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Is the BankAmericard credit card worth it?

This Bank of America card features an intro APR offer for both purchases and balance transfers


The BankAmericard comes with a valuable promotional financing offer and one of this bank’s lowest interest rates. Those seeking to carry a balance or pay off credit card debt may find this card worth it.

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The Bank of America content was last updated on April 3, 2023.

The oldest parts of Bank of America date back 240 years, nearly to the founding of America itself. Today, Bank of America is one of the nation’s largest retail banks, and it offers a full selection of credit cards for personal and small business use.

One of its cards, the BankAmericard® credit card, consistently ranks as one of the best balance transfer credit cards available. Offering one of this bank’s lowest interest rates, the card provides a valuable zero-interest intro offer and lacks many common fees to help you rebuild your credit. Below, we examine some of the scenarios that make the BankAmericard worth it or not worth it to specific kinds of cardholders.

When is the BankAmericard worth it?

When you have a balance to transfer

First, this card offers new accounts 21 billing cycles of interest-free financing on both new purchases and balance transfers, followed by a variable APR of 15.74 percent to 25.74 percent. This means that you’ll enjoy 0 percent APR on all of your purchases for nearly two years. And if you have outstanding balances with credit cards from other issuers, you can consolidate those balances by requesting balance transfers.

If you have debt from a different credit card with higher interest, an intro balance transfer offer can be a great way to seriously tackle that debt. Note: You must make the balance transfers in the first 60 days, and there is a balance transfer fee of 3 percent of the amount transferred.

The zero interest also applies to your new purchases, so even if you make a few purchases with the card, you have 21 months to focus 100 percent of your monthly payment on paying down your debt. This allows you to start saving money sooner than you could have if you were incurring interest charges and paying on both the original amount and accrued interest. And as your outstanding balances fall, you can expect your credit score to rise.

When you need a long intro APR offer on purchases

Perhaps you plan to carry your balance for a few months because you bought a new bookshelf for your living room, or you’re taking some classes to switch careers or you’ve been laid off. Don’t worry, you’re not the only one — according to the American Bankers Association, 40.9 percent of all credit card accounts in the U.S. were active and carried a balance at one point, in the first quarter of 2022.

Regardless, a 0 percent intro APR will come in handy. Plus, the BankAmericard has one of the longest intro APR periods on new purchases at 21 months.

Be sure to budget for when your intro APR ends, however. You should continue to make regular, on-time payments of at least the minimum amount to help your credit score and hopefully you’ll qualify for the lower end of the regular APR range. Currently, the BankAmericard’s regular variable APR starts at 15.74 percent — a relatively low interest rate, considering the average credit card interest rate these days.

When you’ll make good use of its low interest rate

If you want a low-risk card that you can use to build or rebuild your credit and one that won’t charge you an annual fee, the BankAmericard can be a great choice.

The BankAmericard has the lowest interest rate among consumer credit cards issued by Bank of America. The APR range is 15.74 percent to 25.74 percent variable, based on your creditworthiness when you open your account. This means the most qualified applicants with excellent credit will enjoy an interest rate way below the national average APR. Just note that, like most credit cards, this is a variable rate that can rise or fall with the prime rate.

The good news: There’s no penalty interest rate. And while you should always make your payments on time, at least you know you won’t lose your low rate should you mistakenly make a late payment.

When is the BankAmericard not worth it?

When your debt isn’t that large

For cardholders who don’t have an outrageous amount of debt, maybe you don’t need to apply for the BankAmericard. Instead you could go for another balance transfer card with a shorter intro APR period that offers more ongoing value.

Other than its potentially low regular APR and lack of penalty APR, you may find little use for the BankAmericard once the intro period expires. If you think your debt can be paid off quicker than 21 months, and you need help figuring out how long it will take, check out our payoff calculator.

When you seek ongoing value through rewards

Like other cards with low interest rates and the most competitive promotional financing offers, the BankAmericard doesn’t offer any rewards for spending. However, the Bank of America mobile app offers some rewards through its BankAmeriDeals program, which features cash back offers through participating retailers.

Other benefits include a free FICO score updated monthly, which you can access through your mobile banking app or online. You can also get free access to more than 1,500 partner institutions around the world on the first full weekend of each month through Bank of America’s Museums on Us program.

Outside of these benefits, cardholders who prefer cards that provide value after the first year or two should continue shopping around.

Should you get the BankAmericard?

If you’re seeking a credit card that offers frequent flyer miles or hotel points, look elsewhere. But if you’re one of the millions of Americans carrying a balance on one or more of your credit cards, the BankAmericard is worth considering.

This card’s offer of 21 months of 0 percent APR promotional financing on new purchases and balance transfers is one of the longest offers currently available. If you transfer a balance to this card, you’ll achieve several important goals. First, you’ll reduce the number of accounts you have with outstanding balances, which can improve your credit score. Also, you’ll have fewer payments to make each month — less to juggle, less stress.

Perhaps most importantly, not having to pay interest charges will mean your entire payment each month will be used to pay down your debt. And once your account’s promotional financing rate ends, you’ll still enjoy a simple card from a major issuer with a competitive standard interest rate, plus no penalty interest rate.

Bottom line

It can be extremely hard to pay off your balances while paying interest charges as well, but you don’t have to bear both burdens. Consider the BankAmericard from Bank of America if you’re looking to dig your way out of debt.

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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