BankAmericard Credit Card Review: Get an Extra-Long Intro APR To Save on Interest

BankAmericard Benefits

The BankAmericard credit card comes with a few benefits, but it stands out most for its intro APR offers.

Intro APR on Purchases

If you’re planning a big move, wedding/honeymoon or home improvement project, the BankAmericard credit card could save you money if you can’t pay your purchases off right away. New cardholders qualify for a 0% Intro APR for 21 billing cycles for purchases (followed by a 14.99% – 25.99% Variable APR).

Be sure to make at least your minimum payment on time to continue enjoying your intro APR, and have a plan to pay off your balance before the intro period expires. Otherwise, your interest charges could be substantial.

Intro APR on Balance Transfers

As one of the best balance transfer credit cards available, the BankAmericard credit card could save you a lot of money. As long as you complete your balance transfer within the first 60 days after card approval, you’ll enjoy a 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days. After that, a 14.99% – 25.99% Variable APR applies.

It’s important to do the math to figure out how much you’ll save with a balance transfer (and don’t forget to factor in the card’s 5% balance transfer fee). Here’s a guide to help you decide if a balance transfer is worth it for you.

No Penalty APR

Mistakes happen, and sometimes you might miss a payment. With this card’s promise of no penalty APR, being late with a payment doesn’t immediately move your card into penalty status with a higher interest rate. This means that while other account pricing and terms may apply, you don’t have to stress if you slipped up by a few days.

BankAmericard Drawbacks

No Welcome Bonus or Rewards

While many cards that offer low introductory APRs for balance transfers and purchases also offer rewards such as points or cash back, the BankAmericard credit card isn’t one of them. After the intro APR period expires, there’s very little benefit to using the card.

That said, if you’re looking for a rewards credit card that also comes with an introductory APR, you’ll likely have to settle for a shorter intro period of 12 to 18 months.

For example, the Bank of America® Unlimited Cash Rewards credit card earns 1.5% cash back on purchases and offers a 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 17.49% – 27.49% Variable APR will apply. It also comes with a welcome bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

Alternatively, the Citi Double Cash® Card, an advertising partner, is a 2% cash back credit card that earns 1% when you make a purchase and 1% when you pay it off. It offers a welcome bonus: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. New cardholders can also take advantage of a 0% Intro APR on balance transfers for 18 months, then 17.49% – 27.49% (Variable). A 17.49% – 27.49% (Variable) APR will apply for purchases.

Few Benefits and Protections

If you’re looking for a card with robust travel insurance or one that comes with purchase protections, the BankAmericard credit card isn’t a good fit. It’s a no-frills card with few extras beyond its intro APR offer.

However, it does come with one useful perk if you’re already a BofA customer: When you link an eligible Bank of America checking account and opt in, you can receive overdraft protection through the issuer’s Balance Connect® feature (fees may apply).

Foreign Transaction Fees

It’s not unusual for no-annual-fee credit cards to add a foreign transaction fee to purchases made outside the U.S. The BankAmericard credit card charges a 3% fee on foreign-currency transactions, making it a poor option for international travel.

If you frequently travel abroad or make purchases from international merchants, consider opening one of the best credit cards with no foreign transaction fees instead.

Who Is the BankAmericard Card Best For?

The BankAmericard credit card is best for those who need an extended introductory APR on purchases, balance transfers or both. If you’re staring down the barrel of upcoming big expenses, or if you’re carrying other high-interest balances, this card could give you some relief.

It’s not right for you if you value credit card perks and rewards or need a card for international travel.

Is It the Right Card for You?

Before applying for the BankAmericard credit card, take a moment to ask yourself these questions:

• Can you make a balance transfer in the first 60 days?
• Will you be able to avoid making these common balance transfer mistakes?
• Are you confident in your ability to make on-time payments to avoid losing your intro APR offer?
• Is the balance transfer fee worth the interest savings?
• Have you got a plan to pay off your balance before the intro period expires?

Again, if credit card rewards and benefits are important to you, consider a different card.

Alternatives to the BankAmericard Credit Card

While this card may seem like a no-brainer for saving on interest during the introductory period, there are other cards that offer a similar value proposition — often with more perks.

• Wells Fargo Reflect® Card: This no-annual-fee card doesn’t earn rewards, but it’s another top choice with an extra-long intro APR offer. New cardholders receive a 0% intro APR for 21 months from account opening on purchases and on qualifying balance transfers, then a 17.49%, 23.99%, or 28.24% Variable APR. The Wells Fargo Reflect Card offers a handful of benefits, including cell phone protection when you use it to pay your monthly wireless bill.
• Chase Slate®: The Chase Slate is another good no-annual-fee option, with a 0% Intro APR on Purchases and Balance Transfers for 21 Months, then 18.24% – 28.24% Variable. In addition, it offers a decent suite of benefits, including car rental insurance, purchase protection and extended warranty — but it doesn’t earn rewards, either.