BankAmericard Credit Card Review

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The BankAmericard Credit Card from Bank of America is a worthwhile option if you’re about to make a large purchase or want some time to pay off high-interest debt without finance charges. While there are no rewards for spending, the introductory APR offers are more than competitive, particularly if you’re transferring a balance from another card. 

BankAmericard Credit Card

overall rating
3.7
BankAmericard Credit Card
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 14.49% - 24.49% variable
Annual Fee $0
Balance Transfer Fee Either $10 or 3% of the amount of each transfer, whichever is greater.
INTRO BALANCE TRANSFER APR 0% for 15 Billing Cycles
Intro Balance Transfer Fee $0 Introductory balance transfer fee for transactions made within 60 days of opening your account.
Ratings Breakdown
for Interest
2.8
for Fees
4.3
for Rewards
3.3
for Credit
4.0

Who is This Credit Card Best For?

  • Avatar for Debt Warrior Persona
    Attacks existing balances while avoiding new debt
    Debt Warrior
  • Avatar for Credit Builder Persona
    Takes improving their finances seriously and wants recognition for using credit responsibly
    Credit Builder

This card is best as a temporary tool if you’ve got good credit and need some time to pay off a large purchase or the balance you’ve accrued on another card. Because you can’t earn any rewards, the introductory offers are the main appeal. Not only do the promotional offers last a while, but unlike most competing cards, there’s no fee if you transfer your balance right away, so anything you save on interest payments goes right back to you.

Pros

  • No balance transfer fees initially

  • Long 0% APR offer on purchases and balance transfers

  • No annual fee

Cons

  • No rewards or sign-up bonus

  • Few card benefits

Pros Explained

  • No balance transfer fees initially: Balance transfers usually come with a fee, so it’s great that you’ll have 60 days to avoid one (plus get a 0% APR offer). The point of moving a balance is to save on finance charges, but when there’s a fee, it offsets your savings. After the 60 days, you'll pay a 3% fee or $10 minimum. On a $5,000 transfer, that's $150—a considerable cost. 
  • Long 0% APR offer on purchases and balance transfers: There are cards that offer even longer 0% APR periods, but 15 billing cycles is notable, especially since it applies to both purchases and balance transfers. The longer period increases the chances that you’ll get your balance paid off by the time the promotion is over, and your monthly payments will be smaller and easier on your budget. 
  • No annual fee: This is standard for a card with these kinds of 0% APR offers, but it’s still worth noting. If you make your payments on time and pay off your balance within 15 billing cycles, this card may not cost you anything.

Important

The BankAmericard has two public offers available. At The Balance, we have written about and link to the offer of 15 billing cycles with 0% APR and no balance transfer fee. On some other sites, you may find an offer for 0% APR for 18 billing cycles. While this is a longer introductory period, it requires you pay a balance transfer fee of 3% ($10 minimum).

Cons Explained

  • No rewards or sign-up bonus: The introductory offers are the main selling points, and once the 15 billing cycles are up, the BankAmericard Credit Card has little to offer. Consider pairing this card with a rewards card so you have a good everyday spending tool for the long run. 
  • Few card benefits: While competing cards are relatively vanilla when it comes to benefits, this card is particularly bare bones. There is no advertised car rental insurance or extra purchase benefits like extended warranties. 

After 15 billing cycles, the card’s value drops dramatically. You’ll lose the interest rate advantage and have a no-frills card without any ability to earn rewards.

Customer Experience

Bank of America is mediocre when it comes to satisfying cardholders, according to J.D. Power’s 2019 U.S. Credit Card Satisfaction Study. The bank ranked 7th among 11 major card issuers, scoring 798 out of 1,000 points, or “about average.”  

The card issuer’s mobile app gets more favorable marks. J.D. Power ranked it third out of nine card issuer apps, giving it a “better than most” rating. The app gets 4.8 stars in the Apple App Store and 4.7 stars on Google Play. 

Through the app or your online account, you can enroll in Bank of America’s FICO score program, which will track your credit score changes month-to-month. 

Security Features 

The BankAmericard Credit Card has standard security features, like zero liability for unauthorized charges, chip technology, and alerts to potentially fraudulent activity. If your card is misplaced or stolen, Bank of America will replace it for free. 

BankAmericard Credit Card’s Fees 

Besides the absence of a balance transfer fee on transfers made in the first 60 days, this card is pretty standard, as fees go. (After the 60 days, the fee is 3% or $10, whichever is greater.) While there are fees for late payments, that won’t trigger a penalty APR. It’s also worth noting that there is a 3% foreign transaction fee, so don’t use this card when traveling abroad. 

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CURRENT CARD
BankAmericard Credit Card
overall rating
3.7
Recommended Credit Score Our recommended ranges are based off of the FICO® Score 8 credit-scoring model. Credit score is one of the many factors lenders review in considering your application.
350 579
580 669
670 739
740 799
800 850
Good - Excellent
Regular APR (%) 14.49% - 24.49% variable
Annual Fee $0
Balance Transfer Fee Either $10 or 3% of the amount of each transfer, whichever is greater.

Our Methodology

  • At The Balance, we are dedicated to giving you unbiased, comprehensive credit card reviews. To do this, we collect data on hundreds of cards and score more than 55 features that affect your finances.
  • Our Reviews Are Always Impartial: No one can influence which cards we review, the way we present them to you, or the ratings they receive. The scores and reviews come directly from the data we collect and our editorial expertise, and we focus on three areas:
  • How Much Does It Cost? With credit card debt at an all-time high, we believe you should know the cost of carrying a balance. Because of that, we give regular purchase APRs significant weight in overall scores, and cards receive low marks if they have an array of pricey fees.
  • What Are the Rewards Worth? Cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely. To simplify the problem, we built a system that fairly compares rewards and gives them a dollar value. We do this by looking at the ways you can earn and use rewards, which includes evaluating Americans’ typical spending habits and analyzing common travel patterns.
  • Does It Make Your Life Easier? Our scoring system favors cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting customer service. Finally, we give preference to credit cards that have several tools for dealing with fraudulent charges.
  • For every review on The Balance, we hold the credit cards to these standards, and we set the bar high. While we recognize the appeal of splashy features like six-digit sign-up bonuses, our approach ensures that credit cards with the best combination of value, affordability, and accessibility receive the highest scores. See our full methodology for more details.