The Bottom Line: It's a solid, low-cost tool to help you whittle down debt. Just be aware that there's not a whole lot of value to be had once the 0% intro APR period ends.
15.24% - 25.24% Variable APR
0% on Purchases for 18 billing cycles and 0% on Balance Transfers for 18 billing cycles for balance transfers made in the first 60 days
recommended credit score
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.24% - 25.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
Pros & Cons
No annual fee
Intro APR period on Purchases and Balance Transfers
Alternate Pick: 0% cash back
American Express Cash Magnet® Card
1.5% cash back on purchases
This card offers an intro APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.24% - 26.24% Variable APR. The balance transfer fee is 3% (minimum $5). But because it earns rewards, it holds value long after that 0% window closes.Read our review
After punching up its benefits in October 2018, the BankAmericard® credit card can take a seat alongside other balance-transfer royalty.
Once a rather lackluster card — it was even beige for a while — it's now one of the few that can allow you to move debt and pay it down over time without a penny in interest or (if you apply through Bank of America®) even fees.
The cards value lies in its lengthy 0% introductory APR period. It doesn't earn rewards, though, and with an ongoing APR that's not especially low, that means there's little incentive to keep using it after the 0% period expires.
BankAmericard® credit card: Basics
Card type: Balance transfer.
Annual fee: $0.
Welcome bonus: None.
Interest rate: 0% on Purchases and Balance Transfers for 18 billing cycles, and then the ongoing APR of 15.24% - 25.24% Variable APR.
Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
Foreign transaction fee: 3%.
Why you might want the BankAmericard® credit card
It can help you out of debt for little cost
The BankAmericard® credit card can net you a bunch of zeroes, in a good way. The annual fee is $0. You get an introductory 0% APR period. And there's even a way for your balance transfer fee to be $0, if you apply for the card directly through Bank of America®. That kind of triple threat is hard to find in a balance transfer card and can save you a lot as you pay down debt.
It doesn't charge a penalty APR
With the BankAmericard® credit card, your interest rate won’t go through the roof after a late payment, as the card doesn't charge a penalty APR. You’ll still have to pay a steep late fee if you miss a payment, though. And if you’re more than 30 days late, your credit could take a hit. But the lack of penalty APR can give you some peace of mind, and potentially save you some money.
Why you might want a different card
It doesn't earn rewards
When you're paying down debt, rewards shouldn't be your primary concern. It's more important to minimize your costs. Even so, it is possible to find rewards-earning cards with no annual fee that also offer 0% intro APR periods on both purchases and balance transfers.
These no-fee cards have value long after their 0% rates expire:
The American Express Cash Magnet® Card earns 1.5% cash back on all eligible purchases, offers a great welcome bonus. It has an intro APR of 0% on Purchases and Balance Transfers for 15 months, and then the ongoing APR of 15.24% - 26.24% Variable APR. Terms apply. The card's balance transfer fee is 3% (minimum $5).
The Discover it® Balance Transfer has an intro APR of 0% on Purchases for 6 months and 0% on Balance Transfers for 18 months, and then the ongoing APR of 14.24% - 25.24% Variable APR. This card earns 5% cash back on rotating quarterly categories on up to $1,500 in purchases each quarter (after you activate those categories). All other purchases earn 1% back. Bonus categories in the past have included things like gas stations, grocery stores, restaurants, Amazon.com and wholesale clubs. The introductory balance transfer fee is 3%, then up to 5% for future balance transfers (see terms).
You can find even longer 0% intro APR periods
If 18 months isn't enough time to pay down a balance transfer, consider one of these options. Neither earns rewards, but they give you a little extra time at 0%:
The U.S. Bank Visa® Platinum Card offers an introductory APR of 0% on Purchases and Balance Transfers for 20 billing cycles, and then the ongoing APR of 14.74% - 25.74% Variable APR. It has a balance transfer fee of either $5 or 3% of the amount being transferred, whichever is greater. It comes with the relatively rare perk of cell phone insurance, which could at least give you an incentive to keep the card around after you pay off your debt.
The Citi Simplicity® Card - No Late Fees Ever comes with an intro APR of 0% on Purchases for 12 months and 0% on Balance Transfers for 21 months, and then the ongoing APR of 16.24% - 26.24% Variable APR. The balance transfer fee is 5% of the transfer or $5, whichever is greater.
To see how these cards compare with other balance transfer credit card options, see cheatgame.info's roundup of top rated credit cards.
Is the BankAmericard® credit card right for you?
The BankAmericard® credit card won't earn rewards, but anyone looking to zap debt would be hard-pressed to find a better option. Still, if you're looking for a long-term card that you can continue using after you tackle that large balance, you have alternatives.
cheatgame.info reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with cheatgame.info. Banks, issuers and credit card companies are not responsible for any content posted on the cheatgame.info site, nor do they endorse or guarantee any posted comments or reviews.