Should you pay off debt with the BankAmericard?
Key takeaways
- The BankAmericard® credit card has one of the longer intro APR offers on the market for balance transfers, making it a great choice to pay off debt.
- If you use the BankAmericard to pay off debt, be aware that the card does include a 3 percent intro balance transfer fee for transfers in the first 60 days. After that, a 4 percent fee applies.
- After the intro APR offer has expired, the card comes with very few long-term benefits that make it worth keeping.
If you’re carrying around some extra debt, a credit card with a low introductory APR offer is a great strategy to help you pay off the debt faster without accumulating additional interest.
BankAmericard credit card details
With an introductory 0 percent APR for 18 billing cycles on balance transfers made in the first 60 days (16.24 percent to 26.24 percent variable APR after), the BankAmericard® credit card* is one option if you’re looking to transfer a balance and pay down debt. Read on for more details on this balance transfer card, other balance transfer cards to consider and tips for completing a transfer.
0% intro APR on balance transfers
The standout benefit of the BankAmericard credit card is its zero-interest offer on both purchases and balance transfers for 18 billing cycles. Note, balance transfers must be made in the first 60 days after opening an account in order to qualify, and any balance transfers made after this date will be subject to the regular variable APR of 16.24 percent to 26.24 percent. With one of the longest balance transfer offers on the market, you can easily pay down debt without accumulating additional interest and jump-start getting your finances in order.
Balance transfer fee
The card does come with a balance transfer fee of 3 percent for 60 days from account opening, then 4 percent. Because of this fee, you should think carefully about whether a balance transfer is worth it for your situation. However, since the interest being charged on your current balance is likely higher than 3-4 percent, this card can still save you a significant amount of interest in the long run.
If you’re dead set on avoiding a balance transfer fee, you still have options. Consider reading through our guide to the best balance transfer cards with no balance transfer fee — but note that these cards’ offers are less generous than that of the BankAmericard.
No penalty APR
If you’re worried about accidentally missing a payment deadline and facing the typical consequences of doing so, you’ll be pleased to know that the BankAmericard doesn’t charge a penalty APR. This can act as a safety net for cardholders still trying to find their footing when it comes to responsible card usage.
How does the BankAmericard’s intro APR offer compare to other balance transfer cards?
The BankAmericard’s intro APR offer is impressive, but there are a few other no-annual-fee balance transfer credit cards worth considering if you’re looking to pay down debt:
| Card | 0% intro APR offer | Balance transfer fee | Rewards | Variable APR |
|---|---|---|---|---|
| BankAmericard credit card | 18 billing cycles on purchases and on balance transfers made in the first 60 days | A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. | None | 16.24% to 26.24% |
| Wells Fargo Reflect® Card | 21 months from account opening on purchases and qualifying balance transfers made within the first 120 days | 5% (min. $5) | None | 18.24%, 24.74% or 29.99% |
| U.S. Bank Visa® Platinum Card* | 18 billing cycles on purchases and balance transfers made in the first 60 days | 3% (min. $5) | None | 19.74% to 29.74% |
| Discover it® Balance Transfer | 18 months on balance transfers; 6 months on purchases | 3% intro fee (up to 5% on future transfers; see terms) | 5% cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1%); 1% on everything else | 17.24% to 28.24% |
| Citi® Diamond Preferred® Card* | 21 months from account opening on balance transfers made in the first 4 months; 12 months from account opening on purchases | 5% (min. $5) | None | 18.24% to 28.99% |
| Citi Simplicity® Card* | 21 months from account opening on balance transfers made in the first 4 months; 12 months from account opening on purchases | 3% intro fee (min. $5) | None | 19.24% to 29.99% |
| Citi Double Cash® Card | 18 months from account opening on balance transfers made in the first 4 months | 3% intro fee (min. $5); 5% (min $5) after first 4 months | 1% as you buy, plus another 1% when you pay for your purchases | 19.24% to 29.24% |
Wells Fargo Reflect Card
The Wells Fargo Reflect® Card offers a 0 percent intro APR for 21 months on qualifying balance transfers made within 120 days from account opening (18.24 percent, 24.74 percent or 29.99 percent variable APR after). This ultimately brings its offer in line with that of the BankAmericard.
The Reflect also has no annual fee — but you’ll need to pay a balance transfer fee of 5 percent ($5 minimum).
U.S. Bank Visa Platinum Card
The U.S. Bank Visa® Platinum Card* has a 0 percent intro APR for 18 billing cycles on balance transfers (19.74 percent to 29.74 percent variable APR thereafter). And similar to the BankAmericard, you must transfer your balance within the first 60 days to qualify for the intro APR offer.
In terms of fees, there’s no yearly charge for owning the U.S. Bank Visa Platinum, and you’ll pay a 3 percent balance transfer fee ($5 minimum).
Discover it® Balance Transfer
The Discover it® Balance Transfer features a 0 percent intro APR on balance transfers for the first 18 months (17.24 percent to 28.24 percent variable APR after), but unlike the BankAmericard, it offers ongoing rewards. You’ll earn 5 percent cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1 percent back).
Even better, this card comes with Discover’s Cashback Match™ welcome offer, meaning all cash back you earn during your first year will be matched by the issuer (at the end of the first year).
Citi Diamond Preferred Card
The no-annual-fee Citi® Diamond Preferred® Card* offers a 0 percent intro APR on balance transfers for 21 months (18.24 percent to 28.99 percent variable APR thereafter), which is on par with that offered by the BankAmericard (though the BankAmericard does charge a slightly lower variable APR). Keep in mind that this card charges a 3% intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for future balance transfers is 4%, which is a tad higher than other cards on this list, and that you’ll need to transfer your balance within the first four months to qualify for the introductory APR offer.
Citi Simplicity Card
The Citi Simplicity® Card* also offers a 0 percent intro APR for 21 months on balance transfers (19.24 percent to 29.99 percent variable APR after). There is an introductory balance transfer fee of $5 or 3 percent of the amount of the transfer, whichever is greater, for balance transfers completed within four months of account opening.
The difference between these two Citi balance transfer cards can be seen in their benefits. With the Simplicity, similar to the BankAmericard, you won’t be subject to late fees or a penalty APR should you pay late.
Citi Double Cash Card
Lastly, the Citi Double Cash® Card offers a 0 percent intro APR for 18 months on balance transfers (19.24 percent to 29.24 percent variable APR after). This card also earns up to 2 percent cash back on all purchases (1 percent as you buy, plus another 1 percent when you pay), making it both a top 2 percent cash back card and a good option for paying off debt.
Tips for completing a Bank of America balance transfer
The process to complete a balance transfer with a Bank of America card is fairly simple. When applying for a balance transfer card from the issuer, enter the 16-digit account number on your credit card that currently holds the balance you’d like to transfer, along with the balance amount.
If you’ve already opened an account, you should look for the “Transfer Balance or Get Cash” option in your banking menu, then provide the account number of the card you’d like to transfer from, along with the amount you’d like to transfer.
If you’d prefer that someone walk you through the process, you can also complete a balance transfer over the phone. Simply call the number on the back of your Bank of America credit card in order to speak to a representative.
The bottom line
The BankAmericard is a fantastic option if your top priority is paying off credit card debt. While it earns no standard rewards and doesn’t come with many bells and whistles, a 0 percent intro APR offer for 18 billing cycles on both purchases and qualifying balance transfers (16.24 percent to 26.24 percent variable APR after) is certainly a fair trade. Plus, there are a handful of helpful BankAmericard benefits.
After the introductory APR offer has expired, however, there’s not a lot else this card has to offer, unlike some other Bank of America credit cards. That said, it’s worth considering if you’re looking to save on interest while working to reduce your debt burden.
The BankAmericard® credit card details were last updated on February 9, 2024.
*All information about the BankAmericard® credit card, Citi® Diamond Preferred® Card, Citi Simplicity® Card and U.S. Bank Visa® Platinum Card has been collected independently by Bankrate and has not been reviewed or approved by the issuer.
