Earning rewards for credit card spending is great, but that’s not the only reason to get a new card. A decent balance transfer card can help improve your finances by providing an opportunity to pay off existing debt.
With credit card debt on the rise, a card like the BankAmericard® credit card could be a valuable tool to get your finances back in order. Let’s take a closer look at this no-annual-fee balance transfer card from Bank of America.
Who should get the BankAmericard credit card?
BankAmericard is an excellent tool for people to use to pay off existing credit card debt. If you have lingering credit card debt with high interest rate charges from other cards, the BankAmericard can help you squash that debt without pesky charges.
With an introductory APR of 0% that lasts for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 16.24% - 26.24% Variable APR), new cardholders can transfer balances over and pay them off over time. This card’s long intro APR period and $0 annual fee make it one of the better balance transfer cards out there.
The introductory period applies to purchases too. You can receive 0% intro APR on purchases for 18 billing cycles (then 16.24% - 26.24% Variable APR). Anyone looking to make a large new purchase can do so and pay it off over time without accruing any interest. Just make sure to pay off any large purchases or balance transfers before the introductory period ends, which is when your APR would increase and shift to a variable APR.
Beyond its balance transfer perks, this BankAmericard credit card doesn’t offer much as a long-term credit card to own. It doesn’t earn rewards and it offers few travel perks besides free admission at select U.S. museums. If you are looking for the best credit card to use for longer than the introductory APR period, other credit cards may be better options. Some of the best 0% APR credit cards offer similar intro APR offers while still earning valuable rewards. Although the primary goal of a balance transfer card isn’t to earn a rewards bonus, being able to do so could be a secondary goal.
|Credit card issuer
|Bank of America
|Extensive introductory APR offer on purchases and qualifying balance transfers
|Recommended credit score
0% intro APR on purchases for 18 billing cycles (then 16.24% - 26.24% Variable APR)
0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 16.24% - 26.24% Variable APR)
|Foreign transaction fee
BankAmericard benefits and perks
- Intro APR: Enjoy a 0% introductory APR on purchases for 18 billing cycles (then 16.24% - 26.24% Variable APR). You also get a 0% APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 16.24% - 26.24% Variable APR).
- $0 annual fee: The BankAmericard has a $0 annual fee, which is perfect for someone looking to pay down debt, not add to it.
- Access to FICO score: When you’re trying to pay down debt and build credit, it’s important to know where you stand. BankAmericard gives cardholders access to their FICO credit score for free through the Bank of America online banking portal or the lender's mobile banking app.
- No penalty APR: Sometimes credit cards will charge a penalty APR if you have late payments. Typically this is higher than the regular APR on purchases. There is no penalty APR with the BankAmericard.
- Security: Stay safe with the BankAmericard. It offers fraud protection, including alerts to any suspicious spending patterns. Cardholders always receive a $0 fraud liability guarantee for fraudulent transactions.
- Extended warranty coverage: Extend the manufacturer warranty on eligible purchases by up to 12 months. You can receive up to $10,000 per successful claim.
Drawbacks to the BankAmericard
- No rewards: This card has no rewards program, so cardholders do not earn points, miles, or cash back with the BankAmericard at gas stations, grocery stores, or any other place.
- Credit score: In order to get approved for the BankAmericard, you need a good to excellent credit score. If your credit score is in the fair range, a different card would be a better option.
What is the highest credit limit for Bank of America?
Unfortunately, credit limits aren’t published by Bank of America and depend on your creditworthiness. Getting a credit limit increase is relatively simple with Bank of America. Sign in to your online account and select the Information & Services tab.
The info you see there will tell you whether you are eligible for a credit line increase. You can also call Bank of America’s customer service number located on the back of your card.
What credit score is needed for BankAmericard?
You need a good to excellent credit score rating to qualify for this card. Good credit scores fall within the range of 700-749. Your credit score is one of the deciding factors the financial institution may use to determine if you’re eligible for the BankAmericard.
Do balance transfers affect your credit score?
Anything that involves your credit could affect your credit score, at least temporarily. If you open a new card account to transfer a balance, there will be a hard credit inquiry, which can lower your score. Other factors that could make your score go up or down after a balance transfer include:
- Credit utilization
- Credit card account age
- New card payments
Is BankAmericard a good credit card?
BankAmericard is a good credit card if you have existing credit card debt you want to pay off without worrying about interest fees and other charges. Once the introductory APR period ends, there are few reasons to continue using the BankAmericard for spending. This credit card offers no rewards and has limited perks. Other Bank of America credit cards may offer more benefits in the long run.
Other cards to consider
Another $0-annual-fee credit card to consider is the Amex EveryDay® Credit Card. This American Express card offers a 0% introductory APR for the first 15 months on purchases (then 18.24% to 29.24% (variable)). New cardmembers also earn 10,000 Membership Rewards points when they spend $2,000 in the first 6 months.
The Amex EveryDay is a cash rewards credit card. You can earn 2X points per dollar (on the first $6,000 spent at U.S. supermarkets each year, after that 1X), and 1X on all other eligible purchases. There is a $0 annual fee for the Amex EveryDay Credit Card. You can even improve your rewards rate by earning 20% more points by using your card for purchases 20 or more times during a billing period.
Read our full Amex EveryDay® Credit Card review.
All information about Amex EveryDay® Credit Card has been collected independently by FinanceBuzz.
Chase Freedom Flex℠ is another option to consider if you’re looking for a good balance transfer card. It comes with a 0% introductory APR for 15 months (then 20.49%-29.24% Variable) on purchases. There’s a $0 annual fee and you can earn a $200 bonus after you spend $500 on purchases in your first 3 months from account opening.
Chase Freedom Flex cardholders earn 5% total cash back on qualifying Lyft rides; 5% cash back on rotating quarterly categories you activate (on up to $1,500 spent) and travel purchased through the Chase Ultimate Rewards portal; 3% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service); and 1% cash back on all other purchases.
Read our full Chase Freedom Flex℠ review.