Are you looking for a credit card? Or are you considering applying for the BankAmericard® Review? If so, this article is for you. It will provide some information about what it’s like to have a BankAmericard® Review and who may be interested in one. We’ll also talk about the benefits of having this card and the drawbacks that come with it. So read on to learn more!
The BankAmericard® credit card from Bank of America is a great one to have if you’re looking for cards that can help build your credit. It is also beneficial because the interest rates are meager, which helps save money in the long run when it comes time to pay off what you owe on this card.
However, unlike most other cards out there, with this card, customers do not receive cash back rewards or rewards points when they make purchases with their BankAmericard®. Balance transfer credit cards like BankAmericard® are great for consumers looking to consolidate their credit card debt or make a large purchase.
The BankAmericard® is also one of the most inexpensive cards on the market, especially regarding annual fees and interest rates. This can be particularly important if you’re someone that lives paycheck-to-paycheck because having fewer monthly expenses can help you be more financially stable.
For some people who like getting something for all of their hard work and diligence when it comes to using their credit cards responsibly every month (and making monthly payments), these types of perks could be an essential factor in deciding whether they want this type of credit card.
BankAmericard® credit card: Basics
Card type: Balance Transfer Credit Card
Annual fee: $0
Interest on purchases: 13.99% Introductory APR: 0% for the first 12 billing cycles (then between 13.99%-23.99%)
Balance transfer fee: $0
Credit scores needed: 680 or higher
Minimum interest charge: none
Late payment fee: up to $38.00 for a first late payment and up to an additional $38 in subsequent monthly installments if the balance is still not paid off at that time. Returned or rejected payments will incur a minimum of a $35 fee.
Interest-free period on purchases: 0% for the first 12 billing cycles (then between 13.99%-23.99%)
Foreign Transaction Fee: Yes
Why you might want the BankAmericard Credit Card.
It has a very low-interest rate.
The BankAmericard has a very low-interest rate that is cheaper than most other credit cards. They also have a cash-back rewards program that helps you save money on everyday purchases. Customers don’t have to worry about bonus categories with this credit card either because there aren’t any special restrictions like that either!
It has unlimited cash-back.
The BankAmericard offers unlimited cash-back. You will receive one percent on all your purchases, which adds up quickly if you make multiple purchases per month. There is no cap to the number of rewards you can earn, and there are no limits as well. This gives customers a lot of flexibility in redeeming their points for whatever they want or need each month. Customers can also choose to have them deposited into a checking or savings account.
It has no annual fee.
The BankAmericard has no annual fee, which is very rare among credit cards, so that’s something worth noting! You will be responsible for paying any interest charges if the balance isn’t paid in full by the due date. If you are carrying balances on other credit cards, transferring those to the BankAmericard can save you big bucks in interest charges!
It has no foreign transaction fee.
The BankAmericard doesn’t have any of these pesky foreign transaction fees! This means that when traveling abroad, there won’t be any extra costs added to your purchases. While it might not seem like a big deal to you now, this can be especially helpful if you travel abroad very often or make online international purchases from time to time.
It doesn’t charge a penalty APR.
For customers who occasionally miss a payment, the BankAmericard doesn’t charge a penalty APR. This means that you won’t be charged extra interest in case of late or missed payments with this card!
It has an introductory 0% APR for 15 months on balance transfers and purchases.
The BankAmericard offers an introductory 0% APR for 15 months on balance transfers and purchases. In addition, if you are carrying balances on other credit cards, transferring those to the BankAmericard can save you big bucks in interest charges!
You should also know that it offers a $0 balance transfer fee within the first 60 days of account opening.
It has a sizable introductory bonus cash offer.
For a limited time, you can earn $200 when opening the account and making your first purchase within 90 days. You will also receive 25,000 bonus points after spending $500 on purchases within the first 90 days of account opening.
It has online banking and bill pay services.
The BankAmericard allows you to access your account information 24/seven with their secure website! This is great for checking balances, paying bills, or transferring funds quickly and easily. You also don’t have to worry about losing your card or forgetting it somewhere because you can permanently block and unblock the credit card soon with their mobile app!
It offers a $0 balance transfer fee:
The BankAmericard offers a $0 balance transfer fee within the first 60 days of account opening! This can be extremely helpful for those looking to consolidate their debt onto one card.
Why you might want a different card?
It has no cash-back rewards.
If you have no interest in earning cash back rewards, then this card might not be for you. It’s best suited to customers who make several purchases every month that qualify as “anywhere” spending (gas, grocery stores, or wholesale clubs). You want a credit card.
It has an introductory 0% APR.
Another reason why this card is not for you is that you want a credit card with a lower regular APR. If that’s the case, then this could not be the best option for your situation either because it has an introductory 0% APR on balance transfers and purchases, but after 15 months of promotional rate expires, there will be a variable purchase and balance transfer APR ranging from 13.99%-21.
It requires a high credit score.
If your credit score is not that high, then this card might not be for you. This card requires a credit score of 600 or above to apply and get approved which means that people with low scores will have difficulty in getting approval from BankAmericard personally because it has higher standards than other cards.
Other credit cards to consider:
These no-fee cards have more value than their 0% rates expires:
- The Citi® Double Cash Card has a great offer of 0% on balance transfers for 18 months and purchases for six months, plus an ongoing rewards program. You can earn a $100 bonus cash-back when you spend $500 in the first three months after account opening. After that, earn unlimited one percent cash back on all your purchases – it’s automatic! Redeem your money as a statement credit, a check, or a gift card.
- The Discover it Balance Transfer has an industry-leading zero percent intro APR for 18 months on balance transfers and purchases. You can earn match cash back at the end of your first year – that’s $200! If you’re still holding balances after the intro period expires, they’ll be charged the ongoing APR of 14.24%-25.99% Variable APR – still better than most other cards! There’s also no annual fee, and the card has a $0 fraud liability if your identity is stolen while using it.
- The Chase Slate® Card offers an introductory 0% for 15 months on balance transfers requested within 60 days from account opening. There’s no balance transfer fee (you won’t be charged any of your hard-earned cash to move balances over), and the ongoing APR is a flat 15.24% – 25.99% Variable APR, which can be lower than most cards’ penalty APRs!
Visit our website for more credit card review articles to see how these cards compare with other balance transfer credit card options.
Is the BankAmericard® credit card right for you?
BankAmericard credit card from Bank of America is a good choice among balance transfer cards, but it’s a no-frills basic credit card. It has an 18-month balance transfer cycle and an extended, 60-day balance transfer offer for consumers who make transfers in the first 60 days. The ongoing APR is also low. This card could save you on interest charges.
If you still have not decided, feel free to check our credit cards review page and compare the top-rated credit cards!