BankAmericard Credit Card Review | NextAdvisor with TIME

Good for Balance Transfers

BankAmericard® credit card

• Introductory balance transfer rate: 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} fee (min. $10) applies.
• Annual fee: $0
• Regular APR: 12.99{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} – 22.99{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} Variable APR on purchases and balance transfers
• Recommended credit score: 670-850 (Good to Excellent)

The BankAmericard Credit Card is a simple 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} interest card best suited for anyone looking to consolidate high-interest credit card debt from other cards or pay off an upcoming purchase over time. It doesn’t offer any rewards, but you can pay down your debt interest-free with one of the longest 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} introductory offers on the market. 

At a Glance

• Introductory 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} APR on purchases for 18 billing cycles, as well as on balance transfers made within 60 days of account opening
• 3{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} balance transfer fee (minimum $10)
• Free FICO score, updated monthly
• 12.99{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} to 22.99{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} variable APR after intro period
• No annual fee

Additional Card Details

The BankAmericard Credit Card doesn’t offer any travel or purchase protections, although this is relatively common among 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} interest cards designed for balance transfers and debt payoff. 

One of the main benefits you’ll receive is free access to your FICO score through Bank of America, which is updated monthly. You’ll also get standard contactless payment options and the ability to set up account alerts or sign up for paperless statements.

As an added protection while you pay down debt, there’s no penalty APR after late or missed payments with BankAmericard. You should always pay your bills on time and in full, but you won’t derail your debt payoff progress by taking on a penalty APR in case of a slip up with this card.

Should You Get this Card?

BankAmericard can make a great option for anyone looking to kickstart their debt payoff, or for anyone looking to pay down a large purchase without interest over the next year. 

You’ll get 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} APR on purchases and on balance transfers made within 60 days of account opening for 18 months. That gives you up to a year and a half of pay down high interest debt you originally accrued on other cards. Just keep in mind that a 3{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} balance transfer fee (minimum $10) will apply.

This isn’t the longest intro period on the market, nor does BankAmericard have the lowest balance transfer fee. But 18 months is a generous repayment window and still among the best introductory offers currently available.

BankAmericard’s lack of rewards could be a potential downside if you’re looking for a 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} interest card you can use even after your debt is paid, but it’s not uncommon among balance transfer cards. Plus, a card that doesn’t reward your spending can be helpful while you’re in debt repayment mode. When you don’t have the chance to earn rewards on purchases you make, you can focus on debt repayment instead.

How to Use the BankAmericard Credit Card

To make the most of the BankAmericard Credit Card, determine how much debt you’d like to transfer, and move the balance to this card as soon as possible. The introductory APR offer only applies to balance transfers made within 60 days of opening your account.

How much you’ll save depends on how much debt you have, but consider this example: 

Imagine you have $4,000 in credit card debt on a card charging 21{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} APR. If you’re currently able to pay $225 per month, it would take 22 months to become debt-free, and you would fork over $834 in interest over that time. 

If you transfer that same debt balance to the BankAmericard Credit Card, you would automatically owe a 3{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} balance transfer fee ($120) and start your debt repayment process off owing $4,120. However, you could pay the same $225 per month and become entirely debt-free in 18 months (instead of 22) with $0 in interest payments. 

If you’re using this card’s intro period for new purchases, it’s also smart to make your large purchase soon after account opening, so you can take advantage of the full 18-month intro period to pay down the balance. Determine how much you need to pay each month to eliminate the purchase within the intro period, so you don’t start accruing interest later on.

While you are paying down a new or transferred balance, avoid using your BankAmericard on your regular spending. Unless you’re sure you can pay it off — in addition to the monthly payments required to eliminate your debt by the end of the intro period — adding to your debt balance could lead to more high-interest debt once the regular APR kicks in. 

Also take advantage of this card’s free FICO credit score. Track and monitor your credit score as you pay down debt to see the progress you’re making and adjust your plan as needed.

BankAmericard Credit Card Compared to Other Cards

Bottom Line

If you have high-interest debt to consolidate or a large purchase you want to pay down over time, BankAmericard can make a great addition to your wallet. Before applying though, compare this card to other balance transfer credit cards and 0{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} interest credit cards with different fees and terms to find the one that best aligns with your goals. 

Frequently Asked Questions