Why I love the BankAmericard

The BankAmericard® credit card may not have all of the bells and whistles offered by other types of rewards cards, but it’s a great balance transfer credit card for those looking to pay down debt and a solid starter card for new borrowers. With an introductory APR on both purchases and balance transfers and no annual fee, there’s a lot to like about this card — even if it doesn’t come with any rewards.

The BankAmericard was the first credit card I ever opened. While it’s no longer the primary card I use, it’s still a great fit if you’re new to the world of credit and can’t qualify for more lucrative options. It is also a good card to consider if you have accumulated credit card debt that you’re looking to pay off.

Here are just a few reasons the BankAmericard is worth considering:

1. There’s an exceptionally long 0% intro APR

One of the major draws of the BankAmericard is its 0 percent introductory annual percentage rate (APR) offer. Cardholders can enjoy that 0 percent introductory APR for 18 billing cycles on both purchases and any balance transfers made in the first 60 days. After the introductory period is over, the card charges a variable APR between 16.24 percent to 26.24 percent.

Transferring a balance to the BankAmericard can help you save on interest and pay down debt faster. Keep in mind, though, the card charges an introductory balance transfer fee of 3 percent during the first 60 days after opening your account — which is in line with most other balance transfer cards. It’s also important to remember that balance transfers must be made within those same first 60 days in order to qualify for the intro APR. After the introductory period ends, the card charges a 4 percent balance transfer fee.

2. There’s no annual fee

Another nice perk of the BankAmericard is that there’s no annual fee. This means that it can work with a wide variety of budgets, and you won’t have to worry about spending a certain amount in rewards categories in order to make the card worthwhile. When I first opened the BankAmericard, I wasn’t sure I’d spend enough to justify an annual fee, which made this card a great fit for my wallet.

3. You won’t be charged a penalty APR

The BankAmericard doesn’t charge a penalty APR should you pay your bill late one month, which is unlike other cards in the landscape.

You will, though, be charged a late fee of up to $40 if you miss a payment due date. If avoiding these kinds of fees is important to you, you might want to consider one of Bankrate’s picks for the best credit cards with no late fees.

4. It’s a good fit for new borrowers

The BankAmericard doesn’t offer as many perks as premium credit cards that are marketed to experienced borrowers with excellent credit — or even as many perks as other Bank of America credit cards. That said, its lack of an annual fee and its introductory APR offer make it an attractive option for borrowers who are just starting out, may not have had a credit card before or are looking to rebuild credit. In fact, this was the first credit card I opened straight out of college.

5. It comes with FICO score access for free

Staying on top of your credit score is important to your overall financial health. Since your score can affect which financial products you qualify for — such as auto or home loans, credit cards and more — it pays to ensure your credit score is as high as possible. The BankAmericard comes with FICO credit score access for free, which makes it easy to keep tabs on your credit online or through the Bank of America mobile app.

6. It features educational resources

If you’re new to the world of credit, the BankAmericard offers a variety of free educational resources within your online account to help guide you along the way. This includes information about using credit cards responsibly, budgeting, personal finance and more.

What to consider before applying for the BankAmericard

The BankAmericard is a great option if you’re interested in transferring a balance from another card or if you have a large purchase on the horizon. It is also a great option for those who are new to credit cards and looking for a simple, low-cost starter card. That said, there are a few things you should consider before applying for this card.

As noted above, the BankAmericard charges an introductory 3 percent balance transfer fee on transfers made in the first 60 days after account opening (4 percent after). This fee can eat into the money you’re hoping to save on interest by transferring your balance in the first place. The card also charges a 3 percent foreign transaction fee on purchases made abroad and purchases that involve a currency exchange, so keep an eye on that.

This card also doesn’t earn any rewards and is light on perks and benefits. If you have excellent credit and are an experienced borrower, you’ll likely be able to qualify for cards with more lucrative offers. Of course, if paying off existing debt is your main priority and you need as much time as you can get, the BankAmericard is one of the best balance transfer credit cards on the market.

The bottom line

The BankAmericard is a solid choice for a no-frills credit card, particularly if you’re just starting out or looking for a good balance transfer option. For more information, be sure to read through our BankAmericard credit card review.

Issuer-required disclaimer statements:

The information about the BankAmericard® credit card has been collected independently by Bankrate and was last updated on March 11, 2024. The card details have not been reviewed or approved by the issuer.