Reviews BankAmericard Better Balance Rewards card review
BankAmericard Better Balance Rewards card review

BankAmericard Better Balance Rewards card review

Published: April 21, 2017
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Ratings Policy
Balance Transfer Rating:
2.3 rating
2.3 rating
2.3 / 5
Introductory Offer: 2.1
Net Value: 4.2
Features: 1.0

In a nutshell:

The BankAmericard Better Balance Rewards card offers a unique incentive for paying more than the minimum amount due, but its standard APR is too high for carrying a balance and its 0 percent balance transfer period is relatively short.

0% Introductory Period
12 billing cycles

Transfer Fee
$10 or 3% (whichever is higher)

Introductory Purchase APR
None

Regular APR
12.49-22.49%

Annual Fee
$0

Other Notable Features: ShopSafe, overdraft protection, mobile banking, text banking

Low Interest Rating:
1.2 rating
1.2 rating
1.2 / 5
Rates, Fees, Penalties: 1.2
Rewards: 1.8
Features: 1.0

In a nutshell:

While this card offers a reasonable 12.49 percent interest rate and there’s no annual fee, there’s not much else to recommend it.

Regular APR
12.49-22.49%

Introductory Purchase APR
None

Introductory Balance Transfer APR
0%

Fees

  • No annual fee
  • 3% or $10 balance transfer fee (whichever is higher)
  • 3% foreign transaction fee
  • 14.99-24.99% cash advance APR
  • 3% or $10 cash advance fee (whichever is higher)

Penalties

  • $38 late payment fee
  • 29.99% penalty APR
  • $27 returned payment fee

Other Notable Features: ShopSafe, overdraft protection, mobile banking, text banking

No Annual Fee Rating:
1.7 rating
1.7 rating
1.7 / 5
Rewards Value: 0.0
Annual Percentage Rate: 2.8
Rewards Flexibility: 3.8
Features: 1.0

In a nutshell:

With a focus more on responsible credit card use than on reward-fueled spending, this no-annual-fee card won’t reward you greatly, though it might inspire you to pay your bill on time.

Rewards Rate

  • $25 each quarter you pay more than the minimum amount due
  • $5 each quarter for having a Bank of America account

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$120

APR
12.49-22.49%

Rewards Redemption
Pros

  • Cash back doesn’t expire
  • Cash automatically debited to your credit card balance
  • Rewards encourage responsible credit card use

Cons

  • You are limited to earning a set amount each quarter
  • Rewards can only be applied to your statement balance

Other Notable Features: ShopSafe, overdraft protection, mobile banking, text banking

Rewards Rating:
1.8 rating
1.8 rating
1.8 / 5
Rewards Value: 0.2
Annual Percentage Rate: 3.3
Rewards Flexibility: 3.8
Features: 1.0

In a nutshell:

Designed for cardholders who regularly carry a balance, the BankAmericard Better Balance Rewards card uses a quarterly cash reward to motivate cardholders to quickly shave down their balance; however, the card’s $25 carrot isn’t very large.

Rewards Rate

  • $25 each quarter you pay more than the minimum amount due
  • $5 each quarter for having a Bank of America account

Sign-up Bonus
None

Annual Fee
$0

Average Yearly Rewards Value ($1,325 monthly spend)
$120

APR
12.49-22.49%

Rewards Redemption
Pros

  • Cash back doesn’t expire
  • Cash automatically debited to your credit card balance
  • Rewards encourage responsible credit card use

Cons

  • You are limited to earning a set amount each quarter
  • Rewards can only be applied to your statement balance

Other Notable Features: ShopSafe, overdraft protection, mobile banking, text banking

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BankAmericard Better Balance Rewards doesn’t offer any outstanding features except one: It gives you a small monetary reward for paying more than a monthly minimum. Other than that, it’s pretty much plain vanilla. It charges all kinds of fees, and the penalty fees are especially drastic. The card has a zero percent balance transfer APR, but it only lasts 12 months, and there is no introductory APR for new purchases.

The APR is not great

BankAmericard Better Balance Rewards offers a 12.49 percent interest rate. If you have great credit, you can find a card with a considerably lower APR. Some low-rate credit cards feature an APR as low as 8 percent or even 7 percent and offer much better savings in the long run.

Unusual rewards program

While the card doesn’t offer cash back rewards in the traditional sense, you will get $25 every quarter ($30 if you are a Bank of America customer) when you pay more than the monthly minimum by the due date every month. With this program, you can earn $100-120 per year.

Don’t miss a payment

The penalties for missing a payment are pretty drastic with this card. Bank of America will charge you a $38 late fee and your APR could rise as high as 29.99 percent for just one missed payment. In addition, you will lose your $25 reward for the quarter during which you incur the “infraction.” So be careful and pay on time. Better yet, you can automate your monthly payments.

Reasons to get it:

  • You want a zero percent introductory balance transfer rate for 12 months.
  • You always pay more than the minimum amount due and want to earn up to $120 a year.
  • You want a simple no-fee, low interest rate card.

How to use it:

  • The BankAmericard Better Balance Rewards Credit Card doesn’t offer a zero percent APR for purchases. So if you buy something, you will be charged interest effective immediately. If you use the card to make purchases, don’t transfer the balance from other cards, and if you transfer balances, don’t use the card for purchases.
  • In order to receive the quarterly $25 reward, you must use the card every month. In case you don’t regularly use the card, you can set up your credit card to make a recurring payment (e.g., for your gym membership) and your banking account to automatically repay the card.

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