If you have additional debt, a credit card with a low initial APR can be a strategy to help you pay off debt faster without accumulating additional interest. With an initial APR of 0% for the first 18 billing cycles (12.99% to 22.99% variable APR after), the BankAmericard® credit card is an option if you are looking to transfer a balance and pay off a debt . We’ll cover the details of this card, how balance transfers to this card work, and whether it’s right for your wallet.
BankAmericard credit card details
- Intro APR on Balance Transfers: 0% introductory APR for 18 billing cycles on balance transfers made in the first 60 days
- Intro APR on purchases: 0% intro APR for 18 billing cycles
- welcome bonus: $100 credit after making at least $1,000 in purchases in the first 90 days
- Regular APR: 12.99% to 22.99% Variable APR
- Balance Transfer Fee: 3% (min. $10)
- Annual subscription: $0
- Awards: Any
0% Introductory APR Offer on Balance Transfers
The most notable benefit of this card is 0% initial APR on purchases and balance transfers for 18 months (12.99% to 22.99% variable APR thereafter). Balance transfers must be made within the first 60 days of opening an account to be eligible, and any balance transfers made after that date will be subject to regular APR. With a full 18 months to pay off your debt without accruing additional interest, you can 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 (in most cases) the interest charged on your current debt is likely over 3%, this card can still save you a significant amount on long-term interest.
How does BankAmericard’s 0% Introductory APR compare to other balance transfer cards?
BankAmericard’s 0% APR introductory 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, including the Wells Fargo Reflect℠, US Bank Visa® Platinum Card and more.
|BankAmericard® credit card||18 billing cycles (for balance transfers made within the first 60 days)||3% (min. $10)||Any||12.99% to 22.99%|
|Wells Fargo Reflect℠ Card||18 months (from account opening on eligible balance transfers + up to 21 months with on-time minimum payments during introductory period)||3% (5% after the first 120 days, $5 minimum)||Any||12.99% to 24.99%|
|U.S. Bank Visa® Platinum Card||20 billing cycles (must be within the first 60 days)||3% (min. $5)||Any||14.49% to 24.49%|
|Discover it® Balance Transfer||18 months||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||11.99% to 22.99%|
|Citi® Diamond Preferred® Card||21 months||5% (min. $5)||Any||13.74 to 23.74%|
|Citi Simplicity® Card||21 months (for balance transfers made in the first 4 months)||5% (min. $5)||Any||14.74% to 24.74%|
|Citi® Dual Charge Card||18 months||3% (min. $5)||1% on purchase, plus an additional 1% when you pay for your purchases||13.99% to 23.99%|
Reflect Wells Fargo
The Wells Fargo Reflect offers an introductory APR of 0% for up to 21 months on balance transfers (12.99% to 24.99% variable APR thereafter). This includes 18 months from when you open your account, plus up to three additional months if you make regular, on-time monthly payments. Like the BankAmericard, this card has no annual fee. But, you will have to pay a 3% balance transfer fee, which drops to 5% after the first 120 days ($5 minimum).
American Bank Visa Platinum
US Bank Visa Platinum has an intro APR of 0% for 20 billing cycles on balance transfers (14.49% to 24.49% variable APR thereafter), two months longer than the offer of BankAmericard. Balance transfers, however, must be completed within the first 60 days. The card comes with no annual fee and a 3% balance transfer fee ($5 minimum).
Find out about Balance Transfer
The Discover it balance transfer has an introductory APR of 0% for the first 18 months (from 11.99% to 22.99% variable APR after), putting it on par with BankAmericard. Unlike most of the other cards on this list, this option earns cash back rewards of between 1% and 5%, depending on the spend category. There is also a Cashback Match welcome offer, which means that any cashback earned in the first 12 months will be matched by Discover.
Citi Diamond Preferred Card
The Citi Diamond Preferred card has an introductory APR of 0% for 21 months, making it one of the highest introductory APR periods available (13.74% to 23.74% APR variable later). Keep in mind that this card charges a 5% balance transfer fee ($5 minimum), which is a bit higher than the other cards on this list.
The Citi Simplicity offers an introductory APR of 0% for 21 months on balance transfers made in the first four months (14.74% to 24.74% variable APR after). Like the Citi Diamond Preferred, this card also comes with a 5% balance transfer fee ($5 minimum), something to keep in mind when comparing it to BankAmericard.
Citi Double Cash
Finally, the Citi Double Cash has an introductory APR of 0% for 18 months (13.99% to 23.99% 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 a great choice for customers looking to earn rewards while repaying their debts.
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 applying for a balance transfer card, you must enter a 16-digit account number on the credit card that currently holds the balance you wish 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. You must 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 good option if you are looking to pay off your debts. While it pays no rewards and doesn’t come with a lot of bells and whistles, the full 18 months of 0% interest (12.99% to 22.99% Variable APR after) makes it a good one. choice for those looking to pay off their debts faster.
After the introductory period expires, however, there’s not much else this card has to offer. Unlike some other Bank of America credit cards, this card does not come with any rewards and does not participate in the BankAmeriDeals rewards program. That said, it’s worth considering if you’re looking to save on interest while working to reduce your debt burden.