Pros
- Low balance transfer intro APR for 21 billing cycles
- Low purchase intro APR for 21 billing cycles
- No annual fee
Cons
- Balance transfer fee of 3%
- Very high regular APR
- Excellent credit required
BankAmericard Credit Card Review Summary
The BankAmericard® credit card is a very good credit card for people with excellent credit who want to avoid interest on credit card debt. The BankAmericard is worth it because it has a $0 annual fee and 0% introductory APRs for purchases and balance transfers that last for the first 21 billing cycles (15.99% - 25.99% Variable APR after that). If you transfer a balance, you just have to do so within 60 days of opening an account to get the intro rate.
Those features compare favorably to most competing offers. But that is not to say BankAmericard’s financing offer is flawless. The most important imperfection for folks with expensive debt is the card’s 3% balance transfer fee. The card’s regular APR is pretty high, too. You also need excellent credit for approval, which disqualifies many potential applicants.
BankAmericard Credit Card Highlights
0% Balance Transfer Intro APR
You’ll get this intro rate, which lasts for the first 21 billing cycles your account is open, if you initiate a balance transfer within 60 days of being approved. The average balance transfer credit card offers 0% for nearly 13 months, according to WalletHub’s latest Credit Card Landscape Report. So the BankAmericard credit card offers way more than the market average. Having an intro period is crucial because most 0% credit cards have high regular interest rates. After the intro APR offer ends, a 15.99% - 25.99% Variable APR will apply.
0% Purchase Intro APR
This rate lasts for your account’s first 21 billing cycles (followed by a regular APR of 15.99% - 25.99% Variable). That gives an extra 9 months without interest compared to the average card offering 0% purchases.
No Annual Fee
This is a standard feature among balance transfer credit cards, so it probably won’t be a deciding factor in your comparison shopping. But there’s nothing wrong with saving about $21.65 per year. That’s how much cheaper the BankAmericard credit card is than the average credit card.
BankAmericard Credit Card Lowlights
3% Balance Transfer Fee
The BankAmericard credit card would be a truly elite balance transfer credit card if not for this fee. The average balance transfer credit card charges 2.55%.
Very High Regular APR
The BankAmericard credit card’s regular APR could be anywhere from 15.99% - 25.99% Variable, depending on your creditworthiness. Some context is necessary to understand why that’s bad. You see, the average APR among credit cards for people with excellent credit is 17.23%. And you need excellent credit to get the BankAmericard. So you’re probably end up overpaying on interest if you carry a balance from month to month after the card’s 0% intro period concludes. It’s just a question of how much. If you’re assigned a rate at the high end of BankAmericard’s advertised range, you’ll have a higher APR than the average credit card for people with fair credit (25.54%).
Excellent Credit Needed
The higher a credit card’s minimum credit score requirement is, the better it’s terms need to be. The people who are able to qualify can also get most other credit cards, after all. The requirement also makes most consumers ineligible.
Other Things to Consider About The BankAmericard Credit Card
3% Foreign Transaction Fee
Although 35% of Americans do think travel is worth getting into debt for, it’s not the best idea to use a 0% credit card for travel purchases. You should use a rewards card and pay the bill in full every month. So the BankAmericard credit card’s 3% foreign fee probably wouldn’t affect you, anyway. But it would be better not to have to worry about it.
No Penalty APR
This may sound like a big benefit, but there are a couple of important reasons why it’s not. First of all, you can still lose your 0% intro APR if you don’t make your minimum monthly payments on time while it’s in effect. In addition, the BankAmericard credit card’s regular APR can be nearly as high as the average credit card’s penalty APR (26.86%), anyway.
Undisclosed Minimum Credit Limit
Unfortunately, you won’t know how big of a purchase or balance transfer you’ll be able to make because the BankAmericard does not list a minimum credit limit you’re guaranteed to get if approved. Some cards provide this information in their terms and conditions. But BankAmericard makes you wait until approval to find out.If you request a balance transfer when you apply, and the amount exceeds the limit you’re approved for, Bank of America may approve only part of it.
BankAmericard vs. the Competition
Info | BankAmericard® credit card | Citi® Diamond Preferred® Card | U.S. Bank Visa® Platinum Card |
---|---|---|---|
Annual Fee | $0 | $0 | $0 |
Bonus Offer | N/A | N/A | N/A |
Rewards Rate | N/A | N/A | N/A |
Purchase Intro APR | 0% for 21 billing cycles | 0% for 12 months | 0% for 18 billing cycles |
Transfer Intro APR | 0% for 21 billing cycles for any balance transfers made in the first 60 days Transfer Fee: 3% | 0% for 21 months Transfer Fee: 5% (min $5) | 0% for 18 billing cycles Transfer Fee: 3% (min $5) |
Regular APR | 15.99% - 25.99% Variable | 17.99% - 28.74% (V) | 19.49% - 29.49% (V) |
Editors' Rating | 4 | 3.6 | 4.8 |
Details, Rates & Fees | Learn More | Learn More | Learn More |
BankAmericard® credit card Review Methodology
This BankAmericard® credit card review is based on WalletHub’s proprietary 100-point credit card rating system. By using a consistent methodology to evaluate the BankAmericard® credit card and all other cards, WalletHub’s credit card experts make it easy for people to compare their options and find the best credit cards for their needs.
The WalletHub rating system uses 16 key metrics grouped into seven categories: Fees, Rewards, Two-year Cost, Interest Rates, Approval Requirements, Special Features, and Reviews. Each metric has a maximum number of points allocated to it, based on the metric’s importance as determined by our editors. The points are added up to create an overall rating for the BankAmericard® credit card out of a maximum of 100 points, which is then converted to a 5-point scale.
Ratings for each category reflect how close BankAmericard credit card is to WalletHub’s definition of a 5-star credit card, which is based on market conditions and what we believe are reasonable terms. We compare BankAmericard credit card to that standard to give a numerical approximation of how reasonable and competitive its terms are compared to other cards.
To learn more about how WalletHub rates credit card offers, check out our full credit card review methodology.