BankAmericard Credit Card Review 2022: Balance Transfers Made Simple
GOBankingRates Score
-
Balance Transfer
5.0
Pros
- Promotional interest rate
- Competitive variable standard interest rate after the promotional period
- State-of-the-art security features
- Quality customer service
- $0 annual fee
- FICO score access
Cons
- Good to excellent credit is required for approval
- No rewards are offered following the initial statement bonus
Overview of
The BankAmericard credit card was developed for consumers who are interested in taking advantage of low interest rates to pay off credit card debt. The card comes with a 0% introductory APR for 21 billing cycles on purchases, as well as for balance transfers that are made within the first 60 days of opening the account.
Following the 0% interest rate promotional period, cardholders will enjoy a competitive APR, with a $0 annual fee.
Cardholders are likely drawn to the fact that there is no penalty APR, meaning their rates won’t skyrocket if they miss a payment. Cardholders also have access to their FICO score and extensive security features.
Bank of America, Member FDIC, is known for offering some of the best customer service, so cardholders shouldn’t have any issues getting questions answered.
BankAmericard Credit Card Key Features
The most important features of the BankAmericard credit card are as follows:
Introductory Interest Rate
Cardholders enjoy 0% interest on purchases and balance transfers for the first 21 billing cycles, followed by a APR. Applicants should keep in mind that the introductory interest rate will apply to all purchases made in the 21-month promotional period, but it only applies to balance transfers that take place within the first 60 days. After the introductory rate, the ongoing variable APR will apply.
Applicants should enter their balance transfer information on the application to avoid missing the opportunity to enjoy the promotional interest rates on balances they transfer.
Fees and Interest
The BankAmericard credit card was designed to help consumers pay off high interest rate credit card debt, and the promotional interest rate isn’t the only benefit that’s aimed at helping applicants do so. The card comes with a competitive fee schedule that helps cardholders avoid unnecessary expenses associated with their credit card debt.
The BankAmericard fee schedule is as follows:
| Fee Type | Fee |
|---|---|
| Promotional Interest Rate | |
| Purchase Interest Rate | APR, depending on the applicant’s creditworthiness |
| Balance Transfer Interest Rate | APR, depending on the applicant’s creditworthiness |
| Penalty APR | None |
| Balance Transfer Fee | 3% of the amount of each transaction |
| Foreign Transaction Fee | 3% of the U.S. dollar amount of each transaction based on exchange rates at the time of the transaction |
Security
Bank of America is the second-largest financial institution in the United States, and when consumers work with such a large institution, they can expect excellent security on their accounts.
Security Features Available
- Fraud protection. Bank of America analyzes the cardholder’s spending patterns. The company blocks any transactions on the BankAmericard account that doesn’t match the customer’s normal spending activity.
- Fraudulent charge reimbursement. Cardholders who notice a fraudulent charge on their credit card statements can call Bank of America to file a chargeback. If the investigation determines the cardholder didn’t make the purchase, Bank of America will reimburse the cardholder for the cost of the transaction as well as any interest and fees associated with it.
- CVV. The CVV code is a three-digit code on the back of the BankAmericard credit card that will be required when cardholders make purchases online or over the phone. This code helps ensure that the card is in the customer’s possession when they make online purchases.
- Alerts. Cardholders can also set up alerts to receive a text message and/or email any time a purchase is made.
- Digital card. Cardholders can create digital credit cards and add them to their digital wallets. Digital cards have a unique card number, separate from that of the physical credit card, so it can be canceled without the need to replace the physical card if the cardholder’s cell phone is lost or stolen. Customers can also use digital credit cards for recurring transactions and close the digital card when they decide to cancel services, ensuring that no additional charges are made.
Other Features To Consider
The BankAmericard comes with several other features outside of the core features that are likely the main draw to the card. These include:
24/7 Customer Service
Bank of America is known for providing strong customer service, meaning that those with questions can expect well-thought-out, educated answers.
Moreover, the company’s customer service line is open 24 hours a day, seven days a week, including weekends and holidays.
Contactless Payment
BankAmericard comes with contactless payment technology. This means cardholders can make payments on contactless point-of-sale systems by tapping their card on the credit card reader. Cardholders won’t have to touch the credit card terminal.
Paperless Statements
Cardholders can also opt in to receive paperless statements via email. Paperless statements aren’t only a benefit for the environmentally-conscious consumer, either. They also help increase account security, making it impossible for a thief to steal cardholders’ account information out of their mailboxes.
FICO Score Access
All BankAmericard cardholders will receive a monthly update on their FICO credit score. Customers can view their FICO scores by logging in to Bank of America online or through the mobile banking platform.
$0 Annual Fee
Cardholders won’t pay an annual fee simply to use the credit card.
Good To Know
Launched in 1958, the BankAmericard was the first-ever general-purpose credit card, but it wasn’t until 1976 that Bank of America partnered with Visa to make the credit card a Visa card.
Comparable Credit Cards To Consider
While the BankAmericard is an enticing offer, no credit card is a one-size-fits-all solution. For those not interested in the BankAmericard, some comparable offers from competitors include:
The Citi® Diamond Preferred credit card offers a 0% introductory interest rate on balance transfers for 21 months – the same as BankAmericard. After the 21-month introductory period, a APR applies.
The Diamond Preferred card’s competitive APR is slightly higher than that of the BankAmericard depending on the applicant’s creditworthiness. And like the BankAmericard, there are no ongoing rewards.
Moreover, the balance transfer fee on the Citi Diamond Preferred credit card is significantly higher than on the BankAmericard, coming in at 5% rather than 3%.
The Wells Fargo Reflect® card offers a 0% promotional interest rate on purchases and balance transfers for 21 months from account opening.
Following the promotional interest rate, the standard rate on the Wells Fargo Reflect card is slightly higher than that of the BankAmericard, coming in at APR, depending on the applicant’s creditworthiness.
Like the BankAmericard, the Wells Fargo Reflect credit card comes with a $0 annual fee and offers no ongoing rewards. As is the case with the Citi Diamond Preferred card, the Wells Fargo Reflect card comes with a 5% balance transfer fee, rather than the 3% fee charged on the BankAmericard. The Wells Fargo Reflect card does not offer a bonus for new cardholders, unlike the BankAmericard.
Is the BankAmericard a Good Fit?
The BankAmericard credit card is a good fit for consumers with high-interest credit card debt that they’re interested in paying off quickly. The intro APR promotional period will help cardholders be able to apply 100% of payments to their credit card balance, and cardholders will enjoy reasonable interest rates and fees following the promotional period, like the APR.
The credit card doesn’t offer a continuous rewards program, however. So, those looking for cash back, travel rewards or gift cards in exchange for credit card activity should consider other options.
BankAmericard Credit Card FAQ
Some of the most commonly asked questions about the BankAmericard credit card include:- Is BankAmericard a credit card?
- Yes, the BankAmericard is a credit card, not a charge card. This means cardholders will be able to carry balances over from month to month, rather than having to pay them off entirely on a monthly basis.
- How do I apply for the BankAmericard?
- To apply, simply fill out all the information on the BankAmericard online application, including any balance you wish to transfer from another account, and read the terms and conditions.
- Who created the BankAmericard?
- The BankAmericard credit card can be traced back to Amadeo Giannini, an American banker who founded the Bank of Italy. The Bank of Italy later became Bank of America.
- What credit score is needed for the BankAmericard?
- Applicants will need to have good to excellent credit to be approved. Lenders generally view scores of 700 or above as good to excellent.
- Does Bank of America give high credit limits?
- Bank of America's website doesn't state how high the company's credit limits go, but cardholders who would like a higher limit can request one by clicking the "request a credit line increase" link on the company's online banking platform.
Cynthia Measom contributed to the reporting for this article.
Rates, offers and requirements are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of September 28, 2022.
Editorial Note: This content is not provided by Bank of America, Citi or Wells Fargo. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America, Citi or Wells Fargo.
