BankAmericard benefits guide

If your goal is to pay off credit card debt, the no-annual-fee BankAmericard® credit card* may have grabbed your attention. This balance transfer card offers one of the longest intro zero-interest balance transfer periods on the market, along with an equally long offer on new purchases (variable 15.74 percent to 25.74 percent APR applies after the intro periods).

Although it lacks ongoing rewards and a welcome bonus, the BankAmericard offers straightforward, money-saving benefits, making it a valuable option for debt payoff.

BankAmericard benefits

There may be fewer benefits associated with the BankAmericard, but the potential impact each one has on your finances could be significant. Here are the major benefits:

0% intro APR for 18 billing cycles

The standout feature of BankAmericard is its 0 percent intro APR offer on balance transfers and purchases for 18 billing cycles, followed by a variable APR between 15.74 percent and 25.74 percent. Note that balance transfers must be made within the first 60 days of account opening and that an intro 3 percent balance transfer fee applies, then 4 percent. This perk allows cardholders to pay off existing debt interest-free or make significant purchases without accruing interest, providing financial flexibility and making it easier to manage expenses.

The BankAmericard’s 0 percent intro offer on balance transfers is slightly shorter than those offered by the Citi® Diamond Preferred® Card and Citi Simplicity® Card* (21 months in both cases). Yet, these Citi cards offer much shorter 0 percent intro APRs on purchases at only 12 months, as well as slightly higher ongoing variable APRs (17.74 percent to 28.49 percent for Diamond Preferred and 18.74 percent to 29.49 percent for Simplicity).

Be sure to calculate the cost of the intro 3 percent balance transfer fee in advance, too, as you’ll need to add this fee to the total you need to pay off.

Lower ongoing variable APR

The card’s 0 percent introductory APR on both purchases and balance transfers is enticing, but the ongoing variable APR deserves a second look, too. After your introductory period ends, your balances will be subject to a variable APR between 15.74 percent to 25.74 percent. This variable APR range is on the lower end compared to other balance transfer cards, which can help keep interest from spinning out of control should you take longer than 18 billing cycles to pay off your debt.

No penalty APR

Many credit cards can impose a penalty APR after a missed payment. While this is meant to encourage cardholders to make their payments on time, a simple mistake with one late payment can cost you a lot in interest.

Thankfully, BankAmericard doesn’t charge a penalty APR, a sought-after perk among popular balance transfer credit cards. However, there is a late fee of up to $40 for late payments. If you’d rather avoid late fees, check out the best credit cards with no late fees.

No annual fee

The BankAmericard does not charge an annual fee. Using a balance transfer card can save you a lot on interest, but you should always weigh that savings against the cost of holding the card.

$0 fraud liability

Should your card or card number be used to make fraudulent transactions, you can rest easy knowing you’re covered by Bank of America’s $0 fraud liability perk. Just make sure you report the transaction(s) promptly.

FICO score access for free

As a BankAmericard cardholder, you have free access to your FICO credit score, allowing you to stay on top of any changes in your score and view any factors affecting it. To check your score, log in to your account online or via the mobile app.

Museums on Us

BankAmericard cardholders are eligible for Bank of America’s Museums on Us program. This lesser-known benefit, available with all Bank of America credit and debit cards, grants you free general admission to more than 225 cultural institutions across the U.S. on the first full weekend of each month.

BankAmeriDeals

Although BankAmericard does not offer a rewards program, it does offer access to BankAmeriDeals. This program allows you to earn cash back or a percentage of cash back for qualifying purchases made with retailers that participate in the program. You must activate a deal before you make a purchase, but doing so could earn you cash back.

How to maximize the BankAmericard

• Offers: make the most of BankAmericard’s benefits by focusing on its time-sensitive offers, such as the 0 percent intro APR on purchases and balance transfers for 18 billing cycles (15.74 percent to 25.74 percent variable after that). Most importantly, if you’re interested in completing a balance transfer, be sure to do so within the first 60 days of account opening so that you don’t lose access to the intro offer.
• Spending: while the card does provide a 0 percent intro APR period on new purchases, it’s wise to keep your spending to a minimum if you plan on paying off existing credit card debt. The worst thing you can do is rack up additional charges during your payoff window and end up in more debt than you started.
• Monitoring: lastly, take advantage of the card’s free access to your FICO credit score. If you hope to eventually raise your score enough to qualify for a more premium rewards credit card down the line, keeping an eye on your debt progress is one important step.

The bottom line

The BankAmericard’s 0 percent introductory APR on purchases and balance transfers is one of the longest offers available among balance transfer cards.  This can make the card worth it for anyone who needs ample time to pay off debt. But before you decide to apply, read through our list of the best balance transfer credit cards to ensure you choose the perfect option for your debt payoff needs, rewards goals and more.

*The information about the BankAmericard® credit card and Citi Simplicity® Card has been collected independently by Bankrate. The card details have not been reviewed or approved by the card issuer.

The information about the Bank of America products in this post was updated on November 11, 2024.