BankAmericard® Credit Card Review

Bank of America BankAmericard® Credit Card Review

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

The Bank of America BankAmericard® 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). It’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 BankAmericard® Credit Card: pros and cons

Rewards system in a nutshell

The Bank of America BankAmericard® 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 BankAmericard® Credit Card?

The Bank of America BankAmericard® Credit Card is a solid option if you’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 BankAmericard® 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.

The BankAmericard® also offers no penalty APR, which means late payments won’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.

There’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 America’s website once you’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 BankAmericard® 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 BankAmericard® 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 BankAmericard® 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 BankAmericard® 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 BankAmericard® 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 won’t be held responsible for any proven fraudulent purchases.
• Access to FICO® score for Free. You get free access to your FICO® score as a Bank of America credit card holder, which helps you stay on top of your credit.

Conclusion

The Bank of America BankAmericard® 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 BankAmericard® Credit Card may not earn you rewards or points, but it makes for a sound balance transfer card that doesn’t require an annual fee.