The BankAmericard® offers some of the best rates if you’re paying off debt or looking to save money on financing large purchases. It’s a no-frills credit card with no rewards and minimal extra features. Regardless, there are two major selling points for this card. The BankAmericard offers 0% intro APR for the first 18 billing cycles on purchases or transfers made within the first 60 days, and the annual fee is $0.
Once the introductory APR runs out, the ongoing variable rate is 14.49% to 24.49%. There’s no penalty APR if you miss a payment, but there is a balance transfer fee of either $10 or 3% of the transaction amount, whichever is greater.
BankAmericard Credit Card Overview
- Rewards Rate: N/A
- Sign Up Bonus: N/A
- Annual Fee: $0
- APR: 14.49% to 24.49% variable APR with a 0% intro APR on the first 18 billing cycles
- Balance Transfer Fee: 3% of the transaction amount with a $10 minimum
- Foreign Transaction Fee: 3% of the U.S. dollar amount
- Recommended Credit Score: Not specified
Who Should Get BankAmericard Credit Card?
Best for: People looking to pay down their debt quickly and with as little additional cost as possible. There’s no annual fee and an intro period of 0% APR for the first 18 months. Those applying directly through Bank of America can get a $0 transfer fee as well.
Not for: People who are looking for rewards with their credit card. This card offers no points or financial rewards, so anyone looking for travel incentives or cash back won’t receive those benefits. Also, cardholders paying down debt might feel as if other cards offer more robust benefits once the promotional APR ends.
0% intro APR
BankAmericard’s main perk is the 0% intro APR for the first 18 months of account opening. For someone aiming to pay off high-interest debt, transferring the balance to the BankAmericard credit card and saving on interest fees is a huge benefit. It can help speed up the time it takes to pay off the debt by minimizing costs to own the card. This allows cardholders the opportunity to consolidate debt or to cover the cost of large purchases before the card’s regular variable APR goes into effect.
No penalty APR
Unlike some other credit cards, BankAmericard won’t impose a penalty APR because of late payments. While there’s a late fee of up to $40, there’s no long-term effect on your interest rate. Those who have previously experienced a late penalty APR may find this to be an enormous relief and cost-saving perk. However, it’s still important to pay credit card bills as soon as possible because it may be reported to credit bureaus after being 30 days overdue.
Aside from debt management, there are no rewards that come with this credit card. If you’re looking for some extra benefits such as cash back or travel rewards, the BankAmericard may not be the best fit. The focus is entirely on handling debt and minimizing expenses. For some people, this may seem convenient, as it doesn’t typically tempt unnecessary purchases. Some cards offer consumers both 0% intro APRs and rewards, which can make them more enticing choices in the long run.
Potentially High APR
Once the introductory APR ends, the potential rate could be between 14.49% and 24.49%. If your credit isn’t great, you could end up on the higher end of the spectrum. That can make paying off your balance more difficult unless you’re paying the amount in full every month. The APR is also variable, which means your rate can climb over time.
*All information accurate as of Feb. 8, 2020.
BankAmericard Credit Card compared to Chase Slate
BankAmericard and Chase Slate are both popular options when it comes to balance transfer cards. The credit cards have only a few differences between them, but those differences can be the deciding factor when choosing which card is best for your circumstances.
The BankAmericard has a longer 0% intro APR by three months, while both cards offer $0 balance transfer fees for the first 60 days. But once that runs out, Chase Slate has the higher potential variable APR, capping at 25.24%. BankAmericard isn’t quite as high, capping at 24.49%. It also offers a lower base interest rate than Chase Slate. BankAmericard’s APR can be as low as 14.49%, while Chase Slate’s lowest rate is 16.49%.
The other major difference between the cards is the balance transfer fee after the 60-day introductory rate. BankAmericard charges 3% of each transfer amount, with a minimum of $10. Chase Slate charges 5% of the transfer amount, but the minimum is only $5.
The Bottom Line
We recommend the BankAmericard credit card for paying debt and financing large purchases. This credit card offers some great introductory rates if your sole focus is paying off large balances while minimizing extra expenses like annual fees. Since the BankAmericard is a straightforward card with little extra frills, anyone looking to earn rewards from their purchases may want to look elsewhere for their new credit card.