Credit Cards » Credit Card Reviews » BankAmericard Credit Card Review (2024)
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BankAmericard Credit Card Review (2024)

The BankAmericard is good for one goal - 0% intro APR. If you want rewards - alternative cards offer rewards with a shorter intro period
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

BankAmericard

BankAmericard®

Rewards Plan

N/A

Welcome Bonus

N/A

Credit Rating

Good – Excellent

0% Intro

21 billing cycles on purchases and balance transfers made within the first 60 days

Annual Fee

$0

APR

16.24% – 26.24% Variable APR.
BankAmericard

BankAmericard®

Rewards Plan

N/A

Welcome Bonus

N/A

0% Intro

21 billing cycles on purchases and balance transfers made within the first 60 days

PROS

CONS

APR

16.24% - 26.24% Variable APR.

Annual Fee

$0

Balance Transfer Fee

3% or $10, whichever is greater

Credit Requirements

Good - Excellent

In essence, the BankAmericard is a balance transfer card offering up to 21 months at 0% APR. This can be highly beneficial for those who are carrying a credit card balance or planning a large purchase. However, the card does lack many of the bells and whistles offered with competing cards. You won’t earn any ongoing rewards or access any insurances or other benefits.

So, if you do need to pay down a credit card balance, you may be willing to compromise on rewards, but it is well worth comparing the BankAmericard with other card offerings to see if you can get the best of both worlds. True you may get slightly less time at 0% APR, but the ongoing rewards may more than compensate for this.

  • 0% APR Introductory Promotion
  • No Penalty APR
  • Access to FICO Score
  • No Rewards
  • No Late Fee Waiver
  • Limited Benefits

What are card income requirements?

There are no official income requirements for the BankAmericard. While your income will be evaluated when you make an application, there are other factors that are considered when making an approval decision.

Can I get pre-approved?

Bank of America does have a pre-approval process for many of its card options including the BankAmericard. You can get pre approved via online banking, mobile app offer or in your local branch.

How do I redeem rewards?

There are no rewards offered with the BankAmericard.

In this Review

Pros and Cons

Just like any other credit card, the BankAmericard has some advantages and disadvantages:

Pros
Cons
0% APR Introductory Promotion
No Rewards
No Penalty APR
No Late Fee Waiver
Access to Your FICO Score
Limited Other Benefits

The main benefit of this card is that you can enjoy 0% APR on purchases and balance transfers for 21 billing cycles. This is one of the longest 0% APR cards available.

However, you do need to make any balance transfers within 60 days of opening your account and the 3% balance transfer fee still applies. This is one of the most generous 0% APR introductory promotions on the market.

Unlike many credit cards, if you make a late payment, you won’t incur an automatic increase in your interest rate or APR. However, late fees will still apply to late payments.

The current late fee is up to $40, so it is an excellent idea to ensure that you make your payments on time every month.

Within the Bank of America app, card holders can access their FICO score for free. This is an opt in service, but it can be very helpful as you can monitor how your actions are impacting your credit score.

Since this card is designed to help you pay down a credit card balance without incurring interest charges, you can see how this boosts your credit score.

Although this card does offer a fantastic 0% APR introductory period, there are no ongoing rewards.

This means that you won’t earn any points, miles or cash back regardless of how much you spend or how you use your card.

While there is no penalty APR, if you do make a late payment, you will still get hit with a late payment fee.

There are a few perks with this card, but outside of the 0% APR promotion, there are few other benefits.

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Who is the BankAmericard Best For?

The BankAmericard is primarily a balance transfer card. If you make your balance transfers within 60 days of opening your account, you can enjoy 21 months without any interest payments. This will provide a decent amount of breathing space to pay down your existing credit card debt.

The card could also be a good option if you’re planning on making a large purchase. The 0% APR also applies to purchases, so you can spread the cost of your purchase by up to 21 months without paying any interest.

However, there are alternative cards that offer a shorter 0% intro period – but provide rewards and cash back. Here are some examples:

Card
0% Intro
Rewards
Annual Fee
15 months on balance transfers and purchases Go to APR after that will be 19.99% – 29.99% variable
1.5% – 5% 5% percent cash back on hotels and rental cars booked through Capital One Travel and 1.5% cash back on all purchases everyday.
$0

15 months on purchases and balance transfers G o to APR after that will be 17.24% – 28.24% Variable
1-5% 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases
$0
citi-custom-cash_
15 months on purchases and balance transfers G o to APR after that will be 19.24% – 29.24% (Variable)
1-5% 5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
$0

Wells Fargo active cash card

15 months on purchases and qualifying balance transfers G o to APR after that will be 20.24% to 29.99% variable APR
2% 2% cash rewards on purchases (unlimited)
$0
Chase Freedom Flex
15 months on purchases and balance transfers Go to APR after that will be 20.49%–29.24% variable
1-5%
$0
Amex-Blue-Cash-everyday
15 months on purchases and balance transfers from the date of account opening Go to APR after that will be 19.24% – 29.99% Variable
1-3% 3% Cash Back at U.S. supermarkets / U.S. online retail purchases/ U.S. gas stations on up to $6,000 per year in purchases, then 1%

Bank of America® Customized Cash Rewards

15 billing cycles on purchases Go to APR after that will be 18.24% – 28.24% Variable APR will apply. A 3% fee (min $0) applies to all balance transfers
1-3% 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The 3% and 2% cash back available on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter (then 1%)
$0

Bank of America® Unlimited Cash Rewards Credit Card

18 billing cycles for purchases, 60 days on balance transfers Go to APR after that will be 18.24% – 28.24% variable APR on purchases and balance transfers
1.5% unlimited 1.5% cash back on all purchases
$0

Tips for Using the BankAmericard

Although this card is quite straightforward, there are some tips which can help you increase its potential value. These include:

Access to your FICO is an opt in service, but you can access your score for free if you sign up. Being able to monitor your FICO score is helpful when you’re on the journey to pay down your debt.

You can watch to see the impact your positive actions are having on your score and your credit.

BoFa card see credit score
Check your score on BofA app (Screenshot from Bank Of America)

You’ll only have 60 days to make any balance transfers to your new BankAmericard to benefit from the 0% APR. Since it can take some time for balance transfers to post to your account, it is a good idea to have all the details collated quickly, so as soon as your new card arrives, you can action the transfers.

FAQs

You do need to have good to excellent credit to qualify for the BankAmericard, but there are few other restrictions. So, if you have decent credit, you should not have any great difficulties qualifying for this card.

The BankAmericard is not a good idea if you’re interested in earning rewards for your purchases. You won’t earn any points, miles or cash back regardless of how you use the card.

Unfortunately, the BankAmericard does not offer any travel insurance benefits.

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Rewards Plan:
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Welcome Bonus:
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Welcome Bonus:
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Rewards Plan:
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Welcome Bonus:
85,000 miles 85,000 bonus miles after you spend $4,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Compare BankAmericard

The BofA Unlimited Cash rewards is the clear winner when comparing it with Bank Americard – here's our side-by-side comparison

Bank of America Unlimited Cash Rewards vs. BankAmericard

The BankAmericard and the Citi Simplicity card don't offer rewards or welcome bonuses, only a long 0% intro APR.

Here's our winner: BankAmericard vs. Citi Simplicity Card

BankAmericard is the winner, offering a longer 0% intro period on purchases than the Reflect card and a lower APR.

Here's our comparison: BankAmericard vs. Wells Fargo Reflect Card

In terms of 0% intro APR, the BankAmericard outshines the Diamond Preferred card. But what about other benefits?

Here's our comparison: BankAmericard vs. Citi Diamond Preferred Card

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

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Welcome Bonus:
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.