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The BankAmericard® credit card is an appealing choice for consumers looking for interest-free spending or to transfer revolving debt from one card to another. However, that's where the perks of this card end. The BankAmericard credit card may not be the best solution if you're looking for valuable rewards for your spending.
Should you get the BankAmericard credit card to help with your existing credit card debt or to finance a large purchase without interest? Here's what you need to know about the BankAmericard credit card to make an informed decision.
Page Contents
- BankAmericard Credit Card Pros
- BankAmericard Credit Card Cons
- BankAmericard Credit Card Welcome Offer
- BankAmericard Credit Card Benefits
- BankAmericard Credit Card Earning Rates
- Redeeming Rewards From the BankAmericard Credit Card
- Application Restrictions
- Cards That Compete With the BankAmericard Credit Card
- Bottom Line
BankAmericard Credit Card Pros
- No annual fee
- Lengthy introductory APR offer helps you avoid interest.
- No penalty APR for late payments.
BankAmericard Credit Card Cons
- 3% foreign transaction fee.
- This card does not earn cash back or travel rewards.
BankAmericard Credit Card Welcome Offer
The BankAmericard credit card doesn't offer a traditional signup bonus or welcome offer. This is worth noting, because other credit cards with introductory annual percentage rate (APR) offers do provide a welcome bonus of points or cash back.
Related: The Best Credit Cards With No Annual Fee and 0% Introductory APR
BankAmericard Credit Card Benefits
0% introductory APR
The main benefit of the BankAmericard credit card is the introductory APR offer to help you avoid interest. When you're approved for the card, you will get a 0% Intro APR for 18 billing cycles for purchases and 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days.
After the introductory period ends, a Variable APR of 16.24% - 26.24% will apply. The balance transfer fee is 3% of the amount of each transaction.
No annual fee
The other standout benefit of the BankAmericard credit card is $0 annual fee. That makes it a great option for those trying to pinch every penny. Just beware that this card does charge some additional fees, including:
- Foreign transaction fee: 3%
- Balance transfer fee: 3% of the amount of each transaction
Check your FICO score for free
The Bank of America app offers a FICO score tool where you can check your credit score for free. This can be helpful if you're working on improving your score.
Contactless wallet
BankAmericard credit card cardholders 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 if your wallet is at home.
BankAmeriDeals
BankAmeriDeals are a great way to save money. With a Bank of America credit card, you have access to numerous deals that can save you money with selected retailers, usable after adding an offer to your card and shopping with that merchant. You can find your deals on the Bank of America website and app.
BankAmericard Credit Card Earning Rates
The BankAmericard credit card does not earn any rewards when you spend on the card. Be sure to consider this as you use this card for purchases.
Redeeming Rewards From the BankAmericard Credit Card
The BankAmericard credit card does not earn rewards to redeem.
Application Restrictions
Bank of America has a few unique credit card restrictions you should be aware of. For one, the bank doesn't seem to limita how many cards you can hold at one time, but there might be a limit to the amount of credit the bank will give you. If you find that you've been denied because of available credit, call and ask if the bank will lower the available credit on an existing card to increase your odds of approval for another card.
There is also a restriction on how often you can apply for a Bank of America credit card. It's called the Bank of America 2/3/4 rule and only applies to Bank of America cards — not cards issued by other banks. The rule states that you can only open so many cards within a specific time frame, as follows:
- Two new cards in 2 months
- Three new cards in 12 months
- Four new cards in 24 months
While the above is true for Bank of America's credit cards, the following is true of new credit cards opened at any bank:
- If you have a deposit account at Bank of America, you will be denied for a new credit card if you've opened seven new cards in the last 12 months.
- If you don't have a Bank of America deposit account, you can't have more than three new cards in the past 12 months. Business cards that don't report to your personal credit report do not count towards these limits.
Cards That Compete With the BankAmericard Credit Card
- Earn 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- 1.5 points for every $1 you spend on all purchases
- Earn 5% on purchases through Chase Travel℠
- Earn 3% on dining at restaurants
- Earn 3% on drugstore purchases
- Earn 1.5% on all purchases
- If you want introductory APR plus cash back in categories you choose, check out the Bank of America® Customized Cash Rewards credit card. Current cardholders earn 3% cash back on a category of choice (including gas, travel, or dining), an automatic 2% back at grocery stores and wholesale clubs (up to $2,500 per year in the 3% and 2% categories), and an unlimited 1% back on all other purchases. With qualifying Bank of America deposit accounts, Preferred Rewards members can earn up to 75% more on every purchase. The Bank of America Customized Cash Card also comes with 0% Intro APR for 15 billing cycles for purchases and 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days with a balance transfer fee of 3% for 60 days from account opening, then 4%. After the introductory period, there's a 18.24% - 28.24% Variable APR on purchases and balance transfers. Learn more in our Bank of America Customized Cash Card review.
- If you want an introductory APR plus 1.5% on all other purchases cash back on spending, look into the Chase Freedom Unlimited®. It has no annual fee and earns unlimited Chase Freedom Unlimited® cash back on everyday spending. You'll get a solid welcome bonus and also enjoy introductory APR offers. The card features 0% introductory APR on purchases for 15 months and 0% introductory APR on balance transfers for 15 months, then a Variable APR of 18.99% - 28.49%. Note the balance transfer fee: Either $5 or 3% of the amount of each transfer made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer. Whichever value is greater will apply in both cases. Our Freedom Unlimited review has further details.
- If you prefer a credit card that earns travel rewards, consider the Bank of America® Travel Rewards credit card. This card earns an unlimited 1.5x on all purchases with no annual fee or foreign transaction fees. Rewards can be used to pay yourself back as a statement credit for dining and travel purchases. Points are redeemed at 1 cent each. Bank of America Preferred Rewards members earn up to 75% more on every purchase. The card offers a 0% Intro APR for 15 billing cycles for purchases and 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. There is a balance transfer fee of 3% for 60 days from account opening, then 4%, and you'll pay a 18.24% - 28.24% Variable APR on purchases and balance transfers after the introductory period. Read our Bank of America Travel Rewards Card review to learn more.
Bottom Line
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. If you have a large purchase coming up and want flexibility while paying it off, 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. The introductory APR period will end. It's also worth considering other cards that have welcome bonuses and rewards on spending as you decide on the right card for your wallet.
For rates and fees of the cards mentioned in this post, please visit the following links: Chase Freedom Unlimited® (Rates & Fees)
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