Solid balance transfer option with sign-up bonus: BankAmericard credit card review
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BankAmericard® credit card overview
The BankAmericard® credit card comes with a promising financing offer, giving you a chance to pay off your debt with one of the longest introductory APR rates on purchases and balance transfers we’ve seen. While this card doesn’t offer any ongoing rewards, it does include a sign-up bonus. Card rating*: ⭐⭐⭐
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Life comes at you with all sorts of surprises. If you’re dealing with debt due to unexpected expenses, there are tools to get you back on the right track, including the BankAmericard. While the BankAmericard isn’t the flashiest credit card out there, it comes with features that can help you zero out your debt over time. Let’s take a look at who would most benefit from this card and other card options that may also be worth considering.
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Who is this card for?
The BankAmericard is one of the most forgiving cards on the market. While it doesn’t entice new applicants with the opportunity to earn points and miles or even cash-back rewards, this card is geared to an entirely different audience: Consumers with current credit card debt or who have a large upcoming purchase that they may not be able to pay off immediately.
Interest fees can add up quickly if you’re unable to pay off your monthly credit card statements. But by transferring your debt over to the BankAmericard, you’re given a second chance of sorts. You’ll have additional time to focus on paying off your debt without accruing any interest. Plus, there’s no penalty APR on this card, meaning a late payment won’t cause your interest rate to shoot up.
Historically, the BankAmericard didn’t come with a sign-up bonus. Currently, however, new applicants can apply and get a $100 online statement credit after making $1,000 in purchases within the first 90 days of account opening. While this offer won’t make any of the top charts, most cards that focus on refinancing typically don’t come with any sign-up bonuses in the first place. This should be a relatively achievable intro offer for most consumers that will help add valuable cash back into your pocket.
Main benefits and perks
Let’s go over the ways that the BankAmericard can help you avoid any unwanted interest fees:
- 0% introductory APR: Applies to the first 18 billing cycles for purchases and balance transfers made in the first 60 days. After the intro APR offer ends, a 12.99% to 22.99% variable APR will apply. A 3% fee (minimum of $10) applies to all balance transfers.
- No penalty APR: Paying late won’t automatically raise your interest rate (APR).
- No annual fee
The introductory APR on purchases is beneficial for consumers who have an upcoming purchase they may not be able to pay for completely within a single statement period. This is a generous offer that applies to the first 18 billing cycles. If you’re using this card to reduce existing credit card debt, you’ll also enjoy an introductory APR on balance transfers made within 60 days of account opening over the same period of 18 billing cycles. Note that a balance transfer fee of 3% of each transaction with a minimum of $10 will apply, but that might be well worth it if you’re able to avoid interest fees on a large balance with the BankAmericard.
Plus, if you make a late payment, there’s no penalty APR that will immediately raise your ongoing APR.
While you’re working on financing (or refinancing) your debt, you’ll have access to Bank of America’s suite of online banking features, free FICO score tool and access to credit education topics.
Which cards compete with the Bank Americard?
The Citi® Diamond Preferred® Card offers a 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening, then a variable APR of 13.74% – 23.74%, based on your creditworthiness. Balance transfers must be completed within the first four months of account opening.
For balance transfers, the Citi Diamond Preferred has a leg-up since you’ll lock in 0% interest for balance transfers with roughly double the time (four months compared to 60 days) as the BankAmericard. However, its variable APR is higher compared to the BankAmericard, so you want to make sure that you can pay off your interest by the end of the introductory APR period. It comes with a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
While there’s no annual fee on the Citi Diamond Preferred, there’s no sign-up bonus, either.
The Chase Slate Edge credit card may be a better fit for those focused on balance transfers to reduce existing debt. Cardholders will enjoy a 0% introductory APR period on purchases and balance transfers for the first 12 months from account opening (then a variable APR of 14.99% to 23.74% applies).
There’s also a balance transfer fee of $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days from account opening (then $5 or 5% of the amount of each transfer, whichever is greater thereafter). However, this 12-month period in which you can make balance transfers and apply the introductory financing is much longer than the BankAmericard, which only offers the introductory rate on balance transfers made within the first 60 days of account opening.
You also won’t pay an annual fee on this card, and there’s an (even easier-to-hit) sign-up bonus of a $100 statement credit after spending $500 on purchases in the first six months of account opening.
The information for the Chase Slate Edge card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
The BankAmericard is a solid option thanks to its extended introductory APR offer and sign-up bonus. If reducing debt is your primary concern, this card is here to help you strategize your credit game plan.
Official application link: BankAmericard credit card with $100 online cash bonus after spending $1,000 in the first 90 days of account opening.
Featured photo by John Gribben for The Points Guy.
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