BankAmericard Credit Card Overview
The BankAmericard® Credit Card offers promising financing, allowing you to pay down your debt with one of the longest introductory APR rates on purchases and balance transfers we’ve seen. However, this card does not offer any ongoing rewards nor does it include a sign-up bonus. Card Rating*: ⭐⭐⭐
*Card ratings are based on the opinion of TPG’s editors and are not influenced by the card issuer.
Information for BankAmericard is independently collected by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Life comes at you with all kinds of surprises. If you’re dealing with debt due to unexpected expenses, there are tools to get you back on track, including the BankAmericard. While the BankAmericard isn’t the most attractive credit card out there, it does come with features that can help you reduce your debt to zero over time. Approved applicants have a credit score of at least 690.
Let’s take a look at who will benefit the most from this card and other card options that may also be worth considering.
BankAmericard Pros and Cons
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BankAmericard welcome offer
BankAmericard does not come with welcome offers like bonus cash or bonus points.
Currently, however, you can get a 0% introductory APR for 18 billing cycles on purchases and on any balance transfers made within the first 60 days of opening your account. After the introductory APR offer ends, a variable APR of 16.24% – 26.24% will apply. A 3% fee applies to all balance transfers within the first 60 days; After that, there will be a 4% fee on all future balance transfers.
BankAmericard Benefits
BankAmericard can help you avoid any unwanted interest fees with its introductory APR offer. Additionally, cardholders won’t receive penalty APR, which automatically increases your interest rate on late payments. Best of all, BankAmericard has no annual fees and minimizes the burden.
While you’re working To finance (or refinance) your debt, you’ll have access to Bank of America’s online banking features, a free FICO score tool, and credit education topics.
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Related: Do Balance Transfers Affect Your Credit Score?
Earning/Redeeming Rewards on BankAmericard
BankAmericard does not offer any rewards such as cash back or points on purchases, and therefore there are no redemptions.
Which cards compete with BankAmericard?
Some credit cards offer balance transfers upon account opening.
- If you choose City: This Citi® Diamond Preferred® Card (See Rates & Fees) Offers 0% intro APR for 21 months on balance transfers from date of first transfer and 0% intro APR for 12 months on purchases from account opening date, then variable APR of 18.24% – 28.99%, depending on your creditworthiness . The card also has no annual fee. For more information, check out our full review of the Citi Diamond Preferred Card.
- If you choose Chase: Chase Slate Edge℠ may be better suited 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 18 months of account opening (a variable APR of 20.49%—29.24% applies thereafter). Cardholders automatically qualify for a 2% APR reduction when they make on-time payments and spend at least $1,000 on your card by the next account anniversary. For more information, check out our full review of the Chase Slate Edge.
- If you want to get cash back: Chase Freedom Flex® offers cardholders a cash back welcome bonus ($200 cash back after spending $500 on purchases in the first three months of account opening) and 0% introductory APR for 15 months on purchases and balance transfers. After the introductory period, a variable APR of 20.49% – 29.24% applies. Cardholders earn 5% up to the first $1,500 spent each quarter on rotating categories (activation required), 5% on Lyft rides (through March 2025), 5% on travel booked through Chase Travel, 3% on dining (including takeout) and eligible delivery services), 3% on drugstore purchases and 1% on all other purchases. For more information, check out our full review of the Chase Freedom Flex.
Information for Chase Slate Age is independently collected by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Is BankAmericard worth it?
BankAmericard is the most forgiving card on the market. It’s aimed at a completely different audience: customers with existing credit card debt or who have a big upcoming purchase that they can’t pay off right away.
Interest fees can add up quickly if you’re unable to pay your monthly credit card statement. But by transferring your debt to BankAmericard, you’re given a second chance. You will have extra time to focus Pay off your debt without accruing any interest. Plus, there’s no penalty APR on this card, meaning late payments won’t increase your interest rate.
Related: Are You Paying Enough Attention to Your Credit Card APR?
Bottom line
BankAmericard is a solid option because of its introductory APR offer. If debt reduction is your primary concern, this card can help you strategize your credit game plan. There may be other cards that offer longer introductory APRs on purchases and balance transfers, but it’s worth keeping in mind that BankAmericard doesn’t charge APR penalties for missed payments. For those looking to save on interest costs and pay off their debt, the BankAmericard is a solid option.