BankAmericard® Credit Card Review – Excellent for Consolidating Debt

Did you resolve to get rid of your debt this year? Here’s a card that will make it easier to get it done. Find out how in our BankAmericard® Credit Card review.

BankAmericard® Credit Card

Chris Muller’s rating

Sign-Up Bonus

Annual Fee

Customer Service

Additional Features


  • 0% introductory offer
  • Competitive standard APR


  • No rewards
  • No additional perks

With credit card debt on the rise, it’s natural to think about ways to get a grip on your debt and pay it off once and for all.

With rates hovering around 16%, though, paying a card off at the standard rate isn’t always the best solution. That’s where balance transfers come in. With the right balance transfer offer and the right mindset, you can knock your debt out in no time. The BankAmericard® credit card is offering an amazing deal on balance transfers (and purchases) when you open a new account.

In this article, I’ll share more about that deal, as well as some of the other pros and cons of the BankAmericard® credit card. From there, you can determine if it’s the right card for you to consolidate your debt with or not.

About the BankAmericard® credit card

Bank of America does a really nice job rounding out their credit card offerings to appeal to a variety of situations. The BankAmericard® credit card is just that – a card designed for a very specific purpose.

The BankAmericard® credit card gives you an excellent 0% promotional rate for 18 billing cycles on both purchases and balance transfers. Balance transfers must be made within the first 60 days of account opening.

There isn’t an annual fee on the card, but there also aren’t any rewards or other perks built-in. To show how valuable this card can be, though, let’s dive into the key features:

BankAmericard® credit card

credit score requirements:

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  • NEW OFFER: 0% Introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 15.24% – 25.24% Variable APR. 3% fee (min $10) applies to balance transfers
  • No annual fee
  • No penalty APR. Paying late won’t automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app

Intro APR Purchases
0% Introductory APR on purchases
Intro Term Purchases
18 billing cycles
Intro APR Balance Transfers
0% Intro APR for 18 billing cycles for balance transfers made in the first 60 days
Intro Term Balance Transfers
18 billing cycles
Regular APR
15.24% – 25.24% Variable APR on purchases and balance transfers
Annual Fee

Features and Benefits of the BankAmericard® credit card

0% Introductory APR Offer

The introductory offer is the biggest selling point of the BankAmericard® credit card right now. Currently, you can get a 0% APR on all purchases and balance transfers for the first 18 billing cycles. Note that balance transfers need to be done within 60 days of the account being opened in order to qualify.

This is an excellent perk on a couple of levels. First, it’s a 0% promotional rate. For transfers, this will allow you to take over a year to consolidate and pay down your balances as much as you can (or pay them off completely) without paying any interest.

From a purchase standpoint, it allows you to make a large purchase and take over a year to pay that off as well. Things like vacations, laptops, or car repairs immediately come to mind as some common large purchases you might want to make using this card. Knowing that you have plenty of time to pay it back provides a sigh of relief.

Which leads to my next point – 18 billing cycles is a long time for promotions. Most new cards you’ll see are around 12 months. I used to work as a credit analyst and we’d even go as low as 9 months on some offers. 18 billing cycles is significant, and to me, it more than makes up for the lack of other features on the card. If you’re strategic enough, you can use those 18 billing cycles to make serious progress on your financial goals.

No Annual Fee

The BankAmericard® credit card comes with no annual fee, so you can focus on paying off your consolidated balances or large purchases, instead of getting hit with an annual charge after a year.

No Penalty APR

Many cards will jack your interest rate up (or in this case, remove your promotional rate) if you make a late payment. It’s an old trick in the banking book. Bank of America understands that people getting this card are using it to put themselves in a better financial position, and they want your business, so it wouldn’t benefit them to punish you right out of the gates for one mistake.

That’s why they won’t automatically raise your rate or remove your promotion if you make a late payment. Yes, you’ll still be eligible for a late fee, but if it’s a first-time offense they may be willing to waive that as well. This is a nice perk, as sometimes things can slip through the cracks, especially when we’re working on consolidating multiple debts.

Free FICO Score

One of the most important things you’ll want to do when you’re paying down a large balance is to keep track of your credit score. You will need to make sure no new balances pop up that aren’t legitimate, and you also want to hold yourself accountable for not increasing your debt while you work to improve your credit overall.

Bank of America offers a Free FICO score to help with all of this. All you need to do is opt-in and they’ll provide your score to you free of charge once per month. You’ll also get insights into things impacting your score and recommendations to help improve it. A great feature that’s being offered for free.

Other Benefits

In addition to these extras, you’ll get the standard benefits that come with all Bank of America cards:

  • Fraud protection
  • Online shopping security (create temporary account numbers)
  • Chip cards
  • Optional overdraft protection
  • Optional paperless statements
  • Digital Wallet accessibility
  • Online and mobile banking
  • Custom account alerts
  • Text banking
  • Optional FICO score

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How to Sign Up for the BankAmericard® credit card

To sign up, you must be at least 18 and have a U.S. mailing address and a Social Security number.

You can complete the application over the phone or online by providing the following information:

  • Date of birth
  • Phone number
  • Home address
  • Citizenship
  • Email address
  • Total annual income (non-taxable annual income is optional)
  • Your income source – employed, self-employed, unemployed, retired, military, business owner, or other)
  • Financial assets, such as savings and investments

Once your application is complete, you can get a decision on approval in as little as 30 seconds. In some cases, Bank of America will need more information to provide you with a decision, which can delay this process by up to a couple weeks.

BankAmericard® credit card Pricing

Annual Fee: None

Annual Percentage Rate (APR) for Purchases: 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account. After that, your APR will be 15.24% to 25.24%, based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate.

APR for Balance Transfers: 0% Introductory APR for the first 18 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. After that, your APR will be 15.24% to 25.24%, based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate.

Balance Transfer Fee: Your fee will be either $10 or 3% of the amount of each transaction, whichever is greater.

Cash Advance Fee: Direct Deposit and Check Cash Advances: Either $10 or 3% of the amount of each transaction, whichever is greater. ATM, Over-the-Counter, Same-Day Online, and Cash Equivalent Cash Advances: Either $10 or 5% of the amount of each transaction, whichever is greater.

Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction (1) made in a foreign currency, or (2) made in U.S. dollars if the transaction is made or processed outside of the United States. This fee will be in addition to any other applicable fee.

Late Payment Fee: Up to $39

Returned Payment Fee: Up to $28

BankAmericard® credit card Pros and Cons


  • Excellent introductory offer on both purchases and balance transfers (0%)
  • Duration of promotion is among the best (18 billing cycles)
  • Competitive standard APR after the promotion ends


  • There are no reward points on this card
  • No additional benefits such as purchase protection or extended warranties
  • The 3% balance transfer fee is fairly standard but limits the value of the card
  • Customers can’t take advantage of Preferred Rewards like they can with other Bank of America cards

Should You Sign Up for the BankAmericard® credit card?

For the right person and the right situation, I absolutely love this card. No, it’s not meant to be an everyday card that will earn you massive amounts of points. It’s designed to be a balance transfer card or one you can make a large purchase with. That’s why they offer a great promotion rate to start instead of points or a cash signup bonus.

If you’re someone who is either planning a large expense or just wants to consolidate their debt, this is a card to seriously consider. With a 0% promotional rate for 18 billing cycles, it’s a no-brainer to take full advantage of it.

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Topics: Credit CardsReviews

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