August 17, 2022

BankAmericard Benefits Guide | Bankrate

The BankAmericard® credit card is a solid balance transfer card, featuring an impressive zero-interest offer…

BankAmericard Benefits Guide | Bankrate

The BankAmericard® credit card is a solid balance transfer card, featuring an impressive zero-interest offer on both balance transfers and purchases—though without a solid rewards structure to match. It can be considered a starter credit card and is a good option for anyone looking to pay off debt or a large purchase (without incurring interest).

While the BankAmericard’s introductory APR offers are a standout feature of the card, it has other benefits worth mentioning. Keep reading to learn more about the card’s basic details, security and protection benefits, available programs and more.

BankAmericard highlights

  • Intro APR on balance transfers: 0 percent intro APR for 18 billing cycles on balance transfers made in the first 60 days
  • Intro APR on purchases: 0 percent intro APR for 18 billing cycles
  • Variable APR: 13.24 percent to 23.24 percent
  • Rewards: None
  • Welcome bonus: $100 statement credit after spending $1,000 on purchases within the first 90 days
  • Annual fee: $0

0% intro APR offers

As noted above, the BankAmericard offers a 0 percent introductory APR for 18 billing cycles on both balance transfers made within the first 60 days and on new purchases (13.24 percent to 23.24 percent variable APR after), making it a beneficial card for those looking to pay down debt while avoiding interest.

An 18-billing cycle offer is a bit longer than the standard introductory period offered by some balance transfer cards (15 months), and its variable APR is comparatively lower—which could save you money in the long run if you don’t end up paying off the entirety of your debt by the end of the intro period. Not only will avoiding interest help you pay off debt more efficiently, but, in turn, it’ll eventually lower your credit utilization, which is key in raising your overall credit score.

In terms of a welcome bonus, you can earn a $100 statement credit after spending $1,000 on purchases within the first 90 days of opening your account. And while the card doesn’t offer a traditional rewards structure, you can utilize Bank of America’s BankAmeriDeals program, which allows you to earn bonus cash back on qualifying purchases (in categories like entertainment, food, retail and travel).

Low rates and fees

The BankAmericard has no annual fee, meaning you won’t have to worry about offsetting any costs (besides the card’s 3 percent balance transfer fee, minimum of $10, that you’ll incur upon transferring a balance).

Another useful aspect of the BankAmericard is that there’s no penalty APR, which can be quite helpful in the case of a missed payment. In other words, should you miss a payment, you’ll be able to keep your original APR instead of getting stuck with an increased interest rate (many cards, for example, charge a penalty APR of 29.99 percent). However, there is a late payment fee of $40, so that’s worth considering when deciding if this card is right for you.

Museums on Us program

Another great benefit offered by Bank of America is the Museums on Us program. On the first Saturday and Sunday of each month, Bank of America cardholders can receive free admission to museums and cultural centers, such as zoos, aquariums and botanical gardens. Right now, over 225 establishments are on the list of eligible locations, including must-sees like The Metropolitan Museum of Art.

All you have to do is present your photo ID along with your Bank of America credit card, and you’ll receive admission at no cost—a perfect benefit for cardholders looking to cut costs on future excursions.

Security and protection benefits

Bank of America offers a $0 liability guarantee for cardholders, which helps protect you in the case of fraudulent activity. When using your BankAmericard, fraudulent transactions will be covered, so long as they’re promptly reported to Bank of America.

Another protection against theft that’s great for travelers is Verify Your Visa Card is With You, a service offered that utilizes your phone’s location to approve transactions made with your Bank of America credit card.

How to maximize the benefits offered by the BankAmericard

Since the main feature of the BankAmericard is its zero-interest introductory offer on balance transfers, it’s advantageous to transfer balances as soon as possible (given that balance transfers must be made within the first 60 days in order to qualify for the introductory offer).

By utilizing the entirety of the 18-billing cycle introductory offer, you’ll have as much time as possible to pay off debt without accruing interest.

Planning to open the card when you know you’ll be able to meet the spending requirement for the sign-up bonus will maximize your card’s value, as well. You only have to spend $1,000 within the first 90 days of opening the card to earn a $100 statement credit, which can be used to cover your balance transfer fee if you choose to pay off debt with this card.

Another easy way to maximize the value of the BankAmericard is to plan trips to museums or cultural centers on the first weekend of each month. Taking advantage of the Museums on Us program will save you the cost of admission at over 225 locations across the country. Especially if you plan to visit a few museums in a weekend, this benefit can save you a generous amount of money.

The bottom line

The BankAmericard is a good choice for those looking for a balance transfer card to pay off debt, as well as those hoping to pay off a large purchase over time. And thanks to its sign-up bonus, low fees, security benefits and two complimentary programs, the BankAmericard can continue to provide value after your debt has dwindled.