BankAmericard® Credit Card Review – 0% Balance Transfer APR

The BankAmericard® Credit Card is a no-frills credit card that boasts a long introductory period with a 0% balance transfer APR, and a relatively low ongoing APR for cardholders in good standing. It competes with a number of popular no-frills cards, such as Chase Slate, Citi Simplicity, and U.S. Bank Visa Platinum. It’s also comparable to some entry-level cash back rewards credit cards with introductory APR promotions, including Chase Freedom, Capital One Quicksilver, and members of the Discover it family.

It’s worth noting that BankAmericard doesn’t have a rewards program, sign-up bonus, or any of the luxury benefits common to some other credit cards. On the other hand, it’s easier to qualify for than some competing cards. Although you probably won’t qualify for this card if you have a thin to nonexistent credit history or serious credit blemishes – such as personal bankruptcy – you also don’t need excellent credit to gain approval.

Key Features

Introductory APR

This card comes with a long, generous 0% balance transfer APR promotion: 18 billing cycles for transfers made within 60 days of account opening.

Regular APR

Once the introductory period ends, balance transfer APRs range from 11.24% to 21.24%, depending on your creditworthiness and prevailing interest rates.

Purchase APRs fall within the same range from day one.

The cash advance APR ranges from 14.24% to 25.24%, depending on prevailing rates, your personal creditworthiness, and the type of cash advance. Direct deposit and check cash advances range from 14.24% to 24.24%, while bank cash advances are always 25.24%.

The penalty APR is always 29.99%.

Important Fees

BankAmericard Credit Card has no annual fee. The foreign transaction fee is 3% of the total transaction amount, while balance transfers cost the greater of $10 or 3% of the transferred amount. Cash advances cost the greater of $10 or 5%. Late payments cost $37, and returned payments cost $27.

Overdraft Protection for BoA Accountholders

If you have a Bank of America deposit account, you can link it to your BankAmericard credit card to prevent overdrafts. In the event of an overdraft, your BankAmericard is charged in $100 increments – for instance, if a bank account charge results in a $150 overdraft, your card is charged $200. Overdraft charges cost $12 apiece and accrue interest at the maximum cash advance rate.

Credit Required

This card requires good to excellent credit. A few minor blemishes aren’t likely to disqualify you, but any major issues with your credit report probably will.

Advantages

1. Excellent Balance Transfer Promotion. This card has one of the longest balance transfer promotions around: 0% APR for 18 billing cycles on transfers made within 60 days of account opening. That’s longer than the U.S. Bank Visa Platinum Card (12 months) and Chase Slate (15 months).
2. No Annual Fee. BankAmericard Credit Card doesn’t have an annual fee, further reducing the cost of a card that’s already fairly cheap to carry a balance on.
3. Low Ongoing Purchase and Balance Transfer APR. BankAmericard has a relatively low regular purchase and balance transfer APR. It ranges between 11.24% and 21.24%, depending on your personal creditworthiness. That’s lower than Chase Slate and Capital One Quicksilver.
4. Overdraft Protection for Bank of America Deposit Accountholders. Current Bank of America deposit accountholders can take advantage of BankAmericard Credit Card’s overdraft protection feature, which reduces the likelihood that you’re unable to make a bank account transaction due to insufficient funds. Other credit cards associated with banks, such as Discover it and Discover Bank, do not have overdraft protection arrangements.
5. Doesn’t Require Excellent Credit. BankAmericard isn’t a secured credit card, nor is it billed as a card that’s ideal for building credit. However, Bank of America is clear that this card is much easier to qualify for than more generous, rewards-rich cards. As long as you don’t have any major blemishes on your personal credit, you’re likely to be approved for this card. If you use it responsibly over time, your credit should improve – and you may find yourself eligible for more exciting, generous cards.
6. Low Balance Transfer Fee. This card’s 3% (or $10, if greater) balance transfer fee is unusually low. Many competing cards’ fees, including those with long introductory balance transfer APR promotions, top 4% or even 5%. Coupled with its own 18-billing-cycles 0% balance transfer APR promotion, BankAmericard’s low balance transfer fee is a big incentive for applicants who wish to transfer high-interest card balances at relatively low cost.

Disadvantages

1. No Rewards. BankAmericard Credit Card doesn’t have any cash back or point-based rewards. If you prefer to get paid back in some fashion for your purchases, this isn’t the card for you – especially if you don’t plan to carry a balance from month to month.
2. No Sign-up Bonus. This card doesn’t have a sign-up bonus. That’s a drawback relative to many competing cards, including Chase Freedom ($150 sign-up bonus) and Capital One Quicksilver ($150 early spend bonus).
3. No Purchase APR Promotion. Although this card’s intro balance transfer promotion is among the best in the business, it’s not paired with a purchase APR promotion. That’s a problem for new cardholders who intend to make large purchases within months of opening their accounts. If a 0% purchase APR is important to you, look to Citi Simplicity (0% purchase and balance transfer APR for 21 months) or Chase Freedom (0% purchase and balance transfer APR for 15 months).
4. Has a Penalty APR. This card carries a penalty APR – a major drawback for cardholders who occasionally miss payments. Many competing cards, including the Discover it family and Chase Freedom, don’t have penalty APRs.

Final Word

No one can accuse the BankAmericard® Credit Card of being exciting. With no rewards program, sign-up bonus, or luxury benefits, it’s fair to say that this card is downright boring.

However, there’s something to be said for a downright boring card – particularly when it has one of the best introductory balance transfer promotions and lowest ongoing interest rates around. If you’re looking for a no-frills credit card that offers great deals on balance transfers and doesn’t cost a pretty penny to maintain, you can definitely do worse than this piece of plastic.

Rating: 4.1

VERDICT

BankAmericard® Credit Card

The BankAmericard® Credit Card is a plain vanilla credit card that’s ideal for people with less than perfect credit who wish to transfer high-interest balances from existing cards at low cost. It’s not ideal for people seeking rewards programs or luxury benefits in exchange for making purchases.

Score: 4.1 out of 5 stars

This card’s great balance transfer promotion, low APR, and overdraft protection for Bank of America customers – not to mention the lack of an annual fee – are all great perks. However, the lack of rewards, a sign-up bonus, and a purchase APR promotion are all drawbacks. Overall, it’s a great no-frills cards for people who wish to transfer high-interest balances without paying an arm and a leg.