Reviews BankAmericard credit card review

BankAmericard credit card review

Published: May 22, 2017
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Ratings Policy
Balance Transfer Rating:
3.6 rating
3.6 rating
3.6 / 5
Introductory Offer: 3.8
Net Value: 4.3
Features: 1.0

In a nutshell:

With a relatively low interest rate and a lengthy interest-free balance transfer period, the BankAmericard credit card is a good choice for cardholders with hefty balances.

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0% Introductory Period
18 billing cycles

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

Introductory Purchase APR
None

Regular APR
11.74-21.74% (Variable)

Annual Fee
$0

Other Notable Features: Mobile banking, text banking, private online shopping, overdraft protection, account alerts

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If you have a sizeable amount of credit card debt and need some time to pay it down, the no-frills BankAmericard credit card could be just what you need to get rid of your debt for good. The BankAmericard gets high marks from us for its lengthy introductory balance transfer period and affordable APR. But it doesn’t offer a 0-percent introductory APR on purchases, so beware of using your card for general spending until you pay off your transferred balance.

More time to clear your balance
The BankAmericard credit card gives cardholders up to 18 billing cycles to pay down qualified transferred balances without paying interest. To qualify, you have to transfer the balance within 60 days of opening the account. The length of the interest-free period is substantially longer than most balance transfer credit cards. Many cards offer only a 12- to 15-month introductory period. If your balance is especially large, those extra months can help you tamp down or even eliminate interest charges.

Typical balance transfer fee
The BankAmericard balance transfer fee is fairly standard for a balance transfer card, but it’s lower than the fees charged by some competitors. Cardholders are charged 3 percent, or a minimum of $10, to transfer a balance from another card. Some cards, by contrast, charge up to 5 percent for a simple balance transfer.

No purchase APR
The biggest downside to the BankAmericard credit card is that it doesn’t offer an introductory APR on purchases. Any purchases you make on the card will be charged a standard interest rate, so don’t plan on using this card until you finish paying off your transferred balance. Bank of America applies any excess payments above the card’s minimum amount due to the balance with the highest interest rate, so if you rack up a lot of new charges, you could accidentally undermine your interest-free balance.

Low standard APR
Compared to most balance transfer cards, the interest rate on the BankAmericard is appealingly low. Cardholders with the best credit scores can qualify for an APR as low as 11.74 percenet. Meanwhile, the maximum rate tops out at 21.74 percent which is significantly lower than most other balance transfer cards. At 29.99 percent, the card’s penalty rate for missing a payment is on the high end, though. Cardholders who pay late more than once within six billing cycles also may be charged a hefty $38 late fee.

No rewards
The BankAmericard credit card is a plain-vanilla, low-rate credit card for cardholders focused on paying off their balances. This card won’t reward you for spending, so you’ll get more value if you use another card for new purchases.

Reasons to sign up for it:

  • You have a hefty balance and need up to 18 months to pay it off.
  • You want a low regular interest rate.
  • You care more about paying down a credit card balance than earning rewards on your spending.

How to use it:

  • Pay down your card aggressively before the introductory period expires.
  • Don’t use your card for general purchases until you’ve paid off your transferred balance.
  • If you have multiple cards or loan balances, consider consolidating all your debt onto the BankAmericard so that you save money on interest and don’t have to keep track of too many balances.

All reviews are prepared by CreditCards.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information. 

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