Bank of America BankAmericard Credit Card Review

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From Seek Capital - Best for Balance Transfers

Welcome Offer

0% Introductory APR

for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days

Earn

$0Annual Fee
No annual fee with the Bank of America BankAmericard
0%Introductory APR
0% APR for 15 months on purchases and balance transfers
$0Zero Liability Guarantee
$0 liability guarantee for fradulent transactions
$0Free FICO Credit Score
Get a Free FICO score report monthly with this card

Bank of America BankAmericard

The Bank of America BankAmericard has one of the best balance transfer offers in the business. It comes with no transfer fees for 60 days and you won't automatically get hit with penalty APR for being late on one payment. Put this card to work and you can control credit card debt and save hundreds or thousands this year alone.

Rewards Highlights

  • No Annual Fee
  • 0% Introductory APR on Balance Transfers and Purchases
  • Free FICO Credit Reports

Expert Review

The Pros

  • No Annual Fee
  • 0% Introductory APR on Balance Transfers and Purchases

The Cons

  • No Benefits
  • No Rewards
  • No Perks

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 15 billing cycles
  • Intro Balance Transfer APR0% for 15 billing cycles
  • Regular APR14.49% to 24.49%
  • Great ForGroceryGasRestaurants
  • Regular Purchase APR14.49% to 24.49%
  • Regular Balance Transfer APR14.49% to 24.49%
  • Cash Advance APR17.49% to 26.49%
  • Balance Transfer Fee$10 or 3%
  • Cash Advance Fee$10 or 3%
  • Foreign Transaction Fee3%

A Balance Transfer Card to Reduce Your Credit Card Debt

If you're looking to make big strides with credit card debt in the next year, the Bank of America BankAmericard has a stellar introductory APR offer. It's so good, MONEY Magazine named this card the Best Balance Transfer Card of 2017, and we can see why.

First, creditworthy applicants get an introductory offer of 0 percent APR for the first 15 months on purchases or balance transfers that are made within the first 60 days of opening the card. If you plan ahead, that can let you save substantially on potential interest either by transferring an existing balance from another card or making a larger purchase that you'd otherwise have to finance with interest.

To understand how it works, let's look at two potential examples.

First, you can make a large purchase and pay down the balance over 15 months without accruing any interest expense. Maybe you need to outfit your college child's dorm room for the new semester, and because he's an incoming freshman, you're starting from scratch. You could put $2,000 in dorm furniture and supplies on the card, pay $134 a month on the balance and pay it off without paying a cent of interest.

A second example involves transferring an existing balance from a high-interest credit card to save money while paying down your debt. Say you have a card with $3,500 on it and an APR of 19 percent. If you transfer that balance to your new Bank of America BankAmericard, you could make 15 payments of $234 and be done with the balance — without paying anything in interest.

If you left the balance on the existing card and made payments of $234 a month, it would take you a total of 18 months to pay off the balance and you would pay an extra $1,228 in extended payments and interest. That's an enormous savings, just for moving your balance to a new card and paying it off within the introductory period.

No Balance Transfer Fee the First 60 Days

That benefit — being able to pay off debt or a large purchase within a year or so without accruing interest — is pretty standard for balance transfer credit cards. What really makes the BankAmericard special is the fact that if you make the balance transfer within the first 60 days after you open the card (to get the 0 percent APR offer), you'll also get the benefit of no balance transfer fee.

A balance transfer fee is charged when you move a balance from one card to another, and it can run between 3 to 5 percent on average. BankAmericard's normal fee is 3 percent of the balance being transferred (or $10 minimum). In the example above, by transferring the $3,500 within the first 60 days, you would avoid a balance transfer fee of $105.

No Penalty APR Hike for Late Payments

That's not all the BankAmericard has up its sleeve to make it one of the best transfer cards we've seen. The fee structure also doesn't include an automatic APR hike if you're late with a payment. With other 0 percent APR offers, if you miss or are late with just one monthly payment, you typically forgo the entire introductory offer. That means interest starts accruing, which can make it more difficult to pay off your debt.

While we definitely don't recommend being lackadaisical in your credit card payments, mistakes and emergencies do happen, which is why we love that the BankAmericard won't automatically whisk its best benefit away the second you miss a payment due date.

Other Benefits of the BankAmericard

Along with stellar balance transfer benefits, this card has some great features to help you keep up with your statement and protect your information when you're shopping online or swiping at payment terminals. Here are just some of the perks you can expect as a BankAmericard holder.

  • Access to online and mobile banking, so you can keep a real-time eye on expenditures, easily review statements, check your available credit and pay your statement from anywhere you have a cellular data or internet connection. You can also enable text banking for even more flexibility in managing your account.
  • Account alerts that let you know when a payment due date is coming up. You can customize alerts regarding several statement statuses so you never forgot your card obligations.
  • ShopSafe technology, which generates a temporary credit card number for use when shopping online, so you never have to worry about your real credit card number floating around the world wide web.
  • Fraud notifications and blocks that identify and stop abnormal patterns on your account and notify you of said activity.
  • $0 Liability Guarantee that protects you from being on the hook for fraudulent transactions on your account.
  • Overdraft protection options that lets you link various Bank of America assets, such as credit cards and checking accounts, so a simple math mistake or reaching for the wrong card doesn't cause an issue when you check out.
  • Optional, no-cost access to your updated FICO score each month. You can see your score online or via the mobile banking app when you opt in.

And you get all that with no annual fee!

Overall, we think the BankAmericard is a solid piece of plastic to carry in your wallet, but the real winning feature is the balance transfer offer. If you don't need to transfer a balance or finance a purchase, you can look into cards with better rewards structures. But for those trying to crush credit card debt or take advantage of no-interest financing, this card is a definite contender.

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