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BankAmericard benefits guide

Know what benefits you'll get with this Bank of America credit card

Summary

The BankAmericard offers many rewards and benefits, including a low introductory APR on both new purchases and balance transfers, a $100 statement credit if you meet the spending requirement and access to other valuable benefits.

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The Bank of America content was last updated on August 9, 2022.

The BankAmericard® credit card from Bank of America is relatively simple, but it comes with a strong promotional financing offer, a new account bonus and few fees. At the same time, it still offers a range of compelling features and benefits you can enjoy just for being a cardholder.

BankAmericard benefits and perks

You’ll enjoy numerous benefits and perks as a BankAmericard cardholder, detailed below:

Dig out of credit card debt with a lengthy balance transfer offer

New BankAmericard account holders receive 18 billing cycles of 0 percent APR on balance transfers completed within 60 days of account opening (then 15.24 percent to 25.24 percent variable APR). This valuable feature allows you to consolidate your existing credit card balances into one account, which will benefit you in several ways.

First, when you consolidate and start paying down your outstanding balances, your credit score can improve as your credit utilization ratio goes down. It’s also easier to manage fewer payments each month, which reduces the chances of accidentally making one late.

And by not incurring interest on these balances for 18 billing cycles, you can save a potentially significant amount on interest charges, depending on your old card’s APR and how much you owe.

Not having to pay interest charges means that all of your monthly payments are used to pay down your debt. Just note that there’s a balance transfer fee of 3 percent of the amount transferred, which gets added to your new balance (a minimum fee of $10).

Enjoy a lengthy purchase intro APR

Along with BankAmericard’s offer of 18 billing cycles of 0 percent APR financing on balance transfers, you’ll also receive 18 billing cycles of interest-free financing on your new purchases (then 15.24 percent to 25.24 percent variable APR).

With other cards that only offer promotional financing on balance transfers, you’ll still incur expensive interest charges when you use your card to make everyday purchases that get carried over from billing cycle to billing cycle.

With BankAmericard, you can avoid interest charges on your new purchases for a year and a half, giving you additional time and money to pay down your existing balances.

Avoid fees

The BankAmericard has no annual fee and no penalty APR. In contrast, many other credit cards will impose a higher interest rate on your account after you make a late payment. But with BankAmericard, you can keep your interest rate even if you mistakenly make a late payment.

Other benefits

Even though it’s not a card that offers you rewards for all of your spending, the BankAmericard offers new applicants a $100 statement credit after spending $1,000 within 90 days of account opening. Also, the Bank of America mobile app offers some valuable rewards through its BankAmeriDeals program, which features cash back offers through participating retailers.

BankAmericard users also get a free FICO® Score, which is updated monthly and available through your mobile banking app or online. Bank of America also offers its Museums on Us program, which gives you free access to more than 225 partner institutions around the country on the first full weekend of each month.

Another benefit of this card is digital wallet technology, which allows you to make payments when shopping in-store or in-app using Apple Pay®, Android Pay™ or Samsung Pay.

How to best use this card

The key to receiving value from the BankAmericard is to use all of its features and benefits. Its most important benefit is the 0 percent APR intro offer for 18 billing cycles on balance transfers (then 15.24 percent to 25.24 percent variable APR), but you have to take steps to receive the most value from it.

First, begin transferring your existing balances as soon as possible after you open your account. The introductory APR offer only applies to balances transferred within the first 60 days of account opening, but you’ll save the most possible amount of interest by requesting the transfers immediately after being approved for this card.

And by transferring your smallest balances first, you can reduce the number of payments you must make each month and the number of accounts on your credit history that have outstanding debt — all of which will help improve your credit score.

Next, you should try to pay off your balance before your intro offer ends. By creating a plan to pay off your debt before the standard interest rate applies, you retire your outstanding debts for good.

You should also use your card to spend at least $1,000 on new purchases within 90 days of account opening in order to earn the $100 statement credit. Don’t overspend, but if you can use your card to pay some outstanding bills, then the $100 statement credit that you’ll receive will be well worth it.

You should also download the Bank of America mobile app and look for valuable cash back offers that are available through its BankAmeriDeals program. And finally, set a repeating reminder in your calendar for the first weekend of the month to visit some of the institutions in its valuable Museums On Us program.

Bottom line

The BankAmericard is a compelling offer that features 18 billing cycles of 0 percent APR financing on both new purchases and balance transfers (followed by 15.24 percent to 25.24 percent APR). Additionally, it includes many other features and benefits that make it a solid pick. By understanding the rewards and benefits it offers, you can decide if it’s the right card for your needs.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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