BankAmericard Credit Card Overview
The BankAmericard® Credit Card offers promising financing, allowing you to pay off your debt with one of the longest introductory APRs on purchases and balance transfers we’ve seen. However, the card doesn’t offer any ongoing rewards, nor does it include a sign-up bonus. Card Rating*: ⭐⭐⭐
*Card Ranking Based on the opinions of TPG editors and not influenced by card issuers.
The information about BankAmericard has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Life throws all kinds of surprises at you. If you’re facing debt due to unexpected expenses, there are tools to help you get back on track, including BankAmericard. While BankAmericard isn’t the flashiest credit card out there, it does come with features that can help you clear your debt over time. Approved applicants have credit score at least 690.
Let’s take a look at who would benefit most from this card and what other card options are worth considering.
Pros and Cons of BankAmericard
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BankAmericard Welcome Offer
The BankAmericard card does not come with welcome offers such as bonuses or rewards points.
However, you can currently get a 0% introductory APR for 18 billing cycles on purchases and on any balance transfers made in the first 60 days of account opening. After the introductory APR offer ends, a variable APR of 16.24% – 26.24% will apply. A 3% fee applies to all balance transfers within the first 60 days; after that, all future balance transfers will be charged a 4% fee.
Benefits of BankAmericard
BankAmericard can help you avoid any unwanted interest charges with its introductory APR offer. Plus, cardholders won’t be charged a penalty APR, which automatically increases interest rates if payments are late. Best of all, BankAmericard has no annual fee, which helps ease that burden for you.
While you are working on finance (or refinance) your debtYou’ll have access to Bank of America’s suite of online banking features, a free FICO scoring tool, and credit education topics.
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Related: Does a balance transfer affect your credit score?
Earn/Redeem Rewards on BankAmericard
BankAmericard does not offer rewards such as cash or points on purchases and therefore has no form of redemption.
What cards compete with BankAmericard?
Some credit cards offer balance transfers when you open an account.
- If you like Citi: The Citi® Diamond Preferred® Card (see prices and fees) offers a 0% introductory APR for 21 months on balance transfers from the date of your first transfer and a 0% introductory APR for 12 months on purchases from the date of account opening, followed by a variable APR of 18.24% – 28.99%, based on your creditworthiness. This card also has no annual fee. For more information, see full review of Citi Diamond Preferred Card.
- If you like Chase: The Chase Slate Edge℠ may be a better fit for those focused on transferring balances to reduce existing debt. Cardholders will enjoy a 0% introductory APR on purchases and balance transfers for the first 18 months of account opening (after which a variable APR of 20.49%—29.24%) applies. Cardholders are automatically considered for a 2% APR reduction when they make on-time payments and spend at least $1,000 on your card by your next account anniversary. For more information, see Chase Slate Edge full review.
- If you want to earn cashback: The Chase Freedom Flex® offers cardholders a cash back welcome bonus ($200 cash back after spending $500 on purchases in the first three months of account opening) and a 0% introductory APR for 15 months on purchases and balance transfers. After the introductory period, a variable APR of 20.49% — 29.24% applies. Cardholders also earn 5% on up to the first $1,500 spent on rotating categories each quarter (activation required), 5% on Lyft rides (through March 2025), 5% on rides booked through Chase Travel℠, 3% on dining (including eligible takeout and delivery), 3% on pharmacy purchases, and 1% on all other purchases. For more information, see Full Review of Chase Freedom Flex.
The information about the Chase Slate Edge has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Is the BankAmericard worth buying?
BankAmericard is one of the easiest cards on the market. It’s aimed at a completely different audience: consumers who currently have credit card debt or have a big purchase coming up that they can’t pay off right away.
Interest charges can add up quickly if you miss monthly credit card statements. But by transferring your debt to BankAmericard, you get a second chance. You’ll have more time to focus on pay off debt without interestPlus, there’s no penalty APR on this card, meaning overdue debt will not cause your interest rate to skyrocket.
Related: Are you paying enough attention to your credit card APR??
Last line
BankAmericard is a solid choice thanks to its introductory APR offer. If debt reduction is your primary concern, this card can help you strategize your credit game plan. There may be other cards with longer introductory APR offers on purchases and balance transfers, but it’s worth noting that BankAmericard doesn’t charge a late payment penalty APR. For those looking to save on interest costs and pay off debt, BankAmericard is a solid choice.
