- Low balance transfer intro APR for 18 billing cycles
- Low purchase intro APR for 18 billing cycles
- No annual fee
- $100 initial rewards bonus
- Balance transfer fee of 3% (min $10)
- 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 18 billing cycles (13.24% - 23.24% Variable APR after that). 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. 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% (min $10) balance transfer fee. The card’s regular APR is pretty high, too.
The BankAmericard credit card also requires excellent credit for approval, which obviously disqualifies many potential applicants. BankAmericard’s lack of ongoing rewards doesn’t increase its popularity, either, though it is common among elite 0% credit cards.
Transfer Fee: 3% (min $10)
- $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 13.24% - 23.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
- No annual fee.
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
- Access your FICO® Score for free within Online Banking or your Mobile Banking app.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
- See More Details & Reviews About BankAmericard® credit card
BankAmericard Credit Card Highlights
0% Balance Transfer Intro APR
You’ll get this intro rate, which lasts for the first 18 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 13.24% - 23.24% Variable APR will apply.
0% Purchase Intro APR
This rate lasts for your account’s first 18 billing cycles (followed by a regular APR of 13.24% - 23.24% Variable). That gives you more than 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 $22 per year. That’s how much cheaper the BankAmericard credit card is than the average credit card.
$100 Initial Bonus
Even though the BankAmericard credit card does not reward cardholders for each purchase they make, it does offer a sign-up incentive: an online bonus of $100 statement credit for spending $1,000 in the first 90 days. That’s less than the average cash rewards card offers, but the spending requirement is low and the extra savings can make your new-purchase or balance-transfer financing even less expensive.
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, which can be no less than $10. The average balance transfer credit card charges 2.44%.
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 13.24% - 23.24% 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 13.1%. 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 about the same APR as the average credit card for people with fair credit (23.05%).
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 (25.54%), 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.
Compared To The Competition vs. the Competition
BankAmericard® credit card
Citi® Diamond Preferred® Card
U.S. Bank Visa® Platinum Card
|Rewards Bonus Offer||$100||N/A||N/A|
|Purchase Intro APR||0% for 18 billing cycles||0% for 12 months||0% for 20 billing cycles|
|Transfer Intro APR||0% for 18 billing cycles for any balance transfers made in the first 60 days|
Transfer Fee: 3% (min $10)
|0% for 21 months|
Transfer Fee: 5% (min $5)
|0% for 20 billing cycles|
Transfer Fee: 3% (min $5)
|Regular APR||13.24% - 23.24% Variable||14.49% - 24.49% (V)||15.24% - 25.24% (V)|
|Details, Rates & Fees||Learn More||Learn More||Learn More|
Rates & Fees