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Most of the best credit cards on the market come with a big sign-up bonus offer, strong rewards earning on purchases, and lucrative travel and purchase benefits. However, if you're already juggling a lot of credit card debt or have big purchases coming up that you can't pay off all at once, cards like the BankAmericard® Credit Card - Product Name Only, with a long introductory 0% APR on purchases and balance transfers, could be far more valuable than a credit card with more bells and whistles.
BankAmericard Review: Is It the Best Credit Card for You?
With the average credit card interest rate clocking in at around 20% these days, carrying a balance on your credit card can be an expensive and discouraging proposition. Fortunately, zero-interest credit cards that come with an ultra-long introductory 0% APR on purchases and balance transfers can give you the breathing room you need to focus on paying off credit card debt without getting stung by high interest charges.
The no-annual-fee BankAmericard® Credit Card - Product Name Only is a compelling choice if your main goal is to save money on interest. With a BankAmericard® Credit Card - Intro APR (followed by a BankAmericard® Credit Card - Regular APR APR), this is an excellent credit card for balance transfers or for new purchases you need to pay off over an extended period of time.
The downside: This card doesn't offer a welcome bonus, earn rewards for spending, or include travel or purchase protections. But that's typical of credit cards with extra-long zero-interest periods. In lieu of rewards or a bonus, you're getting relief from interest for a specified period of time, as long as you make at least the minimum payment each month.
Before you decide on the BankAmericard® Credit Card - Product Name Only, you'll want to compare it to competing cards with long intro APRs, like the Wells Fargo Reflect® Card - Product Name Only (Wells Fargo Reflect® Card - Intro APR, then a Wells Fargo Reflect® Card - Regular APR APR) or Citi Simplicity® Card - Product Name Only (Citi Simplicity® Card - Intro APR, then a Citi Simplicity® Card - Regular APR APR). These cards don't earn rewards either, but may have benefits and features that are more useful to your financial situation.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
BankAmericard Rewards
The BankAmericard® Credit Card - Product Name Only doesn't come with a welcome bonus or earn points, miles, or cash back. If that's your main objective for opening a credit card, it's not the card for you.
As a no-annual-fee card geared toward folks looking for a zero-interest period, this card is fairly no-frills beyond its introductory 0% APR offer.
0% balance transfer offer
The BankAmericard® Credit Card - Product Name Only's 0% balance transfer offer is as straightforward as they come. New cardholders get a BankAmericard® Credit Card - Intro APR, then a BankAmericard® Credit Card - Regular APR APR.
Note that you must complete a balance transfer to your new BankAmericard® Credit Card - Product Name Only within the first 60 days of account opening, and a balance transfer fee of 3% applies. Once your card is approved, you can request a balance transfer through the "Help and Support" menu of your Bank of America online account.
Similar to the balance transfer offer, new BankAmericard® Credit Card - Product Name Only cardholders can take advantage of a long introductory 0% APR on new purchases (again, BankAmericard® Credit Card - Intro APR followed by a BankAmericard® Credit Card - Regular APR APR).
As long as you make your minimum payment on time each month, you won't pay interest on your remaining balance for the duration of the zero-interest period. This can make it tempting to overspend, so don't charge more than you can afford to pay off before the intro APR expires.
FICO score
Cardholders can keep tabs on their credit score with free access to their FICO score through Bank of America Online Banking, mobile website, or through the BoA mobile app. Your score is updated monthly, making this a convenient way to check your credit score at no cost.
Fraud protection
Bank of America cards have a $0 liability guarantee, which means if your card is used fraudulently, you're not on the hook for charges if you report it promptly. It will also block potential fraud if it recognizes suspicious activity on your card account.
Overdraft protection
If you have a Bank of America checking account, you can activate the optional Balance Connect overdraft protection feature. This lets you link your BankAmericard® Credit Card - Product Name Only to your eligible BoA account, and, as long as you have available credit on your card, Bank of America will automatically transfer funds from your credit card account to cover overdrafts on your deposit account. You won't get charged overdraft fees, but cash advance interest will apply.
Mobile wallet
You can add your card to mobile wallets like Google Pay, Apple Pay, or Samsung Pay for a more secure way to make purchases, since your card number isn't stored on your device or shared with most merchants.
BankAmericard Annual Fee and Other Costs
The BankAmericard® Credit Card - Product Name Only has a BankAmericard® Credit Card - Annual Fee annual fee, so it's free to keep and use as long as you don't carry a balance. After the introductory 0% APR period ends, there's a regular APR of BankAmericard® Credit Card - Regular APR that applies to any balances you carry on the card.
In addition, there are other fees that apply in certain situations, including:
Foreign transaction fee: 3% of the US dollar amount of each transaction made in a foreign currency, in addition to any other applicable fee (consider using one of the best credit cards with no foreign transaction fees instead if you're traveling abroad)
Balance transfer fee: 3% of the amount of each transaction
Cash advance fee: Direct deposit and check cash advances – 3% of the amount of each transaction; ATM, over-the-counter, same-day online, and cash equivalent cash advances – 5% of the amount of each transaction
Late payment fee: Up to $40
BankAmericard vs Wells Fargo Reflect
The Wells Fargo Reflect® Card - Product Name Only also offers an extra-long zero-interest period on purchases and balance transfers, but it requires a little more attention. New cardholders receive a Wells Fargo Reflect® Card - Intro APR, followed by a Wells Fargo Reflect® Card - Regular APR APR. Note that with the Reflect card, you'll have a longer period after account opening to complete a balance transfer. And as long as you make your minimum payments on time, you should qualify for the extension, which makes this intro APR offer roughly equal to that of the BankAmericard® Credit Card - Product Name Only.
The Wells Fargo Reflect® Card - Product Name Only doesn't offer a welcome bonus or earn rewards either, but it has a slight edge over the BankAmericard. Reflect cardholders qualify for cell phone protection when they use their card to pay their monthly wireless bill, which can amount to significant savings. You can be covered for up to $600 per claim with a $25 deductible, with a maximum of two claims per 12-month period.
BankAmericard vs Citi Simplicity
If you're concerned about keeping track of credit card bill due dates, the Citi Simplicity® Card - Product Name Only may be a better pick for you. While it also doesn't earn rewards or have a welcome bonus, it offers a Citi Simplicity® Card - Intro APR (then a Citi Simplicity® Card - Regular APR APR).
The card doesn't charge late fees or a penalty APR if you slip up and pay late, and there's no annual fee. But it's important to note that the duration of the zero-interest period for purchases is significantly shorter than that of the BankAmericard® Credit Card - Product Name Only.
Bank Americard vs Citi Double Cash
The Citi® Double Cash Card - Product Name Only is another card to consider if you're only looking for an intro interest-free period on balance transfers and not purchases. Its got a slightly shorter introductory offer — Citi® Double Cash Card - Intro APR, followed by a Citi® Double Cash Card - Regular APR APR.
While it doesn't offer a welcome bonus, this card has a huge advantage over the BankAmericard® Credit Card - Product Name Only in that it earns a flat rate of rewards for all spending. You'll earn 1 Citi ThankYou point per dollar (1% cash back) when you make a purchase, and 1 point per dollar (1% back) when you pay it off.
If an intro purchase APR doesn't matter and you can handle a shorter intro APR period, the Citi® Double Cash Card - Product Name Only is a more rewarding choice.
BankAmericard Frequently Asked Questions (FAQ)
Is the BankAmericard credit card a good card?
The BankAmericard® Credit Card - Product Name Only is a good card only if you're looking for a super-generous interest-free intro offer. Few other cards have as long of an introductory 0% APR period, and its rare to see both purchases and balance transfers included. But if you won't take advantage of an intro APR, this isn't the right card for you.
Does the BankAmericard offer rewards?
No, the BankAmericard® Credit Card - Product Name Only does not earn rewards.
How long does the BankAmericard intro APR offer last?
The BankAmericard® Credit Card - Product Name Only's intro APR offer is BankAmericard® Credit Card - Intro APR. After that, a BankAmericard® Credit Card - Regular APR APR applies to new purchases and balance transfers.
What credit score is needed for the BankAmericard credit card?
Most people who are approved for the BankAmericard® Credit Card - Product Name Only have at least a good credit score, which means a FICO score of 670 or better.
Methodology: How we reviewed the BankAmericard
Insider's experts evaluated the BankAmericard® Credit Card - Product Name Only relative to other cards with a 0% interest rate on purchases and balance transfers. It ranks quite highly for not charging an annual fee and for the length of its intro APR period.
That said, it scored lower on factors like a welcome bonus, benefits, and rewards earning. For this reason, it gets a lower overall score than intro APR cards such as the Chase Freedom Unlimited® - Product Name Only and Wells Fargo Active Cash® Card - Product Name Only.
For a closer look at our methodology, check out this guide to how we rate credit cards at Insider.
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