Should you pay off a debt with The BankAmericard?

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If you have additional debt, a credit card with a low initial APR is a great strategy to help you pay off debt faster without racking up additional interest.

With an introductory APR of 0% for 21 billing cycles on balance transfers made in the first 60 days (14.99% to 24.99% variable APR after), the BankAmericard® credit card is a option if you are looking to transfer a balance and repay debt. We’ll cover the details of this balance transfer card, other balance transfer cards to consider, and tips for making a transfer.

0% intro APR on balance transfers

The standout benefit of the BankAmericard credit card is its zero rate offer on purchases and balance transfers for 21 billing cycles. Note that balance transfers must be made within the first 60 days of opening an account to be eligible, and any balance transfers made after this date will be subject to the regular APR (variable from 14.99% to 24.99%). With one of the longest balance transfer offers on the market, you can easily pay off your debts without accruing additional interest and start getting your finances in order.

Balance Transfer Fee

The card comes with a balance transfer fee of 3% or $10, whichever is greater. Because of these fees, you should think carefully about whether a balance transfer is worth it for your situation. However, since the interest charged on your current balance is likely over 3%, this card can still save you a significant amount on long-term interest.

If you’re determined to avoid balance transfer fees, you still have options. Consider reading our guide to the best balance transfer cards with no balance transfer fees – but note that the offers for these cards are less generous than BankAmericard’s.

No APR penalty

If you’re worried about accidentally missing a payment deadline and suffering the typical consequences, you’ll be happy to know that BankAmericard doesn’t charge an APR penalty. This can act as a safety net for cardholders who are still trying to find their footing when it comes to responsible card use.

How does BankAmericard’s Intro APR compare to other balance transfer cards?

BankAmericard’s introductory APR period is impressive, but there are a few other balance transfer credit cards with no annual fee worth considering if you’re looking to pay off your debt:

BankAmericard credit card 21 billing cycles on purchases and balance transfers made in the first 60 days 3% (min. $10) None 14.99% to 24.99%
Wells Fargo Reflect® Card Up to 21 months: 18 months from account opening on eligible purchases and balance transfers; Intro APR extension for up to 3 months with on-time minimum payments during the intro period Intro 3% (5% after the first 120 days, $5 minimum) None 15.99% to 27.99%

U.S. Bank Visa® Platinum Card*

18 billing cycles on purchases and balance transfers made in the first 60 days 3% (min. $5) None 17.49% to 27.49%
Discover it® Balance Transfer 18 months on balance transfers; 6 months on purchases 3% (up to 5% on future transfers) 5% cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1%); 1% on everything else 14.99% to 25.99%
Citi® Diamond Preferred® Card 21 months on balance transfers made in the first four months; 12 months on purchases 5% (min. $5) None 15.99% to 26.74%
Citi Simplicity® Card 21 months on balance transfers made in the first four months; 12 months on purchases 3% introductory offer (min. $5) None 16.99% to 27.74%
Citi® Dual Charge Card 18 months on balance transfers 3% (min. $5) 1% on purchase, plus an additional 1% when you pay for your purchases 16.99% to 26.99%

Reflect Wells Fargo

Wells Fargo Reflect offers an introductory APR of 0% for up to 21 months on eligible balance transfers from account opening (15.99% to 27.99% variable APR after). This includes 18 months from when you open your account, plus up to three additional months if you make regular, on-time monthly payments during the introductory period. This ultimately aligns its offer with BankAmericard’s, but if you make a mistake and fall behind on payments, you’ll lose access to the extension period.

The Reflect also has no annual fee – but you will have to pay an introductory balance transfer fee of 3% ($5 minimum), which drops to 5% after the first 120 days ($5 minimum).

American Bank Visa Platinum

US Bank Visa Platinum has an introductory APR of 0% for 18 billing cycles on balance transfers (17.49% to 27.49% variable APR thereafter). And like BankAmericard, you must transfer your balance within the first 60 days to qualify for the introductory rate.

In terms of fees, there is no annual fee for owning US Bank Visa Platinum, and you will pay a 3% balance transfer fee (minimum $5).

Find out about Balance Transfer

Discover it balance transfer offers an introductory APR of 0% on balance transfers for the first 18 months (14.99% to 25.99% variable APR after), but unlike BankAmericard, it offers rewards continue. You’ll earn 5% cash back after activation on rotating categories each quarter (up to $1,500 in quarterly purchases, then 1%). Learn about cash back categories for the rest of 2022, including purchases on Amazon.com and digital wallets.

Best of all, this card comes with Discover’s Cashback Match welcome offer, meaning any cashback you earn in your first year will be matched by the issuer.

Favorite Citi Diamond

The Citi Diamond Preferred card with no annual fee offers an introductory APR of 0% on balance transfers for 21 months (15.99% to 26.74% variable APR thereafter), which is comparable to that offered by BankAmericard (although BankAmericard charges a slightly lower variable APR). Keep in mind that this card charges a 5% ($5 minimum) balance transfer fee, which is a bit higher than the other cards on this list, and you’ll need to transfer your balance within the first four months to qualify for introduction. to offer.

Citi Simplicity

The Citi Simplicity also offers an introductory APR of 0% for 21 months on balance transfers (16.99% to 27.74% variable APR after). There is an introductory balance transfer fee of $5 or 3% of the transfer amount, whichever is greater for balance transfers made within four months of account opening.

The difference between these two Citi balance transfer cards can be seen in their benefits. With simplicity, similar to BankAmericard, you won’t be subject to late fees or an APR penalty if you pay late.

Citi Double Cash

Finally, Citi Double Cash offers an introductory APR of 0% for 18 months on balance transfers (16.99% to 26.99% variable APR after). This card also earns up to 2% cash back on all purchases (1% when you buy, plus 1% when you pay), making it both a 2% cash back card and a good option to repay debt.

Tips for Performing a Bank of America Balance Transfer

The process for performing a balance transfer with a Bank of America card is quite simple. When you request a balance transfer card from the issuer, enter the 16-digit account number on your credit card that currently holds the balance you want to transfer, along with the amount of the balance.

If you have already opened an account, find the option “Transfer balance or get money” in your banking menu, then indicate the account number of the card from which you wish to transfer, as well as the amount that you you want to like to transfer.

If you prefer to have someone guide 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 to speak to a representative.

The bottom line

The BankAmericard is a fantastic option if paying off credit card debt is your top priority. While it doesn’t pay any standard rewards and doesn’t come with a lot of bells and whistles, 21 full interest-free billing cycles on purchases and balance transfers (14.99% to 24.99% variable APR after) is definitely fair trade. Plus, there are a handful of useful BankAmericard benefits.

After the introductory period expires, however, this card doesn’t have much else 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.

BankAmericard® credit card details were last updated on October 18, 2022.

US Bank Visa® Platinum card information was independently collected by Bankrate.com. Card details have not been reviewed or endorsed by the card issuer.

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