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Using an intro APR offer to transfer credit card debt is a great way to pay off credit card debt interest-free. The BankAmericard® Credit Card is a top choice, offering a way to move over existing debt and pay it off over the next year.

Typically balance transfer cards don’t feature a list of perks you find with a travel rewards card. The BankAmericard card is no different, with few redeeming qualities other than helping you save money and pay off debt. Check out our summary of the BankAmericard credit card below to learn more about its benefits, its drawbacks and whether it’s worth a spot in your wallet.

Balance Transfer Offer

As mentioned above, balance transfers during the first 60 days from card opening earn 0% APR for 18 billing cycles. Once the introductory period expires, a variable APR between 12.99% to 22.99% will be applied. Balance transfers are great for individuals with existing high-interest credit card debt they want to pay off while avoiding interest charges. Again, if you had $3,000 in charges on another credit card, you could transfer it to your new BankAmericard credit card and pay off the balance over the next year without having to pay interest. Interest charges are quite costly and make paying off debt more difficult.

Another cost you need to factor in is the balance transfer fee. The BankAmericard card charges a balance transfer fee of either $10 or 3% of the balance transferred over, whichever is greater. If you transferred a $3,000 balance over to the BankAmericard card, you would end up paying $90 in balance transfer fees. Look at your existing card balances and interest charges to determine whether it’s a better value to transfer over your debt and pay the fees or stay put.

With the BankAmericard credit card, you can transfer balances through online access or the Bank of America mobile app. You’ll need to know your other credit card’s current balance and interest rate. You should also continue to make payments on the other card balance until it shows up on your BankAmericard card account. Balance transfers typically take two weeks or longer to process. Also, note that you can’t use your BankAmericard card to transfer over balances from other Bank of America accounts.

Always read the fine print when performing a balance transfer. With most balance transfer cards, interest accrues on the transferred balance. If you fail to pay the entire balance off before the end of the introductory period, you’ll be charged interest on the whole transfer balance, not just the remaining balance. Keep in mind that your credit limit may affect how much you can transfer over from another credit card.

Sign-Up Bonus

The BankAmericard is now offering new cardholders an opportunity to earn a one-time welcome bonus. Earn a $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening.

When you meet the eligibility requirements for this bonus, you are basically only paying $900 for the first $1,000 you spend with your new BankAmericard

However, keep in mind that there are currently no rewards earned with this credit card.

Annual Fee

Fees, like an annual fee, can cut into the value offered by rewards credit cards. As mentioned, the BankAmericard card offers no rewards and few benefits, but it also charges no annual fee. The card is specifically designed for individuals who want to transfer over existing credit card debt and pay it off over time.

Intro APR Offer

The BankAmericard credit card comes with long-term intro APR offers on both purchases and balance transfers. Cardholders have access to introductory 0% APR on purchases for the first 18 billing cycles. Additionally, they also have access to 0% APR on balance transfers for the first 18 billing cycles. Only balance transfers made in the first 60 days from account opening are eligible for the introductory APR offer.

After the introductory period ends, a variable APR of 12.99% to 22.99% (based on creditworthiness) applies to purchases and balance transfers. Your creditworthiness determines your assigned regular APR.

Penalty APR

Another nice feature of the BankAmericard card is that it doesn’t charge a penalty APR if you are late with a payment. Many card issuers automatically increase your interest rate if you’re late on your monthly payment by a certain number of days. There is no automatic rate increase with the BankAmericard credit card.

Credit Score

Credit scores are one of the most important factors in determining the creditworthiness of a credit card applicant. Like most card issuers, Bank of America doesn’t display its credit requirements publicly. We recommend that you have at least a good to excellent credit score when you apply. A good to excellent credit score is a FICO score between 670 and 850.

Always check your credit before you apply for a new credit card. If your score isn’t good enough to qualify, consider building up your credit score before you apply. Your credit score also helps determine the card’s interest rate.

Card Benefits

The BankAmericard isn’t considered a rewards credit card and offers few benefits, most of which are standard with most credit cards these days.

Liability Coverage

You are protected against fraudulent charges if your BankAmericard credit card is lost or stolen.

Mobile Access

Cardholders can access their credit card account from anywhere in the world through Bank of America’s highly-rated mobile app. The app is available for iPhones and Android.


Another nice feature is that cardholders can set up text and email alerts through Bank of America.

Free Credit Score

Your BankAmericard card also comes with free access to your FICO credit score. You can access your free score via online access or the Bank of America mobile app.

Contactless Card

The BankAmericard is a chip-enabled card, but it also is a contactless card for added convenience.

Overdraft Protection

If you’re a BofA banking customer, you can protect your deposit accounts with overdraft protection through your BankAmericard credit card. Then, if you overdraft on your deposit account, Bank of America automatically transfers over funds from your credit card account (in multiples of $100) to cover the expenses. The transfer is treated as a cash advance and may be subject to additional fees.


The BankAmericard card doesn’t earn any travel or cash back rewards on spending. Although it does offer new cardholders an opportunity to earn a bonus in the form of a $100 statement credit after $1,000 in purchase are made with their new card.


As mentioned earlier, the BankAmericard credit card carries no annual fee. Unfortunately, it does charge another significant fee, especially if you are a frequent traveler — a foreign transaction fee. Foreign transaction fees are fees charged on purchases made outside of the country. The BankAmericard card charges a 3% foreign transaction fee on all purchases made outside of the US. If you travel internationally, you’ll want to bring a different rewards credit card that doesn’t charge costly foreign transaction fees.

Below are some other fees you could see when using your BankAmericard credit card:

  • Annual fee: No
  • Balance transfer fee: Yes
  • Foreign transaction fee: Yes
  • Cash advance fees: Yes
  • Late payment fees: Yes
  • Returned payment fees: Yes

Always read the terms and conditions for any credit card you are thinking about applying for so you’re familiar with its fees.


The BankAmericard credit card is a decent balance transfer credit card, but it doesn’t offer many benefits beyond its intro APR offers. Here are some of the drawbacks to consider before deciding if the BankAmericard card is right for you.

  • No rewards: The BankAmericard doesn’t earn rewards for using the card for spending. It’s not part of any Bank of America rewards program.
  • No travel perks: On top of no rewards, there are also zero travel benefits with the BankAmericard card.
  • Foreign transaction fee: All international purchases made with your BankAmericard credit card are subject to a 3% foreign transaction fee.

How Does It Compare to Other Balance Transfer Credit Cards

While the BankAmericard card is a solid choice, it’s not the only balance transfer credit card available. Here are some other top options to consider if the BankAmericard card isn’t right for you.

Bank of America® Customized Cash Rewards Credit Card

The BankAmericard card isn’t Bank of America’s only card featuring a balance transfer offer. The Bank of America Customized Cash Rewards Credit Card also comes with an introductory 0% APR offer on balance transfers and purchases for 15 billing cycles. Like the BankAmericard card, the offer only applies to balance transfers made in the first 60 days from account opening.

The real draw of the Bank of America Customized Cash Rewards card is its sign-up bonus and rewards rates. New cardholders earn a $200 cash rewards bonus after spending $1,000 on the card in the first 90 days. Also, you’ll earn cash back on all of your card purchases:

  • 3% cash back on the category of your choice: dining, gas, travel, online shopping, drug stores or home improvement/furnishings
  • 2% cash back at grocery stores and wholesale clubs

The elevated rewards rates are good on the first $2,500 in combined purchases each quarter. After that, you’ll earn 1% cash back on those purchases. You also earn 1% cash back on all other qualifying purchases.

The Bank of America Cash Rewards credit card has no annual fee.

U.S. Bank Visa® Platinum Card

One of the longest introductory APR offers for balance transfers belongs to the U.S. Bank Visa Platinum credit card. Cardholders enjoy 0% APR on balance transfers and purchases for 20 billing cycles. The no-fee balance transfer card also features a couple of benefits not found with the other cards, like cell phone protection and the ability to choose your payment dates. Like the BankAmericard credit card, the Platinum card gives cardholders access to their credit score for free.

Bottom Line

If you have existing credit card debt and want to avoid costly interest charges, the BankAmericard card is an excellent option. Other cards exist that offer longer introductory periods, so weigh how long you need to pay off your debt before choosing. Before you apply, always read the fine print, paying attention to things like balance transfer fees and interest rates. Do the math to figure out if a balance transfer card makes sense for your situation.


Kevin Payne

Kevin Payne is a personal finance, credit card, and travel writer. He is the family travel and budget expert behind Kevin lives in Cleveland, Ohio, with his wife and four kids. His work has appeared on several websites, including FinanceBuzz, Credit Karma, Millennial Money, Club Thrifty, Student Loan Planner and Slickdeals.