BankAmericard Credit Card Review

Bank of America balance transfer offers allow you to shift several types of debt. Options include auto loans, student loans, mortgages, small business loans and payday loans. You just can't transfer debt between BofA products.

Balance transfers take at least 14 days to complete. Initiate your transfer as soon as possible because the intro APR period starts as soon as you open your account. When the intro period ends, any remaining balance will accrue interest at the card's regular APR.

Today's Bank of America balance transfer offers:

• BankAmericard® credit card: Intro APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days. 3% (min $10) balance transfer fee. 12.99% - 22.99% Variable regular APR.
• Bank of America® Customized Cash Rewards Credit Card for Students: 0% for 15 months intro APR on balance transfers made within 60 days of account opening. 3% (min $10) balance transfer fee. 13.99% - 23.99% (V) regular APR.
• AAA Credit Card: 0% for 12 months intro APR on balance transfers. 3% (min $10) balance transfer fee. 13.99% - 23.99% (V) regular APR.
• World Wildlife Fund Credit Card: 0% for 15 months intro APR on balance transfers. 3% (min $10) balance transfer fee. 13.99% - 23.99% (V) regular APR.
• U.S. Pride Credit Card: 0% for 15 months intro APR on balance transfers. 3% (min $10) balance transfer fee. 13.99% - 23.99% (V) regular APR.

So, there are a few very good Bank of America balance transfer deals. Keep in mind, however, that you will need good or excellent credit to qualify for these cards, and you need to be a student to get the limited version.

The BankAmericard credit card credit limit will vary based on each applicant's creditworthiness, with many cardholders reporting initial credit limits from $1,000 to $15,000 in some online fora. Your BankAmericard credit card credit limit will depend on a number of factors such as your credit history, income and debt. But there is no disclosed minimum or maximum credit limit. The card does require excellent credit, though, and some applicants with credit scores in this range reportedly get an initial credit limit of $10,000 or more.

To receive a high credit limit, you will need a stellar credit score, enough income to make at least the minimum payment each month, and very little existing debt. The stronger your credit profile, the higher you can expect your starting credit limit to be. However, you won't know your exact credit limit until you're approved.

Here's how to get a BankAmericard credit card credit limit increase:

Whatever your starting BankAmericard credit card credit limit happens to be, you can request an increase either through your online account or by calling the number on the back of your card. Your chances of getting a credit limit increase are best if you've had the card for at least six months with no late payments during that time. If your income has gone up or if your debt was reduced from when your first received the card, that will also help your chances. But if you request a credit limit increase, Bank of America will pull a copy of your credit report. This will only trigger a harmless "soft pull" that doesn't affect your credit score.

Bank of America may occasionally review your account to see if you're eligible for an automatic credit limit increase. However, there's no guarantee when or if you'll get one. BankAmericard credit card automatic credit limit increases are always done with a "soft pull" of your credit profile.

The BankAmericard® credit card foreign transaction fee is 3%. This charge applies to all international purchases, whether in a foreign country or online. The regular BankAmericard® credit card, the Bank of America® Customized Cash Rewards Credit Card for Students and the BankAmericard® Secured Credit Card all have the same foreign transaction fee. A typical foreign transaction fee ranges from 0% to 3%, depending on the card and the issuer.

Not all Bank of America credit cards charge foreign transaction fees. For example, the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card do not charge extra for purchases abroad. This makes them a better choice for international travel than the BankAmericard® credit card. All Bank of America credit cards are issued on either the Mastercard or Visa network, which means they're accepted almost anywhere you'd travel.

The BankAmericard® credit card credit score requirement is 750 or better. That means people with excellent credit or better have a shot at getting approved for the BankAmericard credit card.

You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the BankAmericard credit card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.

If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it's best to wait to apply until you meet the BankAmericard credit card credit score requirement. You can check your credit score for free on WalletHub.

The best BankAmericard benefit is an introductory APR of 0% for 18 billing cycles for purchases and 0% for 18 billing cycles for any balance transfers made in the first 60 days on balance transfers. There's also rental car insurance that provides coverage up to $50,000 against damage and theft. Price protection refunds up to $250 per claim if you find a lower price on a new item within 60 days of the purchase date. And an extended warranty benefit adds an additional year to existing warranties of 3 years or less on eligible purchases. A $0 fraud liability guarantee is standard, too.

It's also worth noting that the BankAmericard annual fee is $0. But the card does not offer rewards or a sign up bonus. So once the promotional rate expires, you may not find much value in the card.

If you want rewards or extra benefits, Bank of America Cash Rewards and Travel Rewards are better options. Each offers an attractive sign up bonus. You'll also earn cash back or travel rewards.

For the best BankAmericard approval odds, an applicant must have an excellent credit score (750+ is ideal). It's also important to have a high annual income and little existing debt. Bank of America will review several other key criteria, too, including the applicant's payment history, employment status, monthly housing payments, number of open credit accounts and more.

Before you apply, consider using Bank of America's pre-approval tool. You won't be able to search for the BankAmericard Credit Card specifically, but the pre-approval tool will display all Bank of America cards for which you may qualify. This allows you to get a better idea of your BankAmericard approval odds with no risk to your credit score. Pre-approvals are done using a harmless soft inquiry. But if you then decide to apply for a card, Bank of America will perform a hard inquiry. This type of inquiry will cause a short-term drop in your credit score. Keep in mind, though, that being pre-approved doesn't guarantee that you will get the card. You'll still have to submit an application. But pre-approval is a strong indicator that your odds of approval will be high.

If your credit profile falls outside of the BankAmericard Credit Card's range, you may want to consider applying for one of the other BankAmericard-branded offers. College kids with limited credit should be eligible for the BankAmericard Credit Card for Students. In addition, the BankAmericard Secured Card offers high approval odds for applicants with bad credit.

The BankAmericard grace period is at least 25 days from the end of each billing cycle until the payment due date. This gives cardholders a set timeframe in which to pay their BankAmericard Credit Card's statement balance in full without any interest charges. However, the regular APR of 12.99% - 22.99% Variable applies to any balance remaining after the BankAmericard grace period expires. Interest will accumulate each day on both the principal balance and previous days' interest.

If you don't pay the balance in full by the due date, you will lose the BankAmericard grace period. This means interest starts accruing immediately on your remaining balance and all new purchases. To restore a lost BankAmericard grace period, you will need to pay your statement balance in full for two straight billing periods. It's also important to note that grace periods do not apply to cash advances or balance transfers.

New BankAmericard customers can avoid paying interest in the short term thanks to the card's introductory 0% APR offer. BankAmericard gives you 0% for 18 billing cycles on purchases. On balance transfers, it's 0% for 18 billing cycles for any balance transfers made in the first 60 days. There's also a 3% (min $10) transfer fee. And once the 0% APR offer expires, any remaining balance is subject to BankAmericard's regular APR.

Your BankAmericard balance transfer limit will be a portion of your entire credit limit. And as credit limits are individualized, there isn't a general balance transfer limit. You can look up yours on your monthly statement or by calling Bank of America's customer service department at 800-732-9194.

You can apply for the BankAmericard Credit Card online, by clicking on the 'Apply Now' button.

For a similar card from BOA, I'd suggest applying for the Bank of America Cash Rewards credit card for people with excellent (750+) credit. It offers:

• Purchase intro APR of 0% for 15 billing cycles
• Balance transfer intro APR of 0% for 15 billing cycles for any balance transfers made in the first 60 days
• $0 annual fee

Keep in mind, though, that an application could result in a hard pull on your credit, lowering it for a short period of time. So it's best to make sure you qualify for it!

The BankAmericard credit card does not offer rental car insurance. But there are other Bank of America cards that do have this benefit, which covers physical damage and theft of a rental vehicle, reasonable towing costs, and any valid loss-of-use charges from the rental agency. Cardholders are covered up to up to the actual cash value of the rented vehicle.

To get coverage, a cardholder must pay for the rental entirely with an eligible Bank of America credit card or reward points. Examples of eligible cards include the Bank of America Travel Rewards credit card and Bank of America Premium Rewards credit card.

If you'd like a credit card with rental car insurance, there are plenty of options outside of Bank of America, too.