BankAmericard^® credit card Review

The BankAmericard^® credit card is a no-frills card with lengthy 18-month introductory APR periods on both purchases and balance transfers, as well as a $0 annual fee. And while it doesn’t offer ongoing value in the form of rewards, it’s still a great tool for paying off a big purchase over time or digging out of high-interest credit card debt.

• Annual fee: $0
• Sign-up bonus: N/A
• Rewards: N/A
• APR: 0% Intro APR for 18 billing cycles for purchases and 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days. After that, a 16.24% - 26.24% Variable APR applies.
• Balance transfer fee: 3% intro fee for 60 days, then 4%.
• Foreign transaction fee: 3%
• Other benefits: Free FICO Score access, Overdraft protection, $0 liability guarantee and Account alerts.
• Recommended credit: Good / Excellent

• Long intro APR on purchases

  The BankAmericard^® credit card offers one of the longest intro APRs currently available for purchases. You’ll get a 0% Intro APR for 18 billing cycles for purchases; afterwards, a 16.24% - 26.24% Variable APR applies.

  A credit card with a long 0% APR is best if you’re planning to use your credit card to finance a large purchase. You’ll be able to pay it off over time without paying interest.

  Compared to other cards: The only card that beats the BankAmericard^® credit card in terms of intro APR length is the Wells Fargo Reflect^® Card, which offers a 0% intro APR 21 months from account opening on purchases. Then, a 18.24%, 24.74%, or 29.99% Variable APR applies.

• Long intro APR on balance transfers

  The BankAmericard^® credit card also offers one of the longest introductory APR periods for balance transfers. You’ll get a 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days — then, a 16.24% - 26.24% Variable APR applies. Note, though, that you’ll need to transfer balances within the card’s 60-day window to receive the 0% APR.

  A balance transfer credit card lets you transfer high-interest balances from other cards to take advantage of a promotional APR (usually 0%).

  Compared to other cards: There are a few cards that offer an intro APR of 21 months on balance transfers including the Citi Simplicity^® Card, Citi^® Diamond Preferred^® Card and Wells Fargo Reflect^® Card. (That said, the Citi Simplicity^® Card and Citi^® Diamond Preferred^® Card both have short intro APRs on purchases.)

  The U.S. Bank Visa^® Platinum Card also offers an intro APR for 18 months on purchases and balance transfers. Still, the BankAmericard^® credit card offers more value because there’s a lower ongoing APR.

  Tip: If you want to transfer debt from another Bank of America card, you’ll need to look at cards from other issuers — like most issuers, Bank of America won’t allow you to transfer debt between its cards.

• Reasonable balance transfer fee

  The BankAmericard^® credit card charges a balance transfer fee of 3% intro fee for 60 days, then 4%. This is a very reasonable fee for a balance transfer credit card: Most balance transfer credit cards charge a balance transfer fee ranging from 3% to 5% of the amount of each transfer (with a minimum of $5 or $10).

  Compared to other cards: While there are cards with longer intro APRs on balance transfers, many also charge higher balance transfer fees. For example, the Wells Fargo Reflect^® Card has a balance transfer fee of 5%, min: $5. And while this may seem like a small number, it can amount to more than $100 in additional fees for transferring a large balance.

  With a smaller balance transfer fee, the BankAmericard^® credit card has the potential to save you more than the Wells Fargo Reflect^® Card, despite its shorter intro period. For example, on a $6,000 balance transfer we estimate that the average cardholder would save around $1,164 with the BankAmericard^® credit card, versus $1,060 with the Wells Fargo Reflect^® Card.

  Cost of $6,000 balance transfer

  	Balance transfer fee	Cost of balance transfer	Estimated savings*
  Citi Simplicity® Card	There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. Then a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.	$180	$1,180
  BankAmericard® credit card	3% intro fee for 60 days, then 4%.	$180	$1,164
  Citi Double Cash® Card	There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.	$180	$1,162
  Wells Fargo Reflect® Card	5%, min: $5	$300	$1,060
  Citi® Diamond Preferred® Card	Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.	$300	$1,060

  *We estimate how much the typical cardholder might save on a $6,000 balance transfer, assuming the card’s intro period, average APR, a $300 monthly payment and subtracting any fees involved, compared to carrying the same balance on another card.

• No rewards program

  The BankAmericard^® credit card doesn’t earn rewards or a sign-up bonus, so it may not be a card you’ll want to use in the long term. Note, though, that many credit cards with long intro APRs don’t offer a rewards program. You may have to settle for a shorter intro period if you’d prefer a balance transfer card with rewards.

  Compared to other cards: The Citi Double Cash^® Card has a 0% intro APR for 18 months on Balance Transfers, then a 19.24% - 29.24% (Variable) APR — though there’s no intro APR on purchases. However, you will earn up to 2% cash back on every purchase and get a sign-up bonus.

  The Chase Freedom Flex℠ card has an intro APR on purchases and balance transfers for 15 months. Then, a 20.49% - 29.24% variable APR applies. You’ll get 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate and a sign-up bonus.

• Minimal benefits

  Outside of its long intro APR, this card doesn’t offer much else. You’ll get a few benefits like $0 liability guarantee and free FICO Score access, but there are cards with 0% intro APRs that offer much more.

  Compared to other cards: The Chase Freedom Flex℠ card offers a long list of World Elite Mastercard benefits, including cellphone insurance (up to $1,000), auto rental collision damage waiver, trip cancellation/interruption insurance and purchase protection.

BankAmericard^® credit card vs. Citi Double Cash^® Card

The Citi Double Cash^® Card offers a better ongoing value than the BankAmericard^® credit card, since it comes with a rewards program. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.

The Citi Double Cash^® Card offers a similar 0% intro APR for 18 months on Balance Transfers. After that, a 19.24% - 29.24% (Variable) APR applies. Plus, this card also has a longer four-month window for the introductory APR, versus three months for the BankAmericard^® credit card. However, there’s no intro APR on purchases like you’ll get with the BankAmericard^® credit card.

BankAmericard^® credit card vs. U.S. Bank Visa^® Platinum Card

The U.S. Bank Visa^® Platinum Card is a good alternative to the BankAmericard^® credit card. These cards have a lot of similarities: Like the BankAmericard^® credit card, it offers an intro APR for 18 months on purchases and balance transfers, though there’s a slightly higher ongoing APR of 18.74% - 29.74% (Variable). There’s also no rewards or sign-up bonus, but it does come with cellphone protection up to $600 with a $25 deductible.

BankAmericard^® credit card vs. Chase Freedom Flex℠

The Chase Freedom Flex℠ card is a great choice if you’re looking for a long intro APR, but also want to earn rewards. There’s a 0% intro APR on purchases for 15 months and a 0% intro APR on balance transfers for 15 months, then an APR of 20.49% - 29.24% variable. You’ll earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter. Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases. On top of that, it also has a sign-up bonus.

Further, the Chase Freedom Flex℠ card earns Chase Ultimate Rewards® points, which are known for their flexibility. You can redeem them for cash back, travel, Amazon.com, PayPal purchases and more — and you’ll get even more value for points when you transfer to one of Chase’s 14-plus travel partners.

If you’re looking for a credit card to finance a large purchase or pay down high-interest debt with a balance transfer, the BankAmericard^® credit card is an excellent choice. It gives you a long time to pay down your debt and charges a reasonable balance transfer fee.

However, there’s no rewards program or card perks to offer ongoing value once the intro APR ends. So if you prefer a card you can keep around in the long term, you’ll find plenty of cards with 0% offers and rewards, including the Citi Double Cash^® Card and the Chase Freedom Flex℠ card.