BankAmericard bank card overview
The BankAmericard® bank card affords promising financing, permitting you to repay your debt with one of many longest introductory APR charges on purchases and steadiness transfers we have seen. This card, nonetheless, does not supply any ongoing rewards nor embrace a sign-up bonus. Card score*: ⭐⭐⭐
*Card score is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
The data for the BankAmericard has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Life comes at you with all kinds of surprises. In the event you’re coping with debt as a result of sudden bills, there are instruments to get you again heading in the right direction, together with the BankAmericard. Whereas the BankAmericard is not the flashiest bank card on the market, it comes with options that may assist you to zero out your debt over time. Authorized candidates have a credit score rating of at the least 690.
Let’s check out who would most profit from this card and different card choices which will even be value contemplating.
BankAmericard professionals and cons
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BankAmericard welcome supply
The BankAmericard doesn’t include a welcome supply corresponding to bonus money or bonus factors.
At present, nonetheless, you may get 0% Introductory APR for 18 billing cycles for purchases and for any steadiness transfers made within the first 60 days of opening your account. After the introductory APR supply ends, 16.24% – 26.24% variable APR will apply. A 3% payment applies to all steadiness transfers inside the first 60 days; after that, all future steadiness transfers can have a 4% payment.
BankAmericard advantages
The BankAmericard can assist you keep away from any undesirable curiosity charges with its introductory APR supply. Moreover, cardholders is not going to obtain a penalty APR, which mechanically will increase your rate of interest when paying late. Better of all, BankAmericard has no annual payment and alleviates that burden.
Whilst you’re engaged on financing (or refinancing) your debt, you will have entry to Financial institution of America’s suite of on-line banking options, a free FICO rating software and entry to credit score schooling subjects.
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Associated: Do steadiness transfers have an effect on your credit score rating?
Incomes/redeeming rewards on the BankAmericard
The BankAmericard affords no rewards corresponding to money again or factors on purchases, and subsequently there aren’t any redemptions both.
Which playing cards compete with the BankAmericard?
A number of bank cards supply steadiness switch affords upon account opening.
- In the event you favor Citi: The Citi® Diamond Most popular® Card (see charges and costs) affords a 0% Intro APR for 21 months on steadiness transfers from date of first switch and 0% Intro APR for 12 months on purchases from date of account opening, then a variable APR of 18.24% – 28.99%, primarily based in your creditworthiness. The cardboard additionally has no annual payment. For extra info, take a look at our full evaluate of the Citi Diamond Most popular Card.
- In the event you favor Chase: The Chase Slate Edge℠ could also be a greater match for these targeted on steadiness transfers to cut back present debt. Cardholders will get pleasure from a 0% introductory APR interval on purchases and steadiness transfers for the primary 18 months from account opening (then a variable APR of 20.49%—29.24% applies). Cardholders are mechanically thought of for an APR discount by 2% after they pay on time and spend at the least $1,000 in your card by the following account anniversary. For extra info, take a look at our full evaluate of the Chase Slate Edge.
- If you wish to earn money again: The Chase Freedom Flex® affords cardholders a money again welcome bonus ($200 money again after spending $500 on purchases within the first three months of account opening) and a 0% introductory APR for 15 months on purchases and steadiness transfers. After the introductory interval, a variable APR of 20.49% — 29.24% applies. Cardholders additionally earn 5% on as much as the primary $1,500 spent on rotating classes every quarter (activation required), 5% on Lyft rides (by means of March 2025), 5% on journey booked by means of Chase Journey℠, 3% on eating (together with takeout and eligible supply companies), 3% on drugstore purchases, and 1% on all different purchases. For extra info, take a look at our full evaluate of the Chase Freedom Flex.
The data for the Chase Slate Edge has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Is the BankAmericard value it?
BankAmericard is without doubt one of the most forgiving playing cards in the marketplace. It’s geared to a completely totally different viewers: shoppers with present bank card debt or who’ve a big upcoming buy that they could not have the ability to repay instantly.
Curiosity charges can add up rapidly for those who’re unable to repay your month-to-month bank card statements. However by transferring your debt over to the BankAmericard, you are given a second probability of kinds. You will have extra time to give attention to paying off your debt with out accruing any curiosity. Plus, there isn’t any penalty APR on this card, that means a late cost will not trigger your rate of interest to shoot up.
Associated: Are you paying sufficient consideration to your bank card’s APR?
Backside line
The BankAmericard is a strong possibility because of its introductory APR supply. If lowering debt is your main concern, this card can assist you strategize your credit score recreation plan. There could also be different playing cards that function longer introductory APR affords on purchases and steadiness transfers, but it surely’s value protecting in thoughts that BankAmericard doesn’t cost a penalty APR for lacking a cost. For these seeking to save curiosity prices and repay their debt, BankAmericard is a strong possibility.
