Quick Review
The BankAmericard® credit card is a no-frills borrowing option for those trying to consolidate credit card debt or make a major purchase or series of purchases that require a long time to pay off. Here’s what’s notable about the card:
- 21 months of no interest: There’s a 21-month 0% APR period for both purchases and balance transfers. This is well beyond the standard 0% APR timeframe, making the card ideal for someone who needs nearly two years to pay off debts or major expenses.
- No rewards: While the long intro period is great for interest-free payoff, the lack of rewards make this an undesirable long-term borrowing staple. Other cards available for this credit range offer lucrative cashback programs which can help subsidize the cost of everyday purchases.
- No annual fee: As the card doesn’t charge an annual fee, it’s an inexpensive option for a short-term credit card solution if you’re only looking for an extensive 0% APR period.
- Low ongoing interest: If you’re unable to pay off your balance transfer or purchases during the intro period, you’ll begin accumulating interest charges at the ongoing rate. Luckily, the ongoing interest rate range is lower than many comparable cards, so charges aren’t likely to break the bank if your debt carries past the 21 months of 0% APR period.
Pros & Cons
Who Is This Card Best For?
The BankAmericard® credit card is best for the following types of borrowers:
- Debt consolidators: If you have outstanding credit card debt that you need to move onto a single card and pay off over time, the BankAmericard® is a great option. It has 21 months of 0% APR on balances transferred in the first 60 days and a relatively low balance transfer fee—3% of the transfer amount.
- Relocators: If you have a host of upcoming expenses, like moving costs, this card is a good way to finance those over time. The 21 months of no interest applies to purchases as well as balance transfers, meaning you can buy your necessities now and pay them off over nearly 2 years without gaining interest.
What the Crowd Says
While major publications all agree that the BankAmericard® is an effective balance transfer credit card for consolidating debts, consumers are hesitant to recommend the card based on negative experiences with Bank of America.
| Publication | Rating |
|---|---|
| NerdWallet | 5/5 |
| WalletHub | 4/5 |
| WalletHub (user ratings) | 3.7/5 |
| Credit Karma (user ratings) | 2.8/5 |
| Forbes Advisor | 4.4/5 |
| Bankrate | 5/5 |
| The Ascent (Fool.com) | 5/5 |
| CreditCards.com | 5/5 |
| CNBC | Positive |
| CNet | 4.4/5 |
| Lending Tree | Positive |
| US News | 4.8/5 |
| Investopedia | 3.5/5 |
| Finance Buzz | Positive |
| Best Cards | Positive |
| Aggregate Rating: 4.3 |
What Major Publications Say
Professional reviewers are unanimous that the BankAmericard® credit card is a great option for consolidating a hefty credit card balance and paying off over a generous 0% APR period. Ratings only fluctuate based on how heavily the reviewer weighs the lack of rewards. While many consider this point moot, as the card is a short-term solution for debts or upcoming balances, others point to the lack of rewards and welcome bonus as a major hit against the card.
Another point of contention among reviews is whether the card is available to applicants with good credit (FICO scores 670–739), or exclusively those with excellent credit (FICO scores 740–850).
What Cardholders Say
Cardholder reviews don’t paint a very comprehensive picture of the BankAmericard® itself. Instead, most reviews focus on customer experiences with Bank of America when dealing with credit card management. Here are the main pros and cons actual cardholders expressed:
Rates & Fees
Fees
- Annual fee: $0
- Direct deposit and check cash advance fee: $10 or 3% of advance amount (whichever is greater)
- Bank cash advance fee: $10 or 5% of advance amount (whichever is greater)
- Balance transfer fee: $10 or 3% of amount transferred (whichever is greater)
- Wire transfer purchase fee: $10 or 5% of amount transferred (whichever is greater)
- Late fee: $40
- Foreign transaction fee: 3%
Interest Rates
- Purchase APR: 15.49% – 25.49% (variable)
- Intro purchase APR: 0% for 21 months
- Balance transfer APR: 15.49% – 25.49% (variable)
- Intro balance transfer APR: 0% for 21 months
- Direct deposit and check cash advance APR: 17.99% – 29.99% (variable)
- Bank cash advance APR: 29.99% (variable)
- Penalty APR: None
Rewards
If you’re looking for an everyday card and don’t need to consolidate debts or make a major series of purchases, look for a card with cashback rewards on purchases you frequently make.
Balance Transfers
The BankAmericard® credit card is one of the best options on the market for making a balance transfer, given its long intro APR period and low balance transfer fee of 3%.
To enjoy the 21-month 0% APR period, you must initiate your balance transfer within 60 days of opening your account.
Benefits
| Benefit | What It Does |
|---|---|
| Account alerts | You can choose to sign up for email or text alerts reminding when your payments are due and paid |
| Fraud monitoring & alerts | You’ll be notified if fraud or fraudulent activities are detected |
| $0 fraud liability | You aren’t responsible for any unauthorized transactions charged to your card |
| Digital wallet compatibility | Add your BankAmericard® to your mobile device and then shop in-store or in-app using Apple Pay®, Google Pay™, or Samsung Pay |
| Contactless chip technology | Simply tap to pay where you see the contactless symbol, allowing quick and easy purchases |
| Online and mobile banking | Easily access your account anytime online or from your phone through the Bank of America mobile app for iOS and Android devices |
| Overdraft protection | Link your BankAmericard® card to your Bank of America checking or savings account to enable overdraft charges on your debit card to be withdrawn from your credit card account |
| Free FICO® credit score | Access your FICO® Score credit score for free every month |
How to Get the BankAmericard®
Bank of America doesn’t specify the credit score or credit history required to qualify for a BankAmericard® credit card. However, you most likely need to have excellent credit (a FICO score between 740–850).
How to Apply
To apply for the card, fill out the application online. The application process will likely require you to provide the following information:
- Personal details
- Contact details
- Employment status
- Income information
- Housing payments
You can also call Bank of America directly at (800) 932–2775.
FAQs
Can you take out a cash advance on the BankAmericard®?
You can use your BankAmericard® to take out cash advances. The fees and APR associated with cash advances vary depending on what method you choose.
Cash advances you take out with a check or direct deposit will be subject to variable 17.99% – 29.99% (variable) APR and a fee of either $10 or 3% of your advance amount, whichever is greater.
Bank cash advances are subject to 29.99% APR and a fee of either $10 or 5% of the amount of your advance, whichever is greater. This type of advance includes advances taken out via ATM, over-the-counter, or online, as well as cash equivalent advances and advances taken out to cover overdrafts through Bank of America’s Balance Connect.
Because of the high cost of cash advances (they will not enjoy the 0% APR period), we highly recommend using another method of withdrawing cash, like a debit card.
Is there a grace period on the BankAmericard®?
Yes, the BankAmericard® has a 25-day grace period. If your previous bill has been paid in full, the purchases you make during the grace period won’t accrue interest.
Where can you use the BankAmericard®?
You can use the BankAmericard® anywhere Mastercard is accepted, which is most locations that allow credit card payments. While Mastercard is widely accepted abroad, the BankAmericard® charges a 3% foreign transaction fee, making this a less-than-ideal choice of credit card for frequent international transactions.
How can I contact the Bank of America customer service team?
If you have any questions or issues concerning your BankAmericard®, you can contact Bank of America customer service by phone at (800) 732-9194.
