Interest fee

BankAmericard Credit Card: Debt Relief with No Annual Fee

The BankAmericard® credit card allows new cardholders to avoid paying interest charges on another credit card balance by transferring it to BankAmericard.

This card has one of the longest introductory interest rates for new purchases and balance transfers same, so you can also use it to finance important or emergency expenses without breaking the bank.

However, you will not earn rewards on purchases. As such, it’s a good card to pair with a credit card rewards to make your expenses profitable.

If you need to use a balance transfer to help reduce credit card debt, just be aware that you will have to pay a balance transfer fee to do so. BankAmericard has a 3% balance transfer fee ($10 minimum), which is the industry average among balance transfer cards. You will also need to complete balance transfers within 60 days to qualify for the Introductory Interest Offer.

In this article

BankAmericard® credit card

Introductory offerN / A

APR14.24% – 24.24% Variable APR on purchases and balance transfers

Intro Purchase APR0% Intro APR for 21 billing cycles for purchases

Recommended credit Excellent/Good

Reward rateN / A

Annual fees$0

Intro Balance Transfer APR0% Intro APR for 21 billing cycles for all BTs made in the first 60 days. A 3% fee (min. $10) applies.

APR balance transfer14.24% – 24.24% Variable APR on purchases and balance transfers

Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.

Late payment fees See terms

Foreign transaction fees 3%

APR Penalty nothing

Our opinion

This online-only offer may not be available if you leave this page or visit a Bank of America financial center. You can take advantage of this offer by applying now.

Introductory APR on Balance Transfers

The BankAmericard balance transfer offer can help ease the burden you may feel under mounting credit card debt.

Cardholders will have the ability to transfer high interest credit card balance and pay it at 0% introductory interest for 21 billing cycles (then 14.24% to 24.24% variable).

Twenty-one billing cycles is basically 21 months, so you’ll have plenty of time to bring the balance down to zero. Again, keep in mind that you will need to make balance transfers within the first 60 days of account opening in order to qualify for the introductory offer.

Once you’ve transferred a balance, it’s a good idea to pay more than the minimum each month to ensure you can pay the balance on time. To figure out how much you need to pay each month, divide the transferred balance by the number of months (or billing cycles) you have to pay it off.

For example, if you transfer a balance of $5,000 to BankAmericard, you will need to pay approximately $239 (5,000/21) per month to settle the balance on time. However, consider paying even more than that each month, finances permitting, to really be sure you can collect the balance before the standard APR kicks in.

Keep in mind that once you transfer a balance and start paying it off, making new purchases on the card will always cause your statement balance to increase. So if you plan to use the BankAmericard for new purchases following a balance transfer, remember that you’ll need to factor any new balance into your monthly payments.

Why use a balance transfer?

A balance transfer is a great way to get rid of credit card debt quickly and avoid interest charges.

You can pay off your balance faster by applying any money you would normally use for interest charges to the transferred balance. Your bank account – and your credit ratings – will thank you in the long run.

Reducing your credit utilization (the percentage of your overall credit that you use) will have a positive impact on your credit score. Basically, by reducing your credit card debt, you also reduce your use of credit, and your credit score will improve.

Is paying the balance transfer fee worth it?

The short answer is yes. Paying a balance transfer fee will be less expensive than paying interest charges on a long-term credit card balance.

For example, a balance of $5,000 on another credit card bearing interest at an APR of 21% (near the 2022 national average according to LendingTree), with a minimum payment of 2%, would take over. 70 years pay it off and cost you $30,797.92 in interest charges. This means that after seven decades of only paying the minimum monthly payment, you would have spent more than $30,000.

Paying a one-time balance transfer fee (in this case, 3% or $10 minimum) for a balance of $5,000 will be considerably less. 3% of $5,000 is a measly $150. Spending a total of $5,150 over 21 billing cycles (just under two years) is far better than paying $30,000 over 70 years.

Introductory APR on purchases

In addition to an introductory offer for balance transfers, BankAmericard is offering cardholders an introductory offer 0% APR on new purchases for 21 billing cycles (then 14.24% to 24.24% variable). This means you can make any large planned purchase and pay it off without accruing interest.

However, this would make it somewhat more difficult to use the card for a balance transfer, as it would take longer to pay off a transferred balance if you add balances regularly. The BankAmericard also doesn’t offer rewards, which means you’d miss out on any kind of return on your spending.

Other card benefits

Outside of its two introductory offer periods, BankAmericard doesn’t have much to offer its cardholders. There aren’t any awesome rewards or perks, so if you’re looking for a credit card to use for something other than a balance transfer, consider looking elsewhere.

That said, it offers cardholders the ability to monitor their FICO credit score from their TransUnion credit reports, as well as your standard fraud and overdraft protections. But once the card’s introductory APR promotions are over, it doesn’t have much use.

Comparable cards

Although the BankAmericard is a good choice for a balance transfer credit card, it’s not the only option available.

Citi Simplicity® Card

Similar to BankAmericard, City Simplicity’s main function is to act as a temporary relief from high interest credit cards. Cardholders will have 21 months to pay off a balance at 0% introductory interest (then 16.99% to 26.99% variable APR). Balance transfers must be completed within four months of account opening. The card also offers an introductory APR of 0% on purchases for 12 months (then 16.99% to 26.99% variable APR).

Just be aware that balance transfer fees are higher than BankAmericard. Simplicity’s fee is 5% or a minimum of $5, which is one of the highest fees. Apart from that, it is quite similar to BankAmericard, offering no rewards or many other benefits. If you already have a relationship with Citi and need to use a balance transfer, this might be the card for you.

For more information, check out our full review of the Citi Simplicity.

U.S. Bank Visa® Platinum Card

The US Bank Visa Platinum card is another good balance transfer card that you can choose. Cardholders will have 20 billing cycles to pay off a balance transfer and introductory 0% interest purchases before the standard variable APR of 16.74% to 26.74% applies. You will be required to complete any balance transfers within 60 days of account opening and pay a 3% ($5 minimum) balance transfer fee.

You won’t get any rewards, but unlike BankAmericard, cardholders can get up to $1,200 in annual coverage against damage or theft to their cellphone, as long as they pay their phone bill with the Platinum Card.

Although you have one less billing cycle to pay off a transferred balance, the Platinum Card is still a good option for people looking to alleviate some of their credit card debt.

You can find out more about the U.S. Bank Visa Platinum Card for more information.

FAQs

Can you use a balance transfer credit card for new purchases?

You can still use a credit card you’ve transferred a balance to for new purchases. However, you will then need to cover both the cost of the transferred balance and the cost of any new purchases. It’s best to pair a balance transfer card with a rewards credit card with no annual fee. This way, you can use the balance transfer card to pay off debt faster and use the other card for new purchases.

Do I have to close a balance transfer card after paying off a transferred balance?

Although you can close the credit card after paying off the transferred balance, it’s not always the best decision. The age of credit accounts and your overall available credit both contribute to healthy credit scores, meaning your credit scores will suffer if the card is closed. If the card doesn’t have an annual fee, there’s really no reason to cancel the card. Issuers may even periodically contact another introductory balance transfer offer following responsible card use.

Although most balance transfer cards don’t offer any rewards, your overall financial health will be better if you keep the card open even after performing a balance transfer.

Is it worth paying a balance transfer fee?

The answer is yes. It depends on the amount of the fee and the balance, but more often than not, paying a one-time fee will be cheaper than the money you’d spend on interest over time.

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