BankAmericard® credit card Review: Erase Credit Card Interest Until 2021

Co-founder and personal finance industry analyst for The Ascent by The Motley Fool. He has 11 years of finance experience and has published over 800 educational and research articles.

Summary:

  • As valuable as 0% intro APR cards come, this card has secured among our highest ratings.
  • Take action before losing out! Balance transfers must post to the account by your deadline to qualify for the 0% intro APR for this current offer.
  • There's no penalty APR for late payments
  • You can submit an application and get a decision in two minutes.
  • Learn below about how to save $1,863 in interest charges paying off $10,000 of debt using a 0% intro APR promo.
BankAmericard® credit card

BankAmericard® credit card

Apply Now
Secure lock icon.

On Bank of America's Secure Website.

What we Like:
  • Long 0% intro APR offer
  • No annual fee
  • FICO® Score for free
  • Annual Fee: $0
  • Regular APR: 14.49% - 24.49% Variable
  • Intro APR: Purchases: 0%, 18 billing cycles Balance Transfers: 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days
Highlights
  • 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, 14.49% - 24.49% 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
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app
Show More Arrow graphic to expand and collapse content

What I like

0% intro APR for purchases for 18 billing cycles -- 18 billing cycles is among the longest 0% intro purchase APRs, making it a lucrative pick to break up the cost of a big purchase into bite-sized monthly payments you can afford.

0% intro APR for balance transfer for 18 billing cycles -- Transfers made within 60 days qualify for the 0% intro APR offer. You'll be hard pressed to find a competing credit card that packs in such a long interest-free offer on both purchases and balance transfers. Most cards on the market give you one longer promo offer (either just for purchases or just for balance transfers) at the expense of the other.

$0 annual fee -- Rounding out BankAmericard® credit card’s collection of zeroes is the yearly cost to own the card.

No penalty APR -- It’s common for credit card issuers to slap late-paying cardholders with a raised APR. This one says that a tardy remuneration won’t automatically hike a customer’s APR, so cardholders shouldn’t have a heart attack if they aren’t timely with a payment.

FICO® Score for free -- An increasingly common perk in the credit card world, the FICO® Score for free is nevertheless a fine benefit BankAmericard® credit card holders will find useful. The score is updated every billing cycle, and can be accessed in the issuer’s online banking portal, or through its mobile app.

$0 liability guarantee -- Bank of America helps to ensure that you (or your family/associates) will be the only entity shopping with the card. The issuer’s $0 liability guarantee covers fraudulent purchases made by bad guys using your digits.

Increase your credit score in as little as one month?

Paying down credit balances is the fastest way to improve your FICO® Score. That's because 30% of your credit score is based on how much of your available credit you're using. Your credit utilization is reported monthly, which means paying off debt could improve your credit score in one month!

What could be improved

Balance transfer fee -- The cards 3% ($10 min.) fee is common in this category but some offers include a $0 balance transfer fee. It's worth noting that these same cards also offer far shorter 0% intro APR offers.

How to erase $1,863 of interest charges

A long balance transfer offer can help you chip away at debt balances as you pocket some savings while avoiding interest charges. Here's a comparison of how you could save $1,863 of interest charges by putting your finances first and paying off transferred debt or purchase balances during the 0% intro APR period versus paying off balances at a 19% APR:

Debt Balance Scenario Monthly Payment APR offer Interest Charges Months to Pay Off
$10,000, promo APR $556 0%, 18 months $0 18
$10,000, no promo APR $556 19% on all balances $1,863 22

*Your approved card APR may vary from 19%.

Suggested credit score

A general rule of thumb is that balance transfer cards with long 0% intro APR periods and rewards programs typically require higher credit scores than other balance transfer cards. Your odds of approval will likely improve if you have a FICO® credit score of 670 or better. If you have a lower credit score, you may want to apply for a card with a shorter 0% intro APR period as approval is akin to rolling the dice.

Final take

What has this card lapping the competition is the fact that the 0% APR promo applies to both purchases and balance transfers. Add in the fact that the card also comes with a $0 annual fee and no penalty APR, and we think you'll be hard pressed to find a better card to pay off debt faster or avoid interest charges on purchases.