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Should I buy a BankAmericard credit card?

The oldest parts of Bank of America are 240 years old, almost since the founding of America itself. Today, Bank of America is one of the largest retail banks in the country and offers a full range of credit cards for personal use and small businesses.

One of his cards BankAmericard┬« credit card, is consistently ranked as one of the best balance transfer credit cards available. Offering one of the lowest interest rates at this bank, the card provides a valuable zero interest upfront offer and doesn’t come with many general fees to help you rebuild your credit. Below, we’ll look at some of the scenarios that make BankAmericard beneficial or inappropriate for certain types of cardholders.

When should you use BankAmericard?

When you have balance to transfer

First, this card offers new accounts 21 payment cycles of interest-free funding for both new purchases and balance transfers, followed by a variable annual rate of 14.99 to 24.99 percent. This means that you will receive 0 percent APR on all your purchases for almost two years. And if you have outstanding credit card balances from other issuers, you can consolidate those balances by requesting a balance transfer.

If you have another credit card debt with a higher interest rate, an opening balance transfer offer can be a great way to take that debt seriously. Note. You must make a balance transfer within the first 60 days, and a balance transfer fee of 3 percent of the transfer amount (or a minimum fee of $10) is charged.

Zero interest also applies to your new purchases, so even if you make multiple purchases with the card, you have 21 months to use 100 percent of your monthly payment to pay off your debt. This allows you to start saving money sooner than if you were incurring interest payments and paying both the original amount and accrued interest. And as your outstanding balance drops, you can expect your credit score to go up.

When you need a long introductory APR offer for purchases

Maybe you’re planning to last a few months because you’ve bought a new bookshelf for your living room, or you’re taking a course to change careers, or you’ve been fired. Don’t worry, you’re not the only one – according to the American Bankers Association, 40.9% of all U.S. credit card accounts were active and had a balance at some point in the first quarter of 2022.

In any case, an introductory annual interest rate of 0% will come in handy. In addition, BankAmericard has one of the longest initial annual periods for new purchases, at 21 months.

However, be sure to budget for the time the introductory APR ends. You must continue to make regular, timely payments of at least the minimum amount to improve your credit score, and hopefully you will qualify for a lower end of the normal APR range. Currently, BankAmericard’s regular annual interest rate starts at 14.99 percent, a relatively low interest rate given the average credit card interest rate these days.

When you take advantage of its low interest rate

If you’re looking for a low-risk card that you can use to build or rebuild your credit that won’t charge you an annual fee, BankAmericard might be a great choice.

BankAmericard has the lowest interest rate among consumer credit cards issued by Bank of America. The APR range from 14.99% to 24.99% varies depending on your creditworthiness when opening an account. This means that the most qualified applicants with excellent credit history will enjoy an interest rate well below the national annual average. Just note that, like most credit cards, this is a variable rate that can go up or down with the base rate.

The good news: no interest is charged. And while you should always make payments on time, at least you know you won’t lose your low rate if you mistakenly make a late payment.

When is BankAmericard not worth it?

When your debt is not so big

For cardholders who don’t have an outrageous amount of debt, you may not need to apply for a BankAmericard card. Instead, you can choose a different balance transfer card with a shorter initial APR period that offers more consistent value.

Aside from the potentially low regular APR and no penalty APR, you may find little value for BankAmericard after the initial period expires. If you think your debt can be paid off in less than 21 months and you need help figuring out how long it will take, use our payment calculator.

When you are looking for ongoing value through rewards

Like other cards with low interest rates and the most competitive promotional funding offers, BankAmericard does not offer any rewards for spending. However, the Bank of America mobile app offers some rewards through its BankAmeriDeals program, which offers cash back through participating retailers.

Other benefits include a monthly updated free FICO score that you can access through your mobile banking app or online. You can also get free access to over 1,500 partner institutions around the world on the first full weekend of each month through the Bank of America’s Museums on Us program.

Beyond these benefits, cardholders who prefer cards that provide value after the first year or two should continue to shop.

Should you get a BankAmericard?

If you’re looking for a credit card that offers frequent flyer miles or hotel points, look elsewhere. But if you’re one of the millions of Americans who have a balance on one or more of your credit cards, you should consider BankAmericard.

This card’s offer of 21 months of 0% APR promotional funding on new purchases and balance transfers is one of the longest offerings currently available. If you transfer your balance to this card, you will achieve several important goals. First, you will reduce the number of accounts outstanding, which can improve your credit score. Plus, you’ll have fewer monthly payments – less juggling, less stress.

Perhaps most importantly, not having to pay interest will mean that your entire monthly payment will be used to pay off your debt. And once your account’s ad funding rate ends, you’ll still be using a simple card from a major issuer with a competitive standard interest rate, as well as no interest.

bottom line

It can be extremely difficult to pay off your balances while paying interest at the same time, but you don’t have to bear both burdens. Consider BankAmericard from Bank of America if you want to get out of debt.

Editorial disclaimer

The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.

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