2020 BankAmericard Credit Card Review

John S Kiernan, Managing EditorFeb 7, 2020

This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. Bank of America is a WalletHub partner.

EDITOR’S RATING

4.0 / 5

PROS

0% balance transfer APR for 15 billing cycles
0% purchase APR for 15 billing cycles
No annual fee

CONS

Balance transfer fee of 3% (min $10)
Very high regular APR
Excellent credit required

Note: The BankAmericard Credit Card is no longer available to new applicants. The information presented below is accurate as of April 2020.

The Verdict: The BankAmericard® credit card is a very good tool for avoiding interest on credit card debt, whether you’re planning a big purchase or need a way to reduce the cost of an existing balance. The stars of the show are BankAmericard’s $0 annual fee and its 0% introductory APRs, which apply to purchases and balance transfers for the first 15 billing cycles. If you transfer a balance, you just have to do so within 60 days of opening an account to get that rate.

Those features compare favorably to most competing offers. The average 0% purchase APR lasts for about 10.88 months. And the average 0% balance transfer deal gives you about 12.41 months. 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. Although this is the average for a balance transfer credit card, it’s a distinguishing factor between the BankAmericard credit card and its biggest competitors.

The BankAmericard credit card also requires excellent credit for approval, which obviously disqualifies many potential applicants. BankAmericard’s lack of rewards doesn’t increase its popularity, either, though it is common among elite 0% credit cards.

Continue reading below for more information that will help you decide whether or not to apply for the BankAmericard credit card.

The Highlights

0% Balance Transfer APR: You’ll get this intro rate, which lasts for the first 15 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 12.41 months, according to WalletHub’s latest Credit Card Landscape Report. So the BankAmericard credit card is ahead of the game. Having a long intro period is crucial because most 0% credit cards have high regular interest rates.

0% Purchase APR: This rate lasts for your account’s first 15 billing cycles. That gives you an extra half-year without interest compared to the average card offering 0% purchases.

No Annual Fee: This is a standard feature among 0% credit cards, so it probably won’t be a deciding factor in your comparison shopping. But there’s nothing wrong with saving about $19.49 per year. That’s how much cheaper the BankAmericard credit card is than the average credit card.

The Lowlights

3% Balance Transfer Fee: The BankAmericard credit card would be a truly elite balance transfer credit card if not for this fee, which can be no less than $10. The average balance transfer credit card also charges 3%.
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.
Very High Regular APR: The BankAmericard credit card’s regular APR could be anywhere from 12.99% - 22.99% 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 13.03%. And you need excellent credit to get the BankAmericard. So you’re guaranteed to overpay 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 even the average credit card for people with fair credit (23.43%).

Other Things to Consider

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 (25.56%), 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.

Questions & Answers (25 questions)

What are some Bank of America balance transfer offers?

Upvotes

WalletHub

@WalletHub

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:

Bank of America® Cash Rewards credit card
U.S. Pride Credit Card
Bank of America® Cash Rewards Credit Card for Students
AAA Credit Card
World Wildlife Fund Credit Card

So, there are two good Bank of America balance transfer deals: the Bank of America® Cash Rewards credit card and the Bank of America® Cash Rewards Credit Card for Students. Keep in mind, however, that you will need excellent credit to qualify for the BofA Cash Rewards, and you need to be a student to get the limited-credit version.

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What is the BankAmericard foreign transaction fee?

Upvotes

KEYAIRA SUTTON , Puppy Lover

@keykey

The BankAmericard 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 BankAmericard Credit Card for Students and the BankAmericard Secured 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 a foreign transaction fee. For example, the Bank of America Travel Rewards and Premium Rewards cards 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.

With better options available, BankAmericard is not good for using abroad. But it's quite useful at home with its introductory 0% APR on purchases and balance transfers. There's also a $0 annual fee.

What credit score is needed for BankAmericard?

Upvotes

ASHLEY WADE , Tech Girl

@shlee

The BankAmericard credit score requirement is at least 750. That means applicants generally need excellent credit for approval. There are exceptions from time to time, but people with scores below 750 won't have good odds. A high credit score alone won't even guarantee approval for the BankAmericard Credit Card.

The BankAmericard's credit score requirement is just one element of its overall approval requirements. Bank of America will also consider other factors, such as your annual income and the amount of debt you have. You'll have to meet certain personal requirements too. For example, you must be at least 18 years old with a physical U.S. mailing address. Bank of America also requires a Social Security number (SSN), Individual Taxpayer Identification number (ITIN) or passport.

If you don't meet the BankAmericard credit score requirement, consider some other options. People with bad credit (a score of 639 or less) can apply for the BankAmericard Secured Card. There are also a few options for students with limited/no credit history.

How much is the BankAmericard balance transfer limit?

Upvotes

Tiara James

@tiarajames

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.

What is the BankAmericard credit limit?

Upvotes

WalletHub

@WalletHub

The BankAmericard's credit limit depends on a number of factors such your credit history, income and debt. But there is no disclosed minimum or maximum credit limit for the BankAmericard Credit Card. The card does require excellent credit, though, and applicants with credit scores in this range can often get an initial credit limit of $10,000 or more. Cardholders in some online forums also report receiving initial BankAmericard credit limits ranging from $1,000 to $15,000.

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.

Whatever your starting BankAmericard credit limit happens to be, you can request an increase either online or by phone. 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 hard “pull” will cause a short-term decrease in 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 automatic credit limit increases are always done with a soft pull of your credit profile. These do not affect your credit score.

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