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BankAmericard® Credit Card

Anya Kartashova
Updated on: 03/15/2018
RE®: 65
Our Rating
BankAmericard® Credit Card
Apply Now
For excellent credit
  • 65
    for Purchases
  • 65
    for Balance Transfers

"Pay down your debt with no transfer fees and 0% APR for 15 months."

Do you want to consolidate and pay down your debt without being charged an arm and a leg for interest? When searching for a credit card with a promotional APR period, you might consider the BankAmericard credit card from Bank of America. This card offers a 0% Annual Percentage Rate on purchases and balance transfers for the first 15 months of card membership. The opportunity to pay down debt without paying high interest can be life changing.

While the BankAmericard isn’t a rewards card, and you won’t earn cash back, points or free travel, paying down your debt can be its own reward. The card charges no annual fees, and that’s a plus, too. However, the card doesn’t offer any special perks or services to cardholders.

Although it isn’t the most rewarding card on the market, the BankAmericard is great for avoiding expenses because it allows cardholders to consolidate debt and keep it interest-free for 15 months. This isn’t a great card for someone who’s after rewards, but it can help you improve your credit health and pay down outstanding debt.

Features and Benefits of Bank of America Card

The main benefit of this credit card is its balance transfer perk. The BankAmericard advertises an introductory offer of 0% APR for the first 15 months for purchases and balance transfers made within the first 60 days of card membership.

After the promotional financing period, an APR of 14.49% to 24.49% Variable± will apply, based on your creditworthiness. If you have a good credit score, you will qualify for a lower rate.

Additionally, balance transfers made within the first 60 days do not incur fees, after which the fee goes up to 5 percent. This is an especially good perk for someone looking to transfer a large balance.

The no-fee BankAmericard credit card also offers no penalty APR. That means that they will not raise your interest rate in the event of a late payment.

It is also possible to view your FICO score at no additional cost with this card. Simply log in to your account and see where you stand with the credit bureaus.

What You Get

  • 0% APR for 15 months on balance transfers and purchases
  • No balance transfer fee for 60 days
  • No annual fee
  • No penalty APR for late payments
  • Free FICO score
  • EMV chip technology

Saving on Purchases with BankAmericard® Credit Card

The 0% APR offer applies not only to balance transfers, but also to purchases. All purchases made in the first 60 days of account opening accrue no interest for the first 15 months. Holding the BankAmericard credit card allows you to purchase something expensive and pay it off within 15 months with no interest.

Say, you buy a washer and dryer, a new living room set or a vacation package to Europe. Those can be pricey items. Simply divide up your payments by 15 months and pay at least that amount or more and save yourself some cash.

It might be a better option than applying for a short-term loan with interest at a local bank. If you don’t think you can pay off the balance within 15 months, do not make the purchase or spend beyond your means.

Introductory apr
0% Intro APR on Purchases
Months
15 months
APR
14.49% to 24.49% Variable±

Saving on Balance Transfers with BankAmericard® Credit Card

If you make a balance transfer or two within the first 60 days of card membership, you will pay no fees for those transfers. After that, the fee goes up to either $10 or 5% of the total balance transferred, whichever is greater.

The higher your balance is on another card, the more money you can save. For example, if you transfer an existing balance of $3,000, you can save $90 by transferring it to the BankAmericard credit card in the first 60 days. If you pay at least $200 per month, you can eliminate your debt and save about $400 in interest per year, depending on the other card’s APR.

Introductory apr
0% Intro APR on BT
Months
15 months
APR
14.49% to 24.49% Variable±
Balance Trasnfer Fee: There is a balance transfer fee of either $10 or 5% of the amount of each transfer.

Be Aware: What You need to Know

Keep in mind that 0% APR applies to all balance transfers and purchases made within the first 60 days of opening an account. After the time passes, a higher interest will apply to both.

Your minimum payments will be applied to lower-interest balances first, and all additional payments will apply to higher-interest balances first. That means that purchases made after 60 days can be paid off before the original balance transfer is made.

If you made a large purchase on your BankAmericard in the first 60 days, I recommend making sure you can pay off the balance before the promotional APR terms expire.

Best Ways to Use BankAmericard® Credit Card

These are the best uses for the BankAmericard® Credit Card:

  • Large Purchases

  • Unexpected Expenses

  • Balance Transfer

  • Short Term Loan

  • Job Loss

  • Building Credit

Should You Keep the Card?

You might wonder whether the BankAmericard is worth keeping after you pay off your balance. It depends. The card charges no annual fees, which makes it easy to keep the card open without worrying about anything. The longer you keep a credit card open, the longer your credit history, which contributes to a high credit score.

Whether you should use it, though, is another question. The card’s 0% APR for 15 months is a great offer. Those who can take control of their finances and eliminate debt within that time period will benefit greatly from the offer. Sadly, after 15 months, the standard interest rates apply and the card doesn’t offer much else in terms of benefits.

Once make the necessary monthly payments and pay off your balance in full, I recommend applying for a rewards credit card. However, I strongly advise against incurring more debt because rewards cards typically have high interest rates and no promotional APR offers. Carrying a balance on a rewards card is a losing proposition because you will end up owing more money in interest than you’ll earn in rewards.

As far as keeping the BankAmericard open, you can because it doesn’t cost anything. I don’t, however, recommend using it because it doesn’t earn rewards.

Bank of America Savings Calculators

If you’re still trying to decide if you should get the BankAmericard credit card, our interactive tools can help. Just input your current outstanding debt, estimated new purchases, APR and minimum monthly payments, and we’ll estimate the savings you’ll get for purchases and balance transfers made with the BankAmericard credit card.

Purchases Calculator

Let us know how you plan to use the card, and we’ll figure out how much you’ll save.

Purchase amount

$500
TV
$25,000
How much could you afford to repay each month?
$82
$3,000

BankAmericard® Credit Card

You could save
$???
Balance paid off in
??? month(s)
Annual Fee
$0
You may be offered a different credit limit, representative APR, purchase rate or promotional Balance Transfer period to any shown here as it depends on your individual circumstances. Subject to status.
Current Card

Your Current Credit Card

Your Current Credit Card

Monthly payment
$120
Balance to paid off in
??? month(s)
Interest rate(APR)
21.99%
Annual Fee
$0

Balance Transfer Calculator

Do you have outstanding debt? Here’s how much you’ll save by transferring it to the BankAmericard credit card.

How much would you like to transfer?
$500
$25,000
How much could you afford to repay each month?
$82
$3,000

BankAmericard® Credit Card

You could save
$???
Balance paid off in
??? month(s)
Balance transfer fee
5%
Annual Fee
$0
You may be offered a different credit limit, representative APR, purchase rate or promotional Balance Transfer period to any shown here as it depends on your individual circumstances. Subject to status.
Current Card

Your Current Credit Card

Your Current Credit Card

Monthly payment
$120
Balance to paid off in
??? month(s)
Interest rate(APR)
21.99%
Annual Fee
$0

Should You Get the BankAmericard Credit Card?

The BankAmericard credit card is a solid option for consumers who are stuck paying interest on another credit card. If you think you can pay off your existing balance in 15 months, then you should take the opportunity to do so. Although I typically do not recommend applying for a new line of credit while carrying debt, no matter how small, this card can be a good option to get your finances back on track.

A debt-free life is possible, and consolidating your balances in a single account with zero interest is the first step toward that life. As long as you create a payment plan and put effort into paying off that balance every month, you can get there.

With a zero-interest card, even for 15 months, you can do it. Should you not pay off the balance within that time, you will have to pay interest on the remaining balance. The BankAmericard is great for somebody seriously ready to say goodbye to credit card debt.

You have to have at least a good credit score to be approved, and it’s possible you might not get a high credit line right away. Depending on the size of your balance, it might not be worth it to apply for the card and waste an inquiry just to be given a low limit, so that’s something to consider.

Unfortunately, the BankAmericard credit card isn’t a great option for somebody chasing after cash back or travel rewards. There simply are none. No cash back. No points. Nothing. The best feature of the card is the 0% APR offer, and that’s the only area where it shines.

FAQs

Need more info? Check out our frequently asked questions. If you have other questions, please click on “Ask Now” below.

  • How many balance transfers qualify for the promotional APR?

    There isn’t a set number. In theory, you can transfer as many balances as your credit line allows. Make sure that they’re made within the first 60 days of being approved for the account because only the balance transfers made within the promotional time frame qualify for 0% APR and no transfers fees. Any transfers made after 60 days will incur a fee of either 3 percent of the total balance transferred or $10, whichever is greater.
  • How much does it cost to transfer a balance from another card?

    If you make one or multiple balance transfers within the first 60 days of account opening, they’re free. After that, the BankAmericard credit card from Bank of America charges 3 percent of the total balance transferred ($10 minimum).
    Paying no interest compared to paying 15 percent to 20 percent on another card is a great deal. Say, you have a $1,000 balance on another card that you’re paying 15 percent interest. It’ll cost you $0 to transfer it over, and you will have 15 months to pay it off.
    This will give you a chance to dig yourself out of debt without worrying about accruing interest. This can save you a lot of money.
  • What credit score do I need to qualify for the BankAmericard credit card?

    Customers who would like to apply for this rewards card must have a Good credit score to be approved. If your score is at least 700, you’ve got a good chance of approval. If your credit score is lower, you results will vary. You might still be approved, but I recommend looking for ways to solidify your credit history first.
    To find out where you stand with the credit bureaus, check with one of the free services, such as Credit Karma or Credit Sesame. It’s always good to know your credit score before applying for an additional credit line.
Have A Question?
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Compare Bank of America Credit Cards

Bank of America offers many other credit card options for every type of a consumer.

BankAmericard® Credit Card
For Excellent/Good Credit
Check which Bank of America card is the right fit for you
Apply for this card

Other BankAmericard cards

MLB™ Cash Rewards Mastercard®MLB™ Cash Rewards Mastercard®World Wildlife Fund Credit CardWorld Wildlife Fund Credit CardBank of America® Cash Rewards Credit CardBank of America® Cash Rewards Credit Card
Intro on Purchases0% for 12 months0% for 15 months0% for 12 months0% for 12 months
Intro on Balance Transfers0% for 12 months0% for 15 months0% for 12 months0% for 12 months
Ongoing APR14.49% to 24.49% Variable±14.49% to 24.49% Variable±14.49% to 24.49% Variable±14.99% to 24.99% Variable±
Balance Transfer Fee$10 or 3% $10 or 5%$10 or 3%$10 or 3%
Annual Fee$0$0$0$0

The MLB BankAmericard Cash Rewards MasterCard offers $150 sign-up bonus to cardholders who spend $500 on purchases in the first 90 days of account opening. The card also offers 0% APR for 12 months for purchases and balance transfers made in the first 60 days of card membership.

The MLB card earns 3.0 percent back on gas, 2.0 percent back at grocery stores and wholesale clubs, and 1.0 percent back for everything else. The card is customizable with all 30 Major League Baseball team logos.

The World Wildlife Fund credit card from Bank of America is also offering $150 back in cash rewards after pending $500 in the first 90 days of card membership. The card offers 0% APR for the first 12 billing cycles for balances transferred in the first 60 days.

The card earns 3.0 percent cash back on gas purchases, 2.0 percent back at grocery stores and wholesale clubs, and 1.0 percent back on all other purchases. Checking or savings account redemptions earn a 10 percent rebate.

The BankAmericard Cash Rewards credit card offers a $200 sign-up bonus for members who spend $500. The card earns 3 percent back on gas and 2 percent back at grocery stores and wholesale clubs on up to $2,500 in combined purchases every quarter. The card earns 1 percent cash back in all other categories. Checking or savings account redemptions earn a 10 percent rebate.

Compare 0% Cards

If you think it’s time to pay off debt without accruing any more interest, you might wonder what other options you have. Let’s explore a few other balance transfer cards you might consider.

0% APRfor 15 months
BankAmericard® Credit Card

Check if BankAmericard® Credit Card is the best option for you

The Citi Simplicity card offers 21 months of 0% APR on both balance transfers and purchases. There are no late fees, penalty rates or annual fees to pay.

Although this card’s no-interest offer is one of the longest, it isn’t free to transfer that balance from another card. A balance transfer will cost you either 3 percent of the total amount or $5, whichever is greater.

Additionally, cardholders can enjoy 24/7 customer service, extended warranty protection, Citi Identity Theft Solutions and Citi Price Rewind, among other perks. This card will benefit someone with an outstanding balance that cannot be paid off in 18 months or less.

Chase Slate is another great balance transfer card for consumers looking to eliminate debt. The introductory or zero-interest lasts for the first 15 months since account opening on purchases and balance transfers.

This no-fee card even waives a balance transfer fee if you make it within 60 days of card membership. After that, a balance transfer fee is either $5 or 5 percent of the amount transferred. With Chase, you can enjoy no penalty APR, free access to your FICO score and a chip-enabled credit card. Chase Slate is a great option for consumers looking to refinance their debt.

The Wells Fargo Platinum Visa is another credit card that offers a long promotional APR balance transfer period of 18 months. If you’re ready to pay down that debt, this no-fee card is a decent option, but balance transfers aren’t free.

It will cost you either $5 or 3 percent of the amount transferred for the first 18 months, and then either $5 or 5 percent of the amount transferred. Additionally, Wells Fargo offers cardholders benefits like roadside assistance, auto rental collision damage waiver and cell phone protection (up to $600 as long as you pay your cell phone bill with the card).

Card Overview

Whenever you apply for a credit card make sure you read the terms and conditions of the card and the rewards program to find out about minimum spend requirements and any restrictions to ensure you can successfully obtain the card and earn the rewards it offers.

Card Details
Excellent credit score
From 700 to 850
Issuer
Bank of AmericaBank of America
Use points
None

Card Terms and Conditions

There's a lot to consider as you think about how you're going to use the BankAmericard credit card. Will you transfer a balance, get a cash advance or make a big purchase? Below is a rundown of the various interest rates, purchase protections, security features and mobile banking options that come with this credit card.

Purchases

Intro APR:
0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account
Intro APR for balance transfers:
0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account
Ongoing APR:
14.49% to 24.49% Variable±
Minimum Grace Period:
25 days

Cash Advance Features

Ongoing APR:
17.49% to 26.49%, based on your creditworthiness when you open your account, for Direct Deposit and Check Cash Advances, and 26.49% for Bank Cash Advances
Cash Advance Fee:
Direct Deposit and Check Cash Advances: Either $10 or 3% of the amount of each transaction, whichever is greater. ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater

Security and Protections

Bank of America customers can stay protected with their chip-enabled credit card and $0 liability guarantee in case of fraudulent charges. Online and mobile banking, as well as digital wallet technology, is available for those on the go. Cardholders can also stay on top of their balances and due dates with account alerts and overdraft protection.

Account alerts:
Set up alerts to be notified when large transactions occur, if there’s an unauthorized withdrawal and when your bill’s due.
Banking On the Go:
Track your account with the mobile app.
EMV Chip Technology:
Get global acceptance and enhanced security at merchants that use chip-enabled terminals.
Credit Score Monitoring/Reports:
Monitor your credit history for unusual activity, including recently opened accounts and inquiries made on your history.You have your choice of digital wallet platforms. A great way to make in-store purchases easier.

Additional Cardholder Benefits

The BankAmericard credit card comes with the standard MasterCard benefits.

Master Card Travel Benefits

Auto Rental Collision Damage Waiver:
Coverage for theft and collision for most rentals in the U.S. and abroad. Coverage is secondary to your personal insurance.
Roadside Dispatch:
Call MasterCard for roadside assistance, including lockout service, towing, jumpstart and gas delivery. Service charges apply.
Travel Accident Insurance:
Receive accidental death or dismemberment coverage of up to $500,000 for any air, bus, train or cruise ship transportation paid for with your card.