Who is This Credit Card Best For?
Attacks existing balances while avoiding new debt
Takes improving their finances seriously and wants recognition for using credit responsibly
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.
No balance transfer fees initially
Long 0% APR offer on purchases and balance transfers
No annual fee
No rewards or sign-up bonus
Few card benefits
- 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.
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).
- 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.
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.
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.