lot to like about this card—even if it doesn’t come with any rewards.
The BankAmericard was the first credit card I ever opened and, while it’s no longer my primary credit card, it’s still a great fit if you’re new to the world of credit cards or don’t qualify for more lucrative options. Here are just a few reasons the BankAmericard is worth considering.
1. It comes with a welcome bonus
Unlike many starter credit cards, the BankAmericard comes with a welcome bonus worth $100. New cardholders can qualify for this $100 statement credit when they spend at least $1,000 on purchases in the first 90 days of account opening. While an additional $100 may not make or break your finances, it’s a nice added perk for this starter card.
2. There’s a 0% intro APR
One of the major draws of the BankAmericard is its zero-interest introductory offer. Cardholders can enjoy an 18-month 0 percent intro APR on both purchases and balance transfers (for any balance transfers made in the first 60 days). After the introductory period is over, the card has a variable APR of 13.74 percent to 23.74 percent.
Transferring a balance to the BankAmericard can help you to save on interest and pay down debt faster. Keep in mind, though, the card does charge a balance transfer fee of 3 percent or $10 minimum, whichever is greater. Plus, balance transfers must be made in the first 60 days in order to qualify for the introductory rate.
4. There’s no annual fee
Another nice benefit of the BankAmericard is that there’s no annual fee. This means that it can work with a wide variety of budgets, and you don’t have to worry about spending a certain amount in particular categories in order to make the card worthwhile. When I first opened the BankAmericard, I wasn’t sure I’d spend enough to justify a hefty annual fee, which made this card a great fit for my wallet.
5. It’s a good fit for new borrowers
The card doesn’t come with as many perks as premium credit cards marketed to experienced borrowers with great credit (or even compared to other Bank of America credit cards). That said, its lack of an annual fee and zero-interest introductory offers make it an attractive option for borrowers who are just starting out, those who may not have had a credit card before and those looking to rebuild credit. In fact, straight out of college, this was the first credit card I opened.
6. It comes with a free FICO score
Staying on top of your credit score is important when it comes to keeping track of your overall financial health. Since your credit score can affect which financial products you qualify for—from auto or home loans, to credit cards and everything in between—it pays to make sure your credit score is as high as possible. The BankAmericard comes with a free FICO credit score, updated monthly, which makes it easy to keep tabs on your credit online or through the Bank of America mobile app.
7. It features educational resources
If you’re new to the world of credit, the BankAmericard offers a variety of free educational resources within your online account to help guide you along the way. This includes information about using credit cards responsibly, budgeting, personal finance and more.
What to consider when applying for the BankAmericard
The BankAmericard is a great option if you’re new to credit cards and looking for a simple, low-cost starter card—or if you’re interested in transferring a balance from another card. That said, there are a few things you should consider when applying for this card.
The BankAmericard does charge a balance transfer fee of 3 percent (with a minimum of $10), which can eat into the money you’ll save on interest, as well as a 3 percent foreign transaction fee on purchases made abroad. Further, keep in mind that this card doesn’t earn any rewards and is light on perks. If you have excellent credit and are an experienced borrower, you’ll likely be able to qualify for more lucrative cards that come with sought-after benefits, like annual statement credits, travel perks and anniversary bonuses.
The bottom line
The BankAmericard is a solid choice for a no-frills credit card, particularly if you’re just starting out or looking for a good balance transfer credit card. While those with excellent credit can likely qualify for better cards, it’s a great fit for new borrowers and those looking to raise their scores.