BankAmericard® credit card review

BankAmericard® credit card review

Updated: October 5, 2021

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Updated: October 5, 2021

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Ratings Policy
Balance Transfer Rating:
4.4 rating
4.4 rating
4.4 / 5
Introductory Offer:4.7
Net Value:2.4
Features:1.0
Issuer Customer Experience1.6

In a Nutshell:

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

Learn more about this card

Introductory Period
Introductory 0% APR for first 18 billing cycles for purchases and for any balance transfers made within 60 days of opening account

Excellent

Transfer Fee
3% (or $10, whichever is greater)

Excellent

Introductory Purchase APR
0% for 18 billing cycles

Excellent

Regular APR
12.99%- 22.99% (variable)

Average

Annual Fee
$0

Excellent

Bank of America Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 812 (20% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.7/5
  • Apple Store mobile app rating: 4.8/5
Fair

Other Notable Features: No penalty APR, mobile banking, text banking, private online shopping, overdraft protection, account alerts

Low Interest Rating:
3.7 rating
3.7 rating
3.7 / 5
Rates, Fees, Penalties:3.8
Rewards:0.0
Features:1.0
Issuer Customer Experience1.6

In a Nutshell:

With a low regular APR and a long introductory period on balance transfers and new purchases, the BankAmericard Credit Card can save you a considerable amount on interest.

Learn more about this card

Regular APR
12.99%- 22.99% (variable)

Poor

Introductory Purchase APR
0% for 18 billing cycles

Excellent

Introductory Balance TransferAPR
0% for 18 billing cycles for balance transfers made in the first 60 days

Fair

Fees

  • No annual fee
  • 3% balance transfer fee (or $10, whichever is greater)
  • 3% foreign transaction fee
  • See Terms for Cash Advance fee
Very Good

Penalties

  • Up to $40 late payment fee
  • No penalty APR
  • Up to $29 returned payment fee
Very Good

Bank of America Customer Service Ratings

  • J. D. Power 2020 customer satisfaction rating: 812 (20% of issuers in this category ranked higher)
  • 24/7 customer service?: Yes
  • Online chat available?: Yes
  • Google Play Store mobile app rating: 4.7/5
  • Apple Store mobile app rating: 4.8/5
Average

Other Notable Features: No penalty APR, mobile banking, text banking, private online shopping, overdraft protection, account alerts

BankAmericard credit card Review: More Details

If you’ve accumulated credit card debt and want some extra time to pay it down without racking up interest charges, the BankAmericard credit card offers a lengthy introductory balance transfer offer and decent ongoing APR.

You can also earn a $100 statement credit online bonus after spending at least $1,000 in purchases within the first 90 days of opening your account. This statement credit could go a long way.

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

Better-than-average balance transfer offer

One of the biggest perks of the BankAmericard credit card is its long balance transfer offer. For cardholders looking to pay down debt and boost their credit score, this is a huge perk.

Just keep in mind that you’ll have to pay a 3% fee on the balance you transfer (or $10, whichever is greater). If you have a larger debt, this can add up to quite a bit.

Cost of transferring a balance vs. interest saved

Cost of balance transfer feeInterest charges over 18 months if not transferred (15.99% rate)
$500 balance with $38 monthly payment$15$53
$2,000 balance with $150 monthly payment$60$217
$4,000 balance with $299 monthly payment$120$435

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 CreditCards.com’s balance transfer calculator.

However, some balance transfer cards – like the Chase Slate* – don’t charge a balance transfer fee and might be a better option for many cardholders. You’ll still get a lengthy intro period to chip away at your debt without racking up any extra charges.

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 just need to weigh the effects on your personal credit score against potential savings. If you’d rather keep your business and personal finances separate, though, there are a few solid balance transfer business credit cards to choose from.

Transferring a balance with the BankAmericard

If you decide the BankAmericard is best for you, transferring a balance to the card is relatively simple. You’ll need to make sure you transfer your balance in the first 60 days to qualify for the offer. It is also worth noting that you can’t transfer a balance from another Bank of America card, so if you are carrying debt on a card from the issuer, you’ll have to choose another offer.

Qualifying for a balance transfer is a bit different than qualifying for your card application – and you might not be eligible to transfer if your debt-to-income ratio is too high. If you do qualify, be sure to continue making payments on your old card until the transfer is processed, which can take up to 14 days.

See related: How to transfer a balance to a Bank of America credit card

When you transfer a balance to a balance transfer card, you’ll only be able to transfer as much as your credit limit on the new card. If your credit limit is not high enough to transfer your whole balance, you might end up having to make more than one balance transfer – which can be detrimental to your credit.

Lengthy intro APR for new purchases

In addition to a lengthy interest-free intro period on balance transfers, the BankAmericard offers an introductory APR on new purchases for the first 18 billing cycles (12.99% to 22.99% variable thereafter).

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

Tip:Financing a large purchase with a card with a generous intro APR can be particularly beneficial for students. Pricier educational expenses like textbooks or technology can be paid off 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.

Steep cost for carrying a balance in the long term

After the introductory APR on balance transfers and new purchases ends, the BankAmericard APR is variable between 12.99% and 22.99%. 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.

Interest charges for carrying a balance

If you do plan on carrying a balance after the introductory period, you might be better off with a lower-APR card. The PenFed Gold Visa® Card, for example, offers a shorter intro APR period than the BankAmericard (0% promotional balance transfer APR for 12 months through 3/31/22; non-variable 17.99% APR thereafter) but a much lower ongoing purchase APR (7.49% 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 (up to $29 for returned payments).

No rewards program

Unfortunately, the BankAmericard does not include any sort of rewards program. If racking up rewards is a long-term priority, there are several balance transfer cards that 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 13.99% to 23.99% 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 main focus, you may be better off skipping a rewards program for a card that allows you to curb your debt faster.

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.

Other features of the BankAmericard

Though the BankAmericard is a barebones card that is light on features, it does include several 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 there are fraudulent transactions 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.

Customer experience

Bank of America has fared better of late when it comes to its customer service reputation. The bank scored 812 on J.D. Power’s 2020 customer satisfaction survey, ranking third out of 11 major banks. The Bank of America mobile app also gets pretty good reviews – rating 4.7 out of 5 on the Google Play Store and 4.8 out of 5 on the Apple App Store.

Who can qualify for the BankAmericard?

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 pre-qualify 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 zero-interest 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*
Citi Double Cash
Citi® Double Cash Card
Citi Simplicity
Citi Simplicity® Card
Rewards rate

None

Rewards rate

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

None

Introductory period (balance transfers)

15 months

Introductory period (balance transfers)

18 months

Introductory period (balance transfers)

21 months

Introductory period (new purchases)

15 months

Introductory period (new purchases)

None

Introductory period (new purchases)

12 months

Regular APR

14.99-23.74% (variable)

Regular APR

13.99-23.99% (variable)

Regular APR

14.74-24.74% (variable)

Other things to know

  • $0 balance transfer fee for first 60 days of account opening, then $5 or 5% (whichever is greater)
  • No penalty APR
  • Purchase protection, extended warranty protection and auto rental collision damage waiver coverage
  • Complimentary three-month subscription to DoorDash DashPass, and 50% off the rate for the next nine months (activate by December 31, 2021)
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
  • $25 minimum cash redemption (except for eligible Citi savings or checking account credits)
  • Awards expire if card is not used for more than 12 months
Other things to know

  • $5 or 5% balance transfer fee (whichever is higher)
  • Balance transfers must be made within the first 4 months
  • No late payment fees
  • No penalty APR

Chase Slate

The Chase Slate card has a $0 balance transfer fee for the first 60 days. On large balances, this could potentially save hundreds of dollars. In most cases, you’ll save more from the balance transfer fee than you’ll pay in interest in the extra three months. However, the Chase Slate does come with a higher ongoing APR than the BankAmericard. If you foresee needing to carry a balance after the introductory period, it might not be the best option.

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.

Citi Simplicity® Card

The Citi Simplicity offers one of the longest introductory APR periods on both 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 tends to slip your mind occasionally, the Citi Simplicity might be the better balance transfer option.

Who should get the BankAmericard credit card?

  • Cardholders with a large balance who want 18 billing cycles to pay it off interest-free (12.99% – 22.99% variable APR thereafter).
  • Cardholders looking for a relatively low regular APR.
  • Users who are more focused on paying down a credit card balance than earning rewards.
  • Cardholders who need to finance a large purchase over 18 billing cycles without incurring additional interest.

How to use the BankAmericard credit card:

  • Transfer a balance in the first 60 days of membership to qualify for the card’s 0% interest rate 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 worth it?

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.

*The information for the Chase Slate has been collected independently by CreditCards.com. The card details on this page have not been reviewed or provided by the card issuer. 

Our reviews and best card recommendations are based on an objective rating process and are not driven by advertising dollars. However, we do receive compensation when you click on links to products from our partners. Learn more about our advertising policy

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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