BankAmericardĀ® Credit Card Review

BankAmericardĀ® from Bank of America ā€” all information about the credit card.

By Hanna Volkava
Updated October 23, 2023
BankAmericardĀ® Bank of America
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Our Rating:
4.47 out of 5
scorer
Recommended credit score
Excellent (740-799)
  • Rewards Rate:
    • This card doesn't offer cash back, miles or points.
  • Intro Offer:
    • No current offer.
  • Annual Fee:
    $0
  • Purchase Intro APR:
    0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account
  • Regular APR:
    16.24% - 26.24% Variable
  • Balance Transfer APR:
    16.24% - 26.24% Variable
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Rate and fee information

  • Purchase Intro APR
    • 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account
  • Purchase APR
    • 16.24% - 26.24% Variable
  • Intro Balance Transfer APR
    • 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account
  • Balance Transfers APR
    • 16.24% - 26.24% Variable
  • APR for Cash Advances
    • 19.24% - 29.24% Variable APR for Direct Deposit and Check Cash Advances
      29.24% Variable APR for Bank Cash Advances
  • How to Avoid Paying Interest
    • Your due date is at least 25 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month.

Fees

  • Annual Fee
    • $0
  • Fees for Balance Transfer
    • Either $10 or 3% of the amount of each transaction, whichever is greater.
  • Fees for Cash Advances
    • Either $10 or 3% of the amount of each transaction, whichever is greater.
  • Penalty Fees
    • None
  • Return Payment
    • Up to $29
  • Late Payment
    • Up to $40
View all Rates & Fees

Pros & Cons

Pros:
  • 0% Introductory APR
  • No Penalty APR
  • No Annual Fee
Cons:
  • No Rewards
  • Foreign Transaction Fee

Features

Classic
Mastercard
Contactless
  • 0% Intro APR
  • No Annual Fee
  • Payment Flexibility
  • Fraud Protection
  • Purchase Protection
  • Excellent Credit

About the issuer

Bank of America has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your

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Bank of America BankAmericardĀ® Credit Card Review

In this article, we will review the Bank of America BankAmericardĀ® Credit Card, a great credit card for individuals with excellent credit.

The Bank of America BankAmericardĀ® Credit Card offers interest-free financing (0% APR) on new purchases made in the first 18 billing cycles and on balance transfers made within the first 60 days (a variable APR of 16.24% - 26.24% applies afterward). Itā€™s ideal for people who anticipate making a large purchase shortly or want to transfer their balance from another credit card and avoid paying interest for the first 18 billing cycles.

This card has limited features, but it is worth considering for those who need flexibility in managing their finances.

Bank of America BankAmericardĀ® Credit Card: pros and cons

Pros: Cons:
0% Introductory APR. 0% Intro APR for 18 billing cycles for purchases (a variable APR of 16.24% - 26.24% applies afterward). Thereā€™s also a balance transfer 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. A 3% fee (min. $10) applies. No Rewards. You won't earn any points or receive cashback when using this card, unlike some other credit cards with long zero-interest introductory periods.
No Penalty APR. Late payment will not hike up your APR, so you will not have to worry about a penalty APR. However, if you donā€™t pay by the due date, you will need to pay a penalty of $29. Succeeding late payments within six billing cycles of the last late payment, you will be assessed with a late fee of up to $40. Foreign Transaction Fee. There is a 3% foreign transaction fee for all purchases made internationally, which might be an issue for people who travel often.
No Annual Fee. You can use this credit card without paying an annual fee.
Modest Welcome Bonus. When you sign up for the Bank of America BankAmericardĀ® Credit Card, you can earn $100 as a statement credit, as long as you spend $1,000 or more on purchases within the first 90 days.

Rewards system in a nutshell

The Bank of America BankAmericardĀ® does not offer any traditional rewards, like allowing you to earn and redeem points for purchases. However, it does give you a longer-than-average 18 billing cycles to enjoy your 0% introductory APR on purchases and balance transfers made within the first 60 days (a variable APR of 16.24% - 26.24% applies afterward). Other cards, on average, will give you about 15 months of 0% APR when you sign up.

This card also offers a $100 bonus as a statement credit when you spend $1,000 or more within the first 90 days of opening your account.

Who can benefit from getting the Bank of America BankAmericardĀ® Credit Card?

The Bank of America BankAmericardĀ® Credit Card is a solid option if youā€™re looking for a credit card that can help you make big purchases or pay off existing credit card debts without having to worry about interest charges or annual fees.

After its 0% introductory APR period (on new purchases made in the first 18 billing cycles and on balance transfers made within the first 60 days), a variable 16.24% - 26.24% APR will apply. The exact rate will depend on your credit score and will be determined when you apply for the card. This variable APR is relatively competitive compared to other similar credit cards that don't carry many additional benefits, like redeeming points or earning cashback. The BankAmericardĀ® charges a balance transfer fee of either $10 or 3% for each balance transfer transaction you make, whichever is higher. However, this is fairly standard for no-annual-fee cards.

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The BankAmericardĀ® also offers no penalty APR, which means late payments wonā€™t result in a higher interest rate or impact your introductory rate. Instead, you will have to pay up to a $40 late payment fee. If your payment is more than 30 days late, it could also affect your credit score.

Thereā€™s no set credit limit for this card, but Bank of America will determine the limit based on your credit score when you apply. You can also request an increase to your credit limit through Bank of Americaā€™s website once youā€™ve improved your credit score.

The credit score needed to increase your approval odds when applying for this card is at least 670. This means that you will need to have a relatively good credit history.

Additionally, Bank of America offers a BankAmericardĀ® Credit Card for Students that provides the same features but with additional access to their credit card education site, which gives new cardholders advice on good financial management practices. The low APR and prolonged 0% period are also beneficial for students in case of emergencies or when they need to make big purchases.

Are there any other benefits?

The Bank of America BankAmericardĀ® has several standard and optional benefits. These include:

  • Contactless Chip Technology. Pay easily and quickly in any establishment that has contactless symbols. Although it does not yet have a contact-free chip and pin feature, you can still use your BankAmericardĀ® securely with contactless payments.
  • Overdraft Protection. When you connect your credit card with a Bank of America checking account, you can opt to add overdraft protection. This lets you automatically transfer funds from your credit card to your checking account to prevent going into an overdraft.
  • Paperless Statement Option. The BankAmericardĀ® helps you reduce your carbon footprint by opting for a paperless credit card statement each month.
  • Digital Payment Compatible. You can use the Bank of America BankAmericardĀ® for online purchases with Apple Pay, Android Pay, or Samsung Pay.
  • $0 Liability Guarantee. Bank of America ensures that only you will use the card. Their $0 liability guarantee means that you wonā€™t be held responsible for any proven fraudulent purchases.
  • Access to FICOĀ® score for Free. You get free access to your FICOĀ® score as a Bank of America credit card holder, which helps you stay on top of your credit.

Conclusion

The Bank of America BankAmericardĀ® Credit Card is an ideal option for people planning to make big purchases soon or transfer balances from higher interest credit cards, as it offers a lengthy 0% introductory APR.

The BankAmericardĀ® Credit Card may not earn you rewards or points, but it makes for a sound balance transfer card that doesnā€™t require an annual fee.

FAQ

What is the customer service phone number for the Bank of America BankAmericardĀ® Credit Card?

The customer service phone number for BankAmericardĀ® cardholders is 1-800-732-9194. Customer service is available 24/7.
You may also raise your concerns through their live chat by signing in to Bank of Americaā€™s online banking.

How do I check my application status for the Bank of America BankAmericardĀ® Credit Card?

To check the status of your application, you can call 1-866-422-8089, or you can review your application status online. You may need to provide your social security number and other additional verification items to validate your identity, so it is best to have this information ready before checking your application status.
Hanna VolkavaHanna Volkava

Financial and product expert

hv@myfin.us
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