BankAmericard® credit card review

BankAmericard® credit card review

Updated: March 7, 2023

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Updated: March 7, 2023

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Suppose you’ve accumulated credit card debt and want some extra time to pay it down without racking up interest charges. In that case, the BankAmericard credit card offers not only one of the longest introductory balance transfer offers on the market but also a decent ongoing APR.

On the downside, you won’t earn any other rewards while you chip away at your balance.


  • The intro APR period on purchases and balance transfers is one of the longest available
  • There’s no penalty APR so paying late won’t automatically raise APR


  • Limited long-term value due to lack of features beyond intro APR offer
  • This card charges a foreign transaction fee, making it a poor choice for overseas purchases

Why you might want the BankAmericard

The BankAmericard offers an incredibly lengthy runway to pay off debt, owing to its 0% introductory APR on purchases and on balance transfers (made within the first 60 days) that can delay interest charges for a whopping 21 billing cycles (variable APR of 15.49% to 25.49% applies thereafter). Also, depending on the ongoing interest rate you qualify for, the BankAmericard could serve you well as a low-interest credit card.

One of the best balance transfer offers available

One of the biggest perks of the BankAmericard credit card is its lengthy balance transfer offer – one of the longest on the market. You’ll enjoy a 0% introductory APR for 21 billing cycles on balance transfers made within the first 60 days, after which a 15.49% to 25.49% variable APR applies. This is a huge perk for cardholders looking to pay down debt and boost their credit scores. Just keep in mind that you’ll have to pay a 3% fee on the balance you transfer. This can add up to quite a bit if you have a larger debt, although some competitor cards will charge a balance transfer fee of 5%.

Cost of transferring a balance vs. interest saved

Cost of balance transfer feeApproximate interest charges over 21 months if not transferred (15.99% rate)
$700 balance with $40 monthly payment$21$102
$2,000 balance with $110 monthly payment$60$306
$4,000 balance with $220 monthly payment$120$611

As you can see, the balance transfer fee might be costly, but it still saves you quite a bit when compared to the interest charges you’d have to pay over the same amount of time. To see how much you’ll actually save, you can input your current balance and interest rate into’s balance transfer calculator.

However, a very small number of balance transfer cards — like the Navy Federal Credit Union Platinum card* — don’t charge a balance transfer fee and might be a better option. The downside of this card is that it is not accessible to everybody. To qualify, you have to be a member of the Navy Federal Credit Union.

Tip: If you are a small business owner, a personal balance transfer card can still be a good option for paying down business debt. You’ll need to weigh the effects on your personal credit score against potential savings. If you’d rather keep your business and personal finances separate, there are a few solid balance transfer business credit cards to choose from.

Impressive intro APR offer on purchases

In addition to a 0% introductory APR for 21 billing cycles on balance transfers made within the first 60 days — one of the longest introductory APR periods on the market — the BankAmericard offers an introductory APR on new purchases for the first 21 billing cycles (15.49% to 25.49% variable APR thereafter).

If you are paying down debt but have a large purchase coming up that you don’t want to compound interest on, choosing a card with an intro APR for both balance transfers and new purchases can be a great strategy. But remember that intro APRs come with stipulations, so you shouldn’t take on any more than you can pay off. For example, most banks reserve the right to end your intro APR offer if you miss a payment.

Tip: Financing a large purchase with a card with a generous intro APR can be particularly beneficial for students, who can pay off pricier educational expenses like textbooks or technology over time without racking up interest charges. Just make sure you can afford to pay off the entire balance in the intro period to avoid hefty interest when the offer ends.

After the introductory APR on balance transfers and new purchases ends, the BankAmericard APR is variable between 15.49% to 25.49%. If you qualify for the low end of the range, the APR makes it a pretty decent low-interest credit card in the long run. However, the high end APR is pretty steep – making it easy to accumulate interest if you don’t pay your bill in full each month.

If you plan on carrying a balance after the introductory period, you might be better off with a lower APR card. The Gold Visa® Card, for example, offers a shorter intro APR period than the BankAmericard (0% promotional balance transfer APR for 15 months; non-variable 17.99% APR thereafter) but a much lower ongoing purchase APR (15.49% to 17.99% variable).

On the plus side, the BankAmericard does not charge a penalty APR if you make a late payment. However, you’ll have to pay a late fee of up to $40.

Earn cash back through BankAmeriDeals

Even though the BankAmericard doesn’t come with a rewards program, it does qualify for participation in BankAmeriDeals – Bank of America’s card-linked offer program. This allows cardholders to earn cash back from hundreds of merchants just for linking a deal and shopping with their BankAmericard.

Customer experience

Bank of America scored 818 on J.D. Power’s 2022 customer satisfaction survey, ranking third out of 11 major banks. Also, the bank’s mobile app gets pretty good reviews – rating 4.6 out of 5 stars on the Google Play Store and 4.8 out of 5 on the Apple App Store.

Why you might want a different card

While the BankAmericard’s intro APR period is impressive, its lack of features and rewards after that period limits its long-term value. If you don’t need a ton of time to off your debt, you may want to consider a rewards or cash back credit card that offers a short intro APR period but more perks and protections.

No rewards program

Unfortunately, the BankAmericard does not include any rewards program. If racking up rewards is a long-term priority, several balance transfer cards do include rewards. The Citi® Double Cash Card offers 2% cash back on all purchases (1% back at purchase, then 1% after payment) and an 18-month 0% intro APR on balance transfers (then 18.49% to 28.49% variable).

The tradeoff with the Double Cash card is that there is no introductory period for new purchases. While you can look forward to rewards after paying off your balance, it might be more difficult or expensive to pay it off beforehand. Since you have the potential to earn rewards, you also might be more tempted to spend a bit more on the card, which adds to the balance you must pay off.

If paying off debt is your primary focus, you may be better off skipping a rewards program for a card that allows you to curb your debt faster.

Light on features

Though the BankAmericard is a barebones card with light features, it does include some features designed to help cardholders manage debt and improve their credit.

  • Monthly FICO score for free – As you pay down your balance and improve your credit utilization, you can keep track of changes to your credit score with a free monthly report.
  • Access to credit education – In addition to features that help you decrease your debt, the BankAmericard gives users access to credit education on topics like budgeting.
  • Overdraft protection – If you link an eligible Bank of America checking account to your credit card, Bank of America can automatically transfer money ($100 increments) to your checking account to prevent overdrafts. Just keep in mind that you’ll be charged a cash advance APR if you choose this option.
  • $0 fraud liability – If fraudulent transactions occur on your account, this feature ensures that you are not responsible for covering those charges.
  • Text banking – To make it easier you access account information, you can request info by text message.

Qualification requires good to excellent credit

The BankAmericard is designed for users with good to excellent credit (above 670) – making it a bit more difficult to qualify for the card. However, Bank of America does let users see if they prequalify for any offers without a hard pull on your credit.

How does the BankAmericard compare to other cards?

If you are ready to start chipping away at your debt, the BankAmericard is a good option. It has one of the longer intro APR periods you can find among balance transfer cards and an average APR. However, a few other cards offer perks that might make them more valuable for some users – including no balance transfer fee or a rewards program.

Chase Slate
Chase Slate Edge℠
Citi Double Cash
Citi® Double Cash Card
Citi Simplicity
Citi Simplicity® Card
Rewards rate


Rewards rate

  • Up to 2% cash back on all purchases (1% at purchase, plus 1% after payment)
Rewards rate


Introductory period (balance transfers)

18 months

Introductory period (balance transfers)

18 months

Introductory period (balance transfers)

21 months

Introductory period (new purchases)

18 months

Introductory period (new purchases)


Introductory period (new purchases)

12 months

Regular APR

19.49% - 28.24% Variable

Regular APR

18.49% - 28.49% (Variable)

Regular APR

18.49% - 29.24% (Variable)

Other things to know

  • $5 or 3% balance transfer fee (whichever is higher) during first 60 days of account opening, then $5 or 5% afterward (whichever is higher)
  • Purchase protection, extended warranty protection and auto rental collision damage waiver coverage
  • Complimentary 3-month subscription to DoorDash DashPass, and 50% off the rate for the next nine months (activate by Dec. 31, 2024)
Other things to know

  • $5 or 3% balance transfer fee (whichever is higher)
  • Balance transfers must be made within the first 4 months
  • Cash back can be converted to Citi ThankYou Points
  • Awards expire if card is not used for more than 12 months
Other things to know

  • Intro balance transfer fee of 3% ($5 minimum) for balance transfers completed in the first 4 months of account opening; $5 or 5% balance transfer fee (whichever is higher) if completed after 4 months of account opening
  • Balance transfers must be made within the first 4 months
  • No late payment fees
  • No penalty APR

Bank Americard vs. Chase Slate Edge

The Chase Slate Edge card has a 0% intro APR for purchases and balance transfers for 18 months of account opening, then a 19.49% to 28.24% variable APR. However, the Chase Slate Edge comes with a higher ongoing APR than the BankAmericard.

Even so, the issuer automatically considers your account for a 2% reduction of your standard APR for purchases and balance transfers in your anniversary year. To qualify, you should have spent $1,000 on purchases and paid on time during the anniversary year.

Bank Americard vs. Citi Double Cash Card

Unlike many balance transfer credit cards, the Citi Double Cash Card includes a cash back program – and an impressive one at that. Cardholders can earn up to 2% flat-rate cash back on all purchases: 1% at purchase, then another 1% after paying off the purchase.

While there is no introductory period for new purchases, the Citi Double Cash is a good choice for users looking for long-term value on their card – after they pay down a balance.

Bank Americard vs. Citi Simplicity Card

The Citi Simplicity also offers one of the longest introductory APR periods on balance transfers available. Like with the BankAmericard, you won’t be charged a penalty APR with the Citi Simplicity, but Citi’s competing card goes the extra mile by never charging a late payment fee. If the payment due date occasionally slips your mind, the Citi Simplicity might be the better balance transfer option.

Who should get the BankAmericard credit card?

  • It could be a good choice for cardholders with large balances who want 21 billing cycles to pay it off (15.49% to 25.49% variable APR thereafter).
  • Cardholders looking for a relatively low regular APR will like this option.
  • Users more focused on paying down a credit card balance than earning rewards are a good fit for this card.
  • Cardholders who need to finance a large purchase over 21 billing cycles without incurring additional interest can do so with the BankAmericard.

How to use the BankAmericard credit card:

  • Transfer a balance in the first 60 days of membership to qualify for the card’s intro APR on balance transfers.
  • Pay down your balance before the introductory APR ends to avoid interest.
  • Avoid charging new purchases you can’t pay off in addition to your balance transfer.
  • Take advantage of BankAmeriDeals to earn cash back on everyday shopping.
  • Use your monthly FICO score for free and credit education resources to monitor and boost your credit score.

Is the BankAmericard credit card right for you?

While the balance transfer fee on the BankAmericard makes it less competitive than some balance transfer cards, its decent ongoing APR and lengthy introductory period still rank it as a great option for paying down debt.

Plus, cardholders can take advantage of BankAmeriDeals to earn some extra cash back – even though the card doesn’t include a rewards program.


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