Credit Cards

BankAmericard Credit Card Review: Pros, Cons & Compare!

Published On January 8, 2024

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Welcome to our BankAmericard Credit Card Review! We’re here to uncover the features and benefits of this card, assisting you in making an informed decision.

The BankAmericard Credit Card is a top choice for those seeking simplicity and value. It offers a straightforward way to manage finances, whether you’re consolidating debt, making everyday purchases, or building credit history.

A standout feature is the introductory 0% APR period, helping you save on interest charges for a set time after opening your account. Additionally, this card includes security features like chip technology for added fraud protection.

In this review, we’ll cover the perks, fees, and rewards of the BankAmericard Credit Card, helping you decide if it suits your financial goals. Let’s explore how this card can benefit you!

Overview of BankAmericard

The BankAmericard credit card is a good choice if you want to put all your credit card debts together. When you first get the card, it offers special low-interest rates. This is helpful if you want to move balances from other cards or make new purchases with a low interest rate. It’s especially good if you need more time to pay off your debts without getting more interest.

But, it’s important to know that once the low-interest period ends, the BankAmericard might not be the best option. If you think you can pay off your debt quickly, you might want to consider a cash-back card with a shorter low-interest period.

This way, you can get better long-term value. So, if you’re looking to manage your debts with a low interest rate, the BankAmericard could be a good fit.

CategoryBankAmericard Credit Card
RewardsNone
Expert AssessmentDeemed unimpressive
0% APR Offer0% intro APR on purchases 
0% intro APR on balance transfers for 18 billing cycles
3 percent balance transfer fee applies
Variable APR ranging from 16.24 percent to 26.24 percent
Expert AssessmentConsidered good
Rates and FeesNo annual fee
3 percent balance transfer fee
3 percent foreign transaction fee
No penalty APR
Expert AssessmentEvaluated as good
Other Cardholder PerksBankAmeriDeals
Free monthly FICO® Score
Museums on Us®
Expert AssessmentRegarded as unimpressive

Why do You Need BankAmericard?

Maximum Time to Pay Off Your Debt:

The BankAmericard is great if you need extra time to pay debts. It gives you a long intro APR period for purchases and balance transfers, and its ongoing interest rates are more forgiving than other cards.

Intro APR offer

The BankAmericard gives you a lot of time to handle your debt without getting more interest. This extended offer helps you finance purchases or make a plan to pay off your debt.

Just know that the intro APR offer for balance transfers is not as long as some other cards that now offer a longer time with low interest.

Interest Rate Advantage

In this current economy of rising credit card interest rates, BankAmericard offers a below-average ongoing variable APR, which provides relief for cardholders.

Despite no rewards, it will serve as an excellent option for those who are seeking a low-interest credit card beyond the intro period.

Consideration of Rewards and risks

While some of the low-interest cards may have higher ongoing APRs, they often provide you with rewards and cash back.

BankAmericard’s simplicity becomes advantageous for the user, especially when the accumulated rewards may lead to overspending which increases credit card debt.

No-frills saving with low-interest rates

If you want a simple and uncomplicated way to save, BankAmericard provides you with its low interest rates, which can be an ideal choice for you. To make the most out of the intro APR benefits, we advise you to pay off the balance before the introductory period ends.

You can use tools like Bankrate’s balance transfer calculator to determine your monthly payments for effective debt management.

Is the Wells Fargo Reflect Card familiar to you? It’s revolutionary for cost management. The benefits are incredible!

Do you Need a Different Balance Transfer Card?

Some people might prefer a different card for balance transfers instead of the BankAmericard. The BankAmericard is best if you want to focus on paying off debt during the intro APR period.

But, after the intro period, the card’s value goes down. It doesn’t give rewards, welcome offers, points, or miles. So if you want benefits beyond just a low-interest period, this card might not be right for you. The BankAmericard isn’t meant to be a reward-focused card, so it’s not the best choice for people who love rewards.

When the intro APR ends, the BankAmericard might not be good for balance transfers, and it won’t give you much for new purchases. Some might think about closing the card after paying off debt, but keeping it open can help your credit score.

If you travel outside the U.S., the BankAmericard isn’t great because it has a 3% foreign transaction fee. For travel or reward cards without this fee, they might have slightly higher APRs.

The BankAmericard does offer some small perks, like the Museums on Us program for free museum admission on the first weekend of each month. You also get deals like BankAmerideals and a free monthly FICO score.

Compare BankAmericard to Other Cards

The BankAmericard is a good choice if you want to pay off debt or make a big purchase. But remember, it’s not the only option. You should choose a card based on what you need. Let’s compare some other options with the BankAmericard.

Credit CardAnnual FeeIntro OfferRewards RateRecommended Credit ScoreBankrate Score
BankAmericard® Credit Card$0N/AN/AGood to Excellent (670 – 850)4.4 stars out of 5
Citi Simplicity® Card$0N/AN/AGood to Excellent (670 – 850)4.5 stars out of 5
Discover it® Balance Transfer$0Cashback Match™1% – 5%Good to Excellent (670 – 850)4.6 stars out of 5

BankAmericard vs. Citi Simplicity Card:

BankAmericardCiti Simplicity Card
Ideal for paying off debt and financing large expenditures.Similar emphasis on debt repayment during an introductory APR period.
Provides an extended introductory APR term.There are no late fees or penalty APR.
There are no additional awards or incentives after the introduction period.There are no awards or signup bonuses.
The foreign transaction fee is 3%.The foreign transaction fee is 3%.
Offers various incentives, like as the Museums on Us program and a free monthly FICO score.Provides simplicity with no yearly or late payment fees.

Which One’s Better?

  • If you want it for making purchases, both are good.
  • If you’re transferring a balance, the Citi Simplicity® Card is a bit better because it gives you more time with 0% interest and a longer window to make the transfer.

Now, About the Fees:

The BankAmericard® credit card usually has a 3% fee for balance transfers, but sometimes they offer a $0 fee for the first 60 days. Citi Simplicity® usually has a 3% fee for transfers within the first 4 months, then it goes up to 5%.

So, if you can snag that $0 transfer fee with BankAmericard®, great! But even without it, it might still be cheaper for larger transfers.

Lastly, late payments. With the BankAmericard®, they won’t raise your interest rate if you’re late, but they hit you with a hefty late fee. Citi Simplicity® doesn’t charge late fees, and there’s no penalty interest rate for paying late.

Which One Should You Get?

  • If you’re forgetful, Citi Simplicity might save you money on late fees.
  • If you’re after a 0% intro period for purchases, either card works.
  • If you’re transferring a balance, consider the fees and how quickly you can pay it off. If you can do it in less than 18 billing cycles, go for the BankAmericard

BankAmericard vs. Discover it Balance Transfer:

BankAmericard has a longer intro APR period for purchases. Discover it will offer you a great rewards structure with Cashback Match and a rotating cash back calendar. BankAmericard is better for those who need finance for new purchases, while Discover provides greater long-term value with rewards.

  • If you are focused on Debt Management: BankAmericard is a better
  • For Long-term value and rewards: Discover it Balance Transfer is preferred.

Is the U.S. Bank Visa Platinum Card familiar to you? It provides excellent benefits like reduced APR and cash back.

Pros and Cons of BankAmericard

ProsCons
– Both purchases and transfers covered by intro APR– Long-term value affected by absence of rewards and late fee waivers
– Ongoing APR lower than many competitor cards– Not ideal for international purchases due to foreign transaction fee
– No penalty APR– Limited extra benefits beyond standard Bank of America perks

Is this BankAmericard worth it?

The BankAmericard credit card is a good option if you are looking for a decently long intro APR period to tackle your balance. However, it lacks rewards and other unique features compared to other balance transfer cards. It normally stands out for its potential low ongoing APR.

Even after you have paid off your balance, you can keep BankAmericard, which will be worth it due to its advantageous ongoing APR.

Conclusion

The BankAmericard is a great credit card option for those who are looking to consolidate debt or finance large purchases. Thanks to its 0% introductory APR period on both balances and purchases. But your card won’t get ongoing rewards or notable perks, which makes it less attractive for long-term use. Remember that you have to choose a card that solely depends on what you need. You can even compare other cards available on the market, so you can have optimal benefits. We hope this article has given you meaningful insights regarding BankAmericard. Double-check before you select your card.

FAQs About BankAmericard Credit Card

What are the ongoing APRs after the end of the Intro period?

The ongoing APR for purchases and balance transfers is 16.24% to 26.24% variable APR.

Do you earn any rewards with BankAmericard?

No, BankAmericard does not earn any reward such as cashback or travel points.

Is there a transaction fee for foreign use?

Yes, you will charge a 3% foreign transaction fee which is applied to purchases made outside of the U.S.

What if I spend more than my credit limit but quickly pay it back?

If you go over your credit limit and promptly pay it off, you could still encounter problems like extra charges and a drop in your credit score. Here are some possible issues: Over limit fees: Your credit card company might make you pay a fee for exceeding your credit limit, even if you settle it immediately.

Wondering how to snag that $200 from your Bank of America credit card?

If you’re a new cardholder, here’s the deal that You can score $200 cash back by splurging $1,000 or more on your card within the initial 90 days of opening your account. Once you meet the criteria, you can expect the bonus to pop up in your rewards balance around eight to 12 weeks later.

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