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Offers for Bank of America cards mentioned in this post have been updated as of 08/01/2023
The BankAmericard® credit card is an appealing choice for consumers looking for interest-free spending or transferring revolving debt from another card. However, this card may not be the best solution if you're looking for valuable rewards for your spending.
Here's what you need to know about the BankAmericard credit card.
Page Contents
BankAmericard credit card Signup Bonus
The BankAmericard credit card doesn't come with a traditional signup bonus or welcome offer. This is worth considering as there are other 0% intro APR credit cards that offer consumers a valuable bonus upon being approved for the card.
BankAmericard credit card Earning Rates
The BankAmericard credit card doesn't earn any rewards when you spend on the card. Be sure to consider this as you use this card for purchases.
BankAmericard credit card Benefits
0% Intro APR
The main benefit of the BankAmericard credit card is the 0% Intro APR. When you're approved for the card, you will get an 0% Intro APR for 21 billing cycles for purchases, and 0% Intro APR for 21 billing cycles for any balance transfers made in the first 60 days.
After the intro APR offer ends, a Variable of 16.24% - 26.24% will apply. A fee of 3% of the amount of each transaction will be charged on balance transfers.
$0 Annual Fee
The other standout benefit of the BankAmericard credit card is $0 annual fee. That makes it a great option for those that are trying to pinch every penny. Just beware, this card does charges some additional fees, including:
- Foreign transaction fee: 3%
- Balance transfer fee: 3% of the amount of each transaction
Contactless Wallet
Cardholders of the BankAmericard credit card can add their card to their mobile wallet — such as Apple Pay, Samsung Pay, or Google Wallet. That makes it even easier to use your card, even when you forget the card at home.
Credit Score Check
The Bank of America app offers a FICO score tool where you can check your credit score for free. This can be helpful for someone that is looking to track their credit score as they work on improving it.
BankAmeriDeals
BankAmeriDeals are a great way to save money. When you have a Bank of America credit card, you will get access to a wide array of deals where you can save money with selected retailers, including Ulta Beauty, Lyft, and Dell. You can find your deals on the Bank of America website and app.
Potential Savings of the BankAmericard credit card 0% Intro APR
A 0% Intro APR card like the BankAmericard credit card can save you a significant amount in interest charges on large purchases.
For example, let's say you need to purchase a new refrigerator but don't have the cash available immediately, so you need to charge the purchase to a credit card. Here's how much interest you'd need to pay if you pay off the $1,000 fridge over 18 months:
- Card with 20.24% APR: $147 interest
- Card with 0% APR: $0 interest
BankAmericard credit card Comparison
The BankAmericard credit card is a simple card that gives consumers the ability to save on interest charges on both purchases and balance transfers. While you can't earn rewards on the card, saving money on either upcoming purchases and/or revolving credit card balances is also extremely valuable.
But how does the card stand up to similar ones? Here are some other cards to consider:
BankAmericard credit card vs. Citi Custom Cash® Card
The Citi Custom Cash offers a similar intro APR offer: 0% APR for 15 months, plus a 0% APR for balance transfers for 15 months. After the intro, you'll pay a variable rate of 19.24% - 29.24%. That's a shorter period than the BankAmericard credit card. However, the card makes up for it in rewards and cashback opportunities.
To start, you can earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening.
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases. Eligible categories include: restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment.
If you don't need as long of a time to take advantage of an 0% Intro APR, the Citi Custom Cash could be the better option than the BankAmericard credit card.
- Sign-up bonus of $200 in cash back after you spend $1,500 on purchases in the first 6 months of account opening, issued as 20,000 ThankYou® Points
- 5% cash back in your top eligible spend category on up to $500 of purchses each billing cycle
- No rotating bonus categories to sign up for--the top earning category adjusts automatically each month to the eligible category in which you spend the most.
- Excellent intro APR offer on purchases and balance transfers
- No annual fee
- Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent
- 1% cash back thereafter, plus, you'll earn unlimited 1% cash back on all other purchases
- No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
- Eligible spending categories are: Restaurants, Gas Stations, Grocery Stores, Select Travel, Select Transit, Select Streaming Services, Drugstores, Home Improvement Stores, Fitness Clubs and Live Entertainment.
BankAmericard credit card vs. Wells Fargo Reflect® Card
The Wells Fargo Reflect® Card offers a nearly identical APR offer to the BankAmericard credit card. The Wells Fargo Reflect offers 0% intro APR for 21 months from account opening on purchases and 0% intro APR for 21 months from account opening on qualifying balance transfers, followed by 18.24%, 24.74%, 29.99% variable APR; balance transfers made within 120 days qualify for the intro rate with a Balance Transfer fee of 5%; min: $5.
The Wells Fargo Reflect comes with $600 of cell phone protection (subject to a $25 deductible) and roadside dispatch — which are two perks that the BankAmericard credit card doesn't offer.
BankAmericard credit card vs. Citi® Double Cash Card
If you're looking for a 0% balance transfer card, arguably the best option right now is the Citi Double Cash. Despite the $0 annual fee, the Citi Double Cash earns up to 2% cashback: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases..
Just note that this 0% rate only applies to balance transfers. New purchases will still incur 19.24% - 29.24% APR (Variable)
If you're looking to pay down debt or finance a larger purchase, this card also comes with one of the best available introductory APR offers on balance transfers.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- 2% cash back on every purchase - 1% when you buy + 1% when you pay
- 0% intro APR on balance transfers for 18 months. After that, the (Variable) APR will be 19.24% - 29.24% based on your creditworthiness
- Intro fee 3% of each transfer ($5 min) completed within the first 4 months of account opening. After that, 5% of each transfer ($5 min).
- No annual fee
Application Restrictions
Bank of America restricts how many of its cards you can have at one time. It has a 2/3/4 rule which lists the following:
- 2 new cards in a 2-month period
- 3 new cards in a 12-month period
- 4 new cards in a 24-month period
If you aren't able to get a Bank of America credit card, consider looking at other issuers like Chase or American Express.
Final Thoughts
The BankAmericard credit card is a good choice for someone looking to refinance existing credit card debt or have a long period of interest-free spending. So if you have a large purchase coming up that you would like to have flexibility paying back, this card may be a solid choice. However, it's imperative not to spend outside of your means simply because you aren't accruing interest.
For rates and fees of the cards mentioned in this post, please visit the following links: Wells Fargo Reflect® Card (Rates & Fees)
The comments on this page are not provided, reviewed, or otherwise approved by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
BOA HIDDEN REJECTION PROCCESS
Bank of America rejected my credit card application for a BOA business Alaska Airline credit card.
I had only 3 personal cards, over 810 credit score, perfect 40 payment history on time, multiple types of credit over 40 years (mortgage, auto, boat, credit cards)>
BoA is rude…….over 2 weeks requested reconsideration and each time rejected with only general list of maybe and a requested for a manager call back was promised 4 times and never once did BOA manager respond.,
Pathetic bank from underwriters who approve credit cards.
I will stay with Chase and Capital One……my first CC at BOA denied and I will never give them a 2nd chance.