If you’re a credit card user who wants to pay off debt or avoid incurring interests immediately, this might be the credit card for you. In this Bank Americard Credit Card review, I’ll list all of its features, rewards, and requirements so you can decide if it is the right credit card for you.
The Bank Americard Credit Card provides a long period of 0% for cardholders. This is advantageous if you have to buy something costly or a high-interest debt weighing you down. It has a 0% annual fee and a 3% transfer fee.
Read on to learn more about the Bank Americard Credit Card, its features, rewards, and pros and cons.
About the Bank Americard Credit Card – Bank of America
The Bank Americard Credit Card offers cardholders a long period of 0%. This is advantageous if there’s a high-interest debt weighing you down or if you have to buy something costly. Its annual fee is 0%, and its transfer fee is 3%.
Here are some of the interesting details you need to know about the Bank Americard Credit Card:
- No Annual Fee
- 0% Introductory Annual Percentage Rate (APR) Offer
- No Penalty APR
- Access to FICO Score
- Get Credit Education
Let’s discuss each one of these:
1. No Annual Fee
BankAmericard doesn’t charge an annual fee to cardholders. That way, cardholders will find it more convenient to pay down balances.
2. 0% Introductory Annual Percentage Rate (APR) Offer
There is an introductory 0% APR for the first 18 billing cycles of cardholders. This applies to all purchases and balance transfers occurring within 60 days of opening the account.
A variable APR applies once the introductory APR offer ends. The amount ranges between 12.99% and 22.99%.
3. No Penalty APR
Delayed payments do not increase your APR or your interest rate. Instead, another account pricing and terms will apply.
4. Access to FICO Score
One of your benefits as a BankAmericard credit cardholder is getting access to your updated FICO Score. Your FICO Score gets updated monthly, which you can conveniently access for free. Generate the report through Online Banking or the Mobile Banking app.
The report you can generate does not merely tell you your FICO Score. It also tells you the key factors that impact your score. Lastly, the report typically informs you how to keep your credit healthy.
5. Get Credit Education
As a credit card issuer, BankAmericard makes sure that they do their part in educating their clients on how to use credit cards responsibly. They give all their cardholders access to credit education. Also, they suggest ways to budget their finances effectively, use their money wisely, and more.
Bank Americard Credit Card Interest Rates & Fees
Let’s summarize what we have discussed about interest rates and fees:
For the introductory APR, there’s 0% for 18 billing cycles. Note that this fee applies to items bought and balance transfers completed within 60 days of opening your account.
Standard APR applies once the introductory APR offer ends. The rate of the standard APR ranges between 12.99% and 22.99%.
In terms of the annual fee, it is 0%. Whereas its balance transfer fee is 3%.
Here’s a table for easy reference:
|Introductory APR||0% for 18 billing cycles||Applies to purchases and to any balance transfers made within 60 days of opening your account|
|Standard APR||12.99% – 22.99%||variable|
|Balance Transfer Fee||3% (with a minimum of $10)|
Visit the website of Bank of America to get the complete information on BankAmericard rates, fees, and other costs, or you may click here.
Bank Americard Credit Card Security and Features
Here are the features of the Bank Americard Credit Card from Bank of America:
- Protected at All Times
- Contactless Chip Technology
- Digital Wallet Technology
- Overdraft Protection
- Online & Mobile Banking
- Paperless Statement Option
- FICO Score
- Account Alerts
Let’s briefly discuss these features:
1. Protected at All Times
If suspicious patterns involving your BankAmericard account are detected, Bank of America (BofA) blocks this in anticipation of potential fraud. BofA then informs you of the activity.
Also, as a BankAmericard credit cardholder, you are entitled to a $0 Liability Guarantee for fraudulent transactions.
2. Contactless Chip Technology
The Contactless Chip Technology allows you to pay for products and services quickly, conveniently, and securely.
When paying using your BankAmericard credit card, you will see the contactless symbol on the checkout terminal of the retail store. This is the indication that your credit card is accepted in that store.
As soon as it’s time to pay, tap your physical credit card to the terminal. Also, you can instead hold it a few inches away from the terminal. In essence, you have to hover over your credit card on the terminal screen until it detects it.
Once the terminal detects your credit card, your payment will successfully go through, and your transaction gets completed. For every successful payment transaction, you will hear a beep, see a checkmark on the terminal screen, or a green light somewhere on it.
3. Digital Wallet Technology
Digital Wallet is an in-demand type of technology today. With this technology, you can shop in-store, online, or in-app without carrying a physical credit card with you.
You can also link your BankAmericard credit card with other digital wallets, including the following:
- Apple Pay,
- Android Pay,
- PayPal, and
- Samsung Pay.
4. Overdraft Protection
BankAmericard’s Overdraft Protection feature is an optional service. It helps prevent issues with your transactions, including declined purchases, returned checks, or overdrafts. This works by linking your Bank of America checking account to your BankAmericard credit card. Doing so, however, will require you to pay transfer fees.
5. Online & Mobile Banking
The Online and Mobile Banking feature will allow you to pay bills online, check your available credit, monitor your transactions, and more.
6. Paperless Statement Option
BankAmericard’s Paperless Statement prevents physical billing statements from getting misplaced, which greatly increases account security. It also effectively reduces paper consumption.
7. FICO Score
Being a BankAmericard credit cardholder allows you to have access to your FICO Score for free. Your FICO Score is updated monthly and readily available through your Mobile Banking app or Online Banking.
Again, what does the Bank Americard Credit Card offer? Cardholders can benefit from a long period of 0% interest rate, 0% annual fee, and 3% transfer fee when choosing the Bank Americard Credit Card. This is beneficial for you if you plan to buy something expensive or if you’re worried about a high-interest debt.
Why I Should Get a BankAmericard Credit Card
There are two main reasons why you should get a Bankamericard Credit Card. These include the following:
- You Can Pay off Debt for Minimal Additional Cost
- No Penalty APR Is Charged
Let’s briefly explain these.
1. You Can Pay off Debt for Minimal Additional Cost
BankAmericard credit cardholders get to enjoy 0% for a long period. This is particularly helpful if you have big purchases or if you are worried about high-interest debts.
This credit card has no annual fee. It, however, charges a transfer fee of 3%, with a minimum of $10.
2. No Penalty APR Is Charged
If your credit card payment gets delayed, BankAmericard will not charge you a penalty APR. But you will be charged a late fee which is actually a very minimal amount.
It is not, however, advisable to miss credit card payments. Even if BankAmericard doesn’t charge you a penalty APR or requires you to pay a minimal late fee, your credit score will be greatly affected. You might encounter issues in the future in terms of credit card or loan applications.
BankAmericard Credit Card Additional Benefits
BankAmericard is definitely not one of the flashiest credit cards for most consumers. But for those who seriously need to get out of debt, BankAmericard may be the solution to their problem. In fact, to some, it can be their only option.
Owning a BankAmericard credit card and using it responsibly can help you improve your credit score. Therefore, it can help you get approved for credit card and loan applications requiring high credit scores.
If you have a BankAmericard credit card, your credit score gets protected with the $0 Fraud Liability Guarantee. It prompts you for payment deadlines. Also, it provides you with your updated FICO Score to motivate you to improve your credit score.
Why I Should Not Get a BankAmericard Credit Card
You should not opt for a BankAmericard credit card because it doesn’t earn rewards.
Indeed, rewards are not supposed to be our primary concern for getting a credit card. However, there are credit card issuers that allow their cardmembers to earn rewards points. If you know how to take advantage of those rewards points, the BankAmericard might not be the right credit card for you.
It’s important to remember, too, that BankAmericard is a balance transfer card. Also, Bank of America never marketed it as a rewards credit card. The main purpose of BankAmericard is to help cardholders pay down their debt. It doesn’t have anything to do with earning rewards at all.
Conclusion – Bank Americard Credit Card – Bank of America
The Bank Americard Credit Card provides a long period of 0% for cardholders. This is advantageous if you have to buy something costly or a high-interest debt weighing you down. Moreover, it has a 0% annual fee and a 3% transfer fee.
If you have a high-interest credit card debt to pay off, getting a Bank Americard credit card is one way of addressing your problem. You don’t have to pay an annual fee. Also, it has a long 0% period and charges no penalty APR. These are the credit card features you need that will help you address your credit card payment issues.
As long as you use your BankAmericard credit card responsibly, you will surely improve your credit score.