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BankAmericard® Credit Card Review
Published February 8th, 2016
Getting out of debt is never easy. And if you’ve racked up a balance on your credit card, the high interest rates can be suffocating. Luckily, you can easily escape those steep interest rates by simply transferring your balance to a low interest credit card. The BankAmericard® Credit Card is one of the best options when it comes to balance transfers, and this card has some excellent features that can help consumers pay down their debt once and for all.
What We Like
The main highlight of the BankAmericard® Credit Card is that new cardholders will receive 0% APR for 18 billing cycles on balance transfers completed within 60 days of account opening. This interest free period could potentially save cardholders hundreds of dollars because every penny of your payment will go towards paying down the principle of your balance. There is a 3% balance transfer fee, but the amount of money that can be saved during the interest free period will far outweigh the small cost of the transfer fee, and cardholders will pay no annual fee.
In addition to the great intro APR, this card has the lowest ongoing interest rate offered by any Bank of America® credit card. When the promotional financing rate expires, the remaining balance will be subject to the standard interest rate of 11.74% - 21.74% Variable APR based on the applicant's creditworthiness.
Other benefits include account alerts, a mobile banking app, and even the ability to get account information via text message. Furthermore, cardholders can link their account to an eligible Bank of America checking account in order to receive overdraft protection.
More Card Details
This card does not offer any rewards or fancy perks that are commonly seen on high end reward cards. Instead, the BankAmericard® Credit Card is designed for people who are looking to retire their credit card debt as soon as possible. Since it’s such a good offer, you’ll need to have credit that is in the Good to Excellent range in order to get approved.
Since you don't have to wait to receive your card in the mail, new account holders can initiate a balance transfer right away if they apply for the card over the phone and are approved. Completing the balance transfer as soon as possible will save you even more money in interest charges because credit card interest is calculated based on your average daily balance.
How does it compare?
Chase Slate®: Just like the BankAmericard® Credit Card, the Chase Slate® is specifically designed to help consumers save money on balance transfers. However, with 0% APR on purchases and balance transfers for 15 months, the intro APR on the Chase Slate® is not quite as long as that on the BankAmericard® Credit Card. One great perk that’s unique to the Chase Slate® is that there is no balance transfer fee for transfers made within the first 60 days. The ongoing APR is 15.74% - 24.49% Variable.
Citi® Diamond Preferred® Card: This card has one of the longest intro APRs on the market with 0% APR for 21 months on purchases and balance transfers. Just like the BankAmericard® Credit Card, this card has no annual fee and charges a 3% fee on balance transfers. The downside is that you’ll need excellent credit to get approved for the Citi Diamond Preferred® Card and the ongoing APR is slightly higher than on the BankAmericard® Credit Card.
Discover it® - 18 Month Balance Transfer Offer: If you want to earn rewards on your new purchases while you pay down your balance, then the Discover it Card might be the one for you. This card offers 0% APR on balance transfers for the first 18 months, and it also has a great rewards program that offers 5% cash back in different rotating categories in addition to a consistent 1% cash back on all other purchases. Since Discover cards aren’t accepted everywhere, some consumers may prefer the BankAmericard® Credit Card, which is a Visa Card.
*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.