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Updated on Monday, July 9, 2018
A balance transfer can be a great way to get out of debt, and the BankAmericard® credit card is a decent offering if you have debt on a non-Bank of America credit card. In this review, we’ll tell you everything you need to know to make the most out of this card. One thing is clear from our review: There are plenty of other options providing longer intro periods or intro $0 balance transfer fees that have the potential to save you more money. So be sure to compare this offer with others before you sign up, especially if your credit is strong enough to qualify for the best BT offers.
The BankAmericard® credit card offers a 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro period ends, a 14.49% - 24.49% Variable APR applies.
Unfortunately, this card comes with a balance transfer fee — $0 Introductory Fee for transactions made within 60 days of opening your account. After that, your fee will be:Either $10 or 3% of the amount of each transaction, whichever is greater. That means balances you transfer will be charged a fee. For example, transferring a $3,000 balance will incur a $90 fee. However, this is typically outweighed by the amount you save compared with keeping your balance on a card with a high APR.
Overall, this is an OK offer and may provide you with a chance to get out of debt, but you can find cards with the same intro period plus an intro $0 balance transfer fee — allowing you to save more money.
While a balance transfer can be a great way to get out of debt, there are a few terms you should take note of before completing a transfer:
- Balance transfer fee: $0 Introductory Fee for transactions made within 60 days of opening your account. After that, your fee will be:Either $10 or 3% of the amount of each transaction, whichever is greater. This fee is typical of balance transfer cards and while it may be worth it, you can find cards with intro $0 balance transfer fees.
- Regular purchase APR: Any balances remaining after the intro period will be charged a 14.49% - 24.49% Variable APR. To avoid interest charges, make sure you pay your balance in full before the end of the intro period.
- Balance transfer window: Balances must be transferred within the first 60 days from account opening, and the intro period begins when your account is opened — not from the date you transfer your balance. Therefore, it’s key to transfer your balance either when you open your card or soon after so you can benefit from the majority of the intro period.
- How long the balance transfer takes to process: It can take at least two weeks for your balance transfer to be processed. In the meantime, continue making payments on your existing card until the payment posts.
We have a step-by-step guide on how to complete your balance transfer with Bank of America here, which includes screenshots for each step.
There are plenty of cards that offer better balance transfer deals. Here are two of our top picks:
The Amex EveryDay® Credit Card from American Express is an overall great credit card offering a rewards program, a variety of benefits and the ability to get out of debt. There’s an intro 0% for 15 Months (after, 12.99% - 23.99% variable APR). Plus, there’s a $0 balance transfer fee. This offer is better than the BankAmericard® credit card — and in addition to transferring debt, you can earn rewards on new purchases. Earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. This card also provides benefits ranging from travel insurance to free two-day shipping with ShopRunner. Terms apply.
If you want a long balance transfer period, check out the Citi® Diamond Preferred® Card offering an intro 0% for 18 months on Balance Transfers (after, 14.74% - 24.74% (Variable) APR). This can provide you with more time to pay off transferred debt compared with the BankAmericard® credit card. However, there is a higher balance transfer fee — Balance transfer fee applies with this offer: 3% of each balance transfer; $5 minimum. That’s compared with the BankAmericard® credit card’s balance transfer fee at $0 Introductory Fee for transactions made within 60 days of opening your account. After that, your fee will be:Either $10 or 3% of the amount of each transaction, whichever is greater. But, if you need more time to pay off debt, the Citi® Diamond Preferred® Card can be a good option.
The information related to BankAmericard® credit card, The Amex EveryDay® Credit Card from American Express, and Citi® Diamond Preferred® Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.