Editor’s note: This is a recurring post, regularly updated with new information and offers.
BankAmericard credit card overview
The BankAmericard® credit card offers promising financing, allowing you to pay off your debt with one of the longest introductory APR rates on purchases and balance transfers we’ve seen. This card, however, doesn’t offer any ongoing rewards nor 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.
The information for the BankAmericard has been collected independently 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 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. Approved applicants have a credit score of at least 690.
Let’s take a look at who would most benefit from this card and other card options that may also be worth considering.
BankAmericard pros and cons
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BankAmericard welcome offer
The BankAmericard does not come with a welcome offer such as bonus cash or bonus points.
Currently, however, you can get 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days of opening your account. After the introductory APR offer ends, 16.24% – 26.24% variable APR will apply. A 3% fee applies to all balance transfers within the first 60 days; after that, all future balance transfers will have a 4% fee.
BankAmericard benefits
The BankAmericard can help you avoid any unwanted interest fees with its introductory APR offer. Additionally, cardholders will not receive a penalty APR, which automatically increases your interest rate when paying late. Best of all, BankAmericard has no annual fee and alleviates that burden.
While you’re working on financing (or refinancing) your debt, you’ll have access to Bank of America’s suite of online banking features, a free FICO score tool and access to credit education topics.
Related: Do balance transfers affect your credit score?
Earning/redeeming rewards on the BankAmericard
The BankAmericard offers no rewards such as cash back or points on purchases, and therefore there are no redemptions either.
Which cards compete with the BankAmericard?
Several credit cards offer balance transfer offers upon account opening.
- If you prefer Citi: The Citi® Diamond Preferred® Card (see rates and fees) 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 18.24% – 28.99%, based 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 prefer Chase: The Chase Slate Edge℠ 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 18 months from account opening (then a variable APR of 20.49%—29.24% applies). Cardholders are automatically considered for an APR reduction by 2% when they pay on time 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 earn cash back: The 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 a 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 also earn 5% on up to the first $1,500 spent on rotating categories each quarter (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.
The information for the Chase Slate Edge has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Is the BankAmericard worth it?
BankAmericard is one of the most forgiving cards on the market. It 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.
Related: Are you paying enough attention to your credit card’s APR?
Bottom line
The BankAmericard is a solid option thanks to its introductory APR offer. If reducing debt is your primary concern, this card can help you strategize your credit game plan. There may be other cards that feature longer introductory APR offers on purchases and balance transfers, but it’s worth keeping in mind that BankAmericard does not charge a penalty APR for missing a payment. For those looking to save interest costs and pay off their debt, BankAmericard is a solid option.
