The BankAmericard® credit card is Bank of America®’s most basic credit card. As such, it doesn’t come with a lot of extra features. Although some may be drawn to the card for its balance transfer promotion or simplicity, the Nerds recommend looking at other options better suited to your needs.
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BankAmericard® Credit Card: Benefits and basics
The BankAmericard® credit card doesn’t offer rewards or a sign-up bonus. The one major benefit of this card is its balance transfer promotion. Other than that, it doesn’t have much to offer.
long balance transfer promotion
The BankAmericard® credit card’s 0% APR period for balance transfers is among the longest you can get. Once you’re approved, you’ll receive a 0% Intro APR for 18 billing cycles for balance transfers made in the first 60 days, and then the ongoing APR of 11.24% - 21.24% Variable APR. A balance transfer fee of either 3% of the amount of the transfer or $10 (whichever is greater) applies. So if you need a considerable amount of time to pay off your credit card debt, this card will give you a good head start.
$0.00 annual fee
The BankAmericard® credit card is as simple as it gets, and that includes having an annual fee of $0.00. Whether you use the card daily or only every once in a while, you don’t have to worry about getting your money’s worth based on an annual fee.
You can qualify with good credit
Many cards with long 0% APR deals require excellent credit. With the BankAmericard® credit card, you can qualify with good credit.
›› MORE: What is the range for credit scores?
BankAmericard® Credit Card: Pitfalls and other possibilities
For a basic starter card, you can certainly do worse than the BankAmericard® credit card. But you can get similar benefits and more with other cards.
it doesn’t offer rewards
Getting a long 0% APR on balance transfers is great, but once that promotional period is over, the card offers little value. Enter the Citi®Double Cash Card. This card offers 1% cash back on every purchase and another 1% back when you pay it off. Plus, you’ll get a great 0% APR period: 0% for 15 months on purchases and balance transfers, and then the ongoing APR of 13.24% - 23.24% Variable . There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
The Citi®Double Cash Card also offers you free access to your FICO score and a $0 annual fee. It does, however, require excellent credit to qualify.
there are longer 0% apr periods
If you’re in dire need of a 0% APR deal, the Citi Simplicity® Card - No Late Fees Ever has the best offer out there: 0% for 21 months on purchases and balance transfers, and then the ongoing APR of 13.24% - 23.24% Variable . There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
The card also adds value by eschewing late fees and a penalty APR. It has a $0* annual fee, but it does require excellent credit.
you could avoid the transfer fee
Depending on how much you need to transfer, the BankAmericard® credit card’s 3% balance transfer fee could wipe out a good portion of what you’d save in interest. The Chase Slate®, on the other hand, won’t charge you a balance transfer fee during the first 60 days.
The card also has a solid APR promotion: 0% Intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 13.24%-23.24% Variable. While that 0% period isn’t as long as the BankAmericard® credit card’s, the waived balance transfer fee should make it worth losing a few extra months with a 0% APR. The Chase Slate® has a $0 annual fee and gives you free access to your FICO score. Plus, you can qualify for it with good credit.
Is the BankAmericard® Credit Card right for you?
The BankAmericard® credit card isn’t a bad choice if you have a large balance on a high-interest credit card or have a relationship with Bank of America® and want to keep everything under one roof.
That said, there are plenty of other cards that have what the BankAmericard® credit card offers and more — even at Bank of America®. The best course of action is to consider all the options and make a decision based on what’s best for your situation.
Ben Luthi is a staff writer at NerdWallet, a personal finance website. Email: bluthi@nerdwallet.com. Twitter: @benluthi.
Image via iStock.
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