The BankAmericard credit card isn’t fancy, but it doesn’t try to be. It has one job – save money on credit card interest – and it does it just like any other card on the market.
The value of the card is largely derived from the 0% period. Aside from that, however, the credit card lacks any of the perks you’re looking for, such as ongoing rewards or perks. And that means there’s little incentive to keep using it after the promotional APR has expired.
what is bankamericacard
Bank of America’s BankAmericard offers little more than an introductory APR offering. The card waives the penalty APR but protects against late payment and accrual fees. Bank of America offers your standard benefits of paperless statements, access to FICO scores, overdraft protection (for a fee), account alerts, online and mobile banking, and many other benefits, and this card is no different. Apart from these, there are no additional benefits or incentives.
After all, there aren’t many scenarios where this card is for anything other than temporary use, thanks to the introductory APR offer. But you can find other cards with similar APR intro offers that also offer rewards or other benefits.
Why You Need a BankAmericard Credit Card
The BankAmericard credit card offers one of the longest 0% periods available anywhere, saving you nearly two years of interest when paying off high-interest debt or making a major purchase. The annual fee is $0 and the transfer fee is a reasonable 3%.
With the BankAmericard credit card, your interest is not as high after a late payment because the card does not charge a penalty APR. However, if you miss the payment, you will still have to pay the late payment fee. And if you’re more than 30 days late, your credit could take a hit. But the lack of a penalty APR can give you peace of mind and potentially save you some money.
Why you might want a different card
When you’re paying off debt, the rewards shouldn’t be your primary concern. Reducing your costs is more important. Still, it is possible to find a reward-earning card with no annual fee that offers a 0% intro APR period for balance transfers.
These free cards have value long after their 0% rate has expired:
The Citi® Double Cash Card earns 2% cashback on all purchases: 1% when you buy something and 1% when you pay for it. It has an introductory APR of 0% on balance for 18 months, then an ongoing APR of 18.49% -28.49% Variable APR. The card balance transfer fee is 3% with a $5 minimum, as long as you transfer the balance within the first four months of opening the account.
Discover It Cash Back has an intro APR of 0% intro APR for 15 months on purchases and balance transfers, then an ongoing APR of 16.24% -27.24% variable APR. This card earns 5% cash back on rotating quarterly categories (after you activate those categories) on purchases up to $1,500 per quarter. All other purchases earn 1% back. Bonus categories in the past have included things like gas stations, grocery stores, restaurants, Amazon.com, and wholesale clubs. The transfer fee is 3% for the initial balance, then up to 5% for future balance transfers
Benefits of the BankAmericard Credit Card
- Paperless Statements: Save the planet and abandon the use of snail mail paper.
- Digital Wallet and Contactless Chip Technologies: Hi-tech convenience for the modern spender.
- Online & Mobile Banking: Manage accounts from the app or web.
- Overdraft Protection: Protect overdrafts by charging fees to Bank of America bank accounts.
- $0 Liability Guarantee: Cardholder is not responsible for unauthorized charges.
- FICO Score: Free access to the cardholder’s credit score.
- Regular APR: 16.24% – 26.24% Variable APR on purchases and balance transfers
- Buy Intro APR: 0% intro APR for 21 billing cycles
- Balance Transfer Intro APR: 0% intro APR for 21 billing cycles for each balance transfer in the first 60 days
- Annual Fee: $0
- Balance Transfer Fee: 3% of each transaction amount
- Cash Advance: View Terms
- Foreign Purchase Transaction Fee: 3%
How are BankAmericard credit card deposits made
The Chase Freedom Flex also comes with an intro APR offer: 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.24% – 27.99% of the application. An initial transfer fee of $5 or 3% of the amount of each transfer, whichever is greater, applies for the first 60 days, then $5 or 5% of the amount of each transfer, whichever is greater is.
Plus, earn 5% cash back up to $1,500 in quarterly rotating categories (activation required), 5% on trips purchased through Chase Ultimate Rewards®, 3% at restaurants and drugstores, and 1% on all other purchases. In addition, the card comes with a welcome offer: a $200 bonus after you spend $500 on purchases in the first 3 months of opening the account. It’s easy to see that the Chase Freedom Flex outperforms the BankAmericard for extended use.
BankAmericard Credit Card vs. Bank of America Customized Cash Rewards Credit Card
Also available from Bank of America is the Bank of America Customized Cash Rewards Credit Card, which offers a 0% initial APR for 18 opening balance billing cycles, resulting in a variable APR of 18.24% – 28.24%. Introduction applies to balance transfers in the first 60 days; A balance transfer fee of 3% applies to each transfer. The Personal Cash Rewards card comes with a $200 welcome bonus after you open at least $1,000 in account deposits within the first 90 days of account opening.
The main difference between the Bank of America® Customized Cash Rewards credit card and the BankAmericard is that the Customized Cash Rewards card earns 3% cash back in select eligible categories, plus 2% at wholesale supermarkets on Club Choice Category/Grocery/Wholesale Club quarterly purchases and all other purchases. Like any cash back card, this structure repeatedly pays out BankAmericard rewards.
- New Long Introductory Period! 0% introductory APR for 21 billing cycles on purchases and balance transfers in the first 60 days. After the intro APR offer ends, 16.24% – 26.24% variable APR will apply. All balance transfers are subject to a surcharge of 3%.
- No penalty APR. If you pay late, your interest rate (APR) will not automatically increase. Other account prices and terms apply.
- No annual costs.
- Access your FICO® score for free online banking or in your mobile banking app.
- Contactless Card – Chip card security with the convenience of a single 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 if you sign up now.
Is the BankAmericard Credit Card Right for You
BankAmericard does one thing and does it very well: offering long APR intro periods for purchases and balance transfers. There’s no reason to use this card after the introductory period is over, but if you need an extended period of time to breathe without interest, this card is worth considering.