BankAmericard® Credit Card
- Best for: Paying off a big purchase or another bank’s card balance at 0%
- What Sets It Apart: 0% for 21 billing cycles on purchases and balance transfers; no penalty APR
- Cost: $0 annual fee; 5% balance transfer fee; 15.24% to 26.24% variable APR after the intro; 3% foreign transaction fee
- Pros: 0% on purchases and transfers alike; no penalty APR; no annual fee
- Cons: No rewards; transfers can’t pay off Bank of America or affiliate accounts; 60 days to make transfers at 0%
Get the BankAmericard® Credit Card if you want 0% for 21 billing cycles to pay off a big purchase or another bank’s card balance. It has no annual fee, and paying late won’t trigger a penalty rate. If you pay in full every month, pick a no-annual-fee cash back card instead, since this one earns nothing.
The BankAmericard earns no rewards, so its value is the interest it saves while you pay down a balance or a big purchase. On $5,000 moved from a card charging 22%, the 5% transfer fee comes to $250, less than three months of interest on the old card at about $92 a month.
Key Features
- 0% for 21 billing cycles on purchases, and on balance transfers you make within 60 days of opening the account
- Variable annual percentage rate (APR) of 15.24% to 26.24% after the intro period, based on your credit
- 5% fee on every balance transfer, including those at 0%
- No annual fee
- 3% fee on each transaction made in a foreign currency
Pros
- 0% on new purchases as well as transferred balances, for the full intro period
- No penalty APR to raise your rate after a late payment
- No annual fee to cut into the interest you save
Cons
- No rewards, so little reason to use it once the 0% ends
- Balance transfers can’t pay down an account at Bank of America or its affiliates, including its other cards
- Only 60 days after opening to move a balance at 0%
- May not be available if you have the card or had it in the past 24 months
- Late fee of up to $30, or up to $41 for another late payment within six billing cycles
The BankAmericard suits anyone who can clear the balance before the 0% ends, since whatever is left then is charged a variable rate of 15.24% to 26.24%. Cardholders who pay in full every month gain nothing from the 0% and should pick a no-annual-fee cash back credit card, while business owners should look at Bank of America’s Platinum Plus business card.
Learn more about the BankAmericard® Credit Card or see how it compares to the best balance transfer credit cards.
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