Our take: The BankAmericard is a reasonable choice for cardholders looking to consolidate debt or use for large purchases with a 0% APR for a generously long period.
Pros
- Long introductory 0% APR
- No annual fee
Cons
- Earns no rewards
- Charges a foreign transaction fee
BankAmericard® Credit Card Highlights
Card type: 0% APR, Balance Transfer
- Welcome Bonus: This card does not offer a welcome bonus
- Annual Fee: $0
- Rewards: This card does not earn any rewards
BankAmericard® Credit Card Overview
When in the market for a credit card that can help you save money with a 0% APR, the BankAmericard® Credit Card should not be overlooked. With a $0 annual fee and a 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers that you make in the first 60 days of opening your account, it can help you lower your payments while consolidating them into one card.
While the card offers a relatively lengthy introductory period with 0% APR, it does not offer any reward earning opportunities or other perks you can take advantage of.
Who is the BankAmericard® Credit Card good for?
This card offers an interesting value proposition to those who can use a 0% intro period APR card. They will find value in being able to transfer balances from higher APR cards into this account as well as in using this card to run large purchases they don’t expect to be able to pay in full before their billing cycle revolves.
Who shouldn’t get the BankAmericard® Credit Card?
If you’re not satisfied with just a 0% introductory APR for 18 months and expect something else from your credit card, or do not like the idea of a credit card that will be of little value after the introductory period runs out, you might need to look elsewhere for a credit card that will better suit your needs.
BankAmericard® Credit Card rates and fees
- Annual fee: $0
- Foreign transaction fee: 3% of the U.S. dollar amount of each transaction made in a foreign currency
- Intro APR: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account
- Purchase APR: After the intro APR offer ends, a Variable APR that’s currently 16.24% – 26.24% will apply
- 0% Balance transfer: 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days of opening your account, then 16.24% – 26.24% thereafter, plus a balance transfer fee of 3% of the amount of each transaction
Additional benefits
- No penalty APR
- Access your FICO credit score for free
- Contactless chip technology and mobile wallet enabled
Credit cards similar to the BankAmericard® Credit Card
There are several cards with 0% APR intro periods out there for you to choose from, and some come with additional perks to sweeten the deal so you can have it all.
Chase Freedom Flex® Credit Card vs. BankAmericard® Credit Card
The Chase Freedom Flex℠ Credit Card rivals the BankAmericard® Credit Card by giving its cardholders a 0% intro APR for 15 months from account opening on both purchases and balance transfers, while at the same time charging no annual fee. Plus, it sets itself apart by also adding into the mix a cash back earning program, with a 5% cash back on different categories like gas stations, grocery stores (excluding Target® and Walmart®) and select online merchants on up to $1,500 in total combined purchases each quarter you activate. It also earns 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining (including restaurants, takeout and eligible delivery services) and on drugstore purchases and a 1% cash back on all other purchases.
The card also lets you earn a $200 cash bonus after spending $500 on purchases within your first three months, which, together with all of the cash back you can earn via your purchases, can be redeemed as a statement credit, or have it direct deposited into most U.S. checking and savings accounts, as well as used towards gift cards or even travel.
Wells Fargo Active Cash® Credit Card vs. BankAmericard® Credit Card
The Wells Fargo Active Cash® Credit Card can potentially give you more bang for your proverbial buck by packing both a 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers as well as the ability to earn an unlimited and uncomplicated 2% cash back on all of your purchases.
Additionally, it comes with a $200 cash rewards bonus when you spend $500 in purchases in the first 3 months, no annual fee, cellular telephone protection. And, as a Visa Signature card, it’s packed with benefits like rental car privileges, a 24/7 concierge and travel related benefits like lost luggage reimbursement and auto rental collision damage waiver, among many others.
Is the BankAmericard® Credit Card right for you?
Life sometimes throws unexpected situations your way, and having a card with a long repayment period can be useful in numerous situations. While some cards offer 0% APR on only balance transfer or only purchases, this card offers both, giving you the flexibility to transfer a balance in the beginning and also have a runway to use the card for purchases down the road.
Frequently asked questions
How long does it take for a balance transfer to take effect?
- Balance transfers can take up to two weeks when processed along with a new credit card application, so as a best practice, it’s recommended to continue making payments to your creditors until you see the balance transfer post as a payment on those accounts.
Does it make sense to transfer balances?
- Transferring a balance into a 0% intro APR card usually makes sense when you are not able to pay back your debt within a few billing cycles or if the amount is too large. You can take advantage of a long 0% intro APR period to slowly repay your debt before the introductory period runs out. However, if you are dealing with smaller amounts of debt, once you factor in the balance transfer fees involved, your savings from a lower interest card may not pan out.
What is the maximum amount of money I can balance transfer?
- There is no set amount of money from balances you can transfer into an account, however, do keep in mind that the transfer amount can never exceed the total credit you receive on your new account, plus you need to consider all applicable fees you will incur and any other purchases you intend to do with this credit card.
Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.
