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Is the BankAmericard credit card worth it?

This Bank of America card features a zero-interest intro offer for both purchases and balance transfers

Summary

The BankAmericard comes with a new account bonus, a valuable promotional financing offer and one of this bank’s lowest interest rates. New accounts receive 18 billing cycles of interest-free financing on both new purchases and balance transfers (then 12.99% to 22.99% variable APR).

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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 credit cards is the BankAmericard® credit card, and it comes with a new account bonus, a valuable intro offer and one of this bank’s lowest interest rates.

Use a balance transfer and enjoy a relatively low interest rate

About half of all Americans will carry a balance on one of their credit cards during all or part of the year. For these credit card users, it’s important to minimize the amount of interest they pay on their debt. The BankAmericard helps you to reduce your interest charges in two ways. 

See related: Poll: 23% of consumers added to their card debt during the pandemic

First, this card offers new accounts 18 billing cycles of interest-free financing on both new purchases and balance transfers, followed by a variable APR of 12.99% to 22.99%. This means that you’ll enjoy 0% APR on all of your purchases for a year and a half. And if you have outstanding balances with credit cards from other issuers, you can consolidate those balances by requesting balance transfers.

This will allow you to avoid interest on those other balances for 18 billing cycles as well, as long as you make the balance transfer during your first 60 days. Just be aware a balance transfer fee of 3% of the amount transferred (or a minimum $10 fee) is added to your new BankAmericard balance, and you’ll have a variable APR of 12.99% to 22.99% after the intro period.

When you’re able to enjoy a 0% APR on your outstanding balances, 100% of your monthly payment can go toward 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

Second, the BankAmericard has the lowest interest rate among consumer credit cards issued by Bank of America. The interest for this card is 12.99% to 22.99% variable APR, based on your creditworthiness when you open your account. This means the most qualified applicants with excellent credit will enjoy an interest rate 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.

Another benefit of the BankAmericard: 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.

Assess the ongoing value of BankAmericard

Beyond the valuable zero-interest intro offer, the BankAmericard offers additional and ongoing value. For example, new accounts can earn a $100 statement credit after making $1,000 in purchases within 90 days of account opening. This card also has no annual fee. Like most 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. BankAmeriDeals 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. Thanks to Bank of America’s Museums on Us program, this card also gets you free access to more than 225 partner institutions around the country on the first full weekend of each month.

Is the BankAmericard worth it?

If you’re looking for a credit card that offers frequent flyer miles or hotel points, you need to 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 18 months of 0% APR promotional financing on new purchases and balance transfers (then 12.99% to 22.99% variable) is one of the longest offers currently available. And when you’re able to transfer your existing balances 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.

At the same time, you’ll be avoiding interest on these balances for 18 billing cycles, saving you significant interest charges. Perhaps most importantly, not having to pay interest charges will mean your entire payment each month will be used to pay down your debt, not interest charges as well.

Once your account’s promotional financing rate ends, you’ll still be enjoying a simple credit card from a major card issuer with a competitive standard interest rate, plus no penalty interest rate.

Finally, not only does this card have no annual fee, but Bank of America will give you a $100 statement credit after spending at least $1,000 within your first 90 days. These kinds of new account bonuses are rare for credit cards that don’t offer rewards.

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. By considering the BankAmericard from Bank of America, you’ll see how you can use its balance transfer offer to dig out of debt as quickly as possible.

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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In Products

BankAmericard benefits guide

The BankAmericard offers many compelling rewards and benefits, including 18 billing cycles of 0% APR promotional financing on both new purchases and balance transfers (followed by 12.99% to 22.99% variable APR). You can also receive a $100 statement credit if you meet the spending requirement, plus access to other valuable benefits. 

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