Consumers carrying credit card balances know how burdensome high interest rates can be. According to Experian, the average credit card interest rate is 13.80%. Over a year, that can add an extra $138 to every $1,000 owed on a credit card. Consumers can find comfort in knowing there are tricks to make debt payoff easier. One of the most underrated ways to hack away at debt is by transferring high-interest credit card debt to a balance transfer card, preferably with a 0% introductory APR. The BankAmericard is a balance transfer card that can be a great tool to help consumers pay off debt. The card comes with a generous introductory 0% interest rate that can significantly cut down the time it’ll take for consumers to pay off all of their debt.
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Advertiser Disclosure
Bank of America® Travel Rewards credit card
Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. this page includes discover cards which are not live. Balance transfer cannot be marketed.
Our Verdict
Table of Contents
Introduction
At a Glance
Introductory Rates
- 0% introductory APR (then 14.49% to 14.49%) for 18 billing cycles on purchases and any balance transfers made within the first 60 days of account opening. Balance transfers have a fee of either $10 or 3% of the amount of each transaction, whichever is greater.
Other Card Benefits
The BankAmericard comes with additional card benefits, including:
- Monthly FICO® score updates for free
- Overdraft protection when linked to a Bank of America checking account
- $0 liability guarantee on fraudulent transactions
- Access to online and mobile banking through the Bank of America app
- Account alerts for when payments are due and processed
Fine Print
Interest Rates
- 14.49% to 24.49% variable APR after the introductory 0% APR period
- Penalty APR: None
Fees
- Annual fee: None
- Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
- Foreign transaction fee: 3%
- Overdraft Protection Cash Advance (if enrolled): $12
- Late payment: Up to $40
- Returned payment: Up to $29
How The Card Stacks Up
The BankAmericard falls flat when compared to other balance transfer cards. The Amex EveryDay® Credit Card, for example, accepts balance transfers and has a welcome bonus. The Citi® Double Cash Card also accepts balance transfers and doubles as a cashback card. It offers 0% intro APR on balance transfers for 18 months when transfers are made within four months, thereafter 13.99% – 23.99% Variable APR applies. That’s not to say this card isn’t worthwhile, though. The introductory 0% interest period can be worthwhile for consumers who need help cutting down their debt.
Is The Card For You?
If you’re a consumer with high-interest credit card debt, the BankAmericard could be a great asset to a payoff plan. The introductory offer will grant consumers interest-free debt for 18 billing cycles, which means paying it off will be much faster than leaving it on other cards. This card isn’t a top choice for consumers who are shopping for a credit card without the intention of using it as a balance transfer card. Rewards cards could be a better fit, given that they offer more rewards and benefits.
Trying
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The Best Overall Credit Card
The World Of Hyatt Credit Card
Pros
Cons
Regular Apr
15.99% - 22.99% Variable
Annual Fee
$95
Welcome Bonus
i
N/A
Credit Score
i
Excellent/Good
Highlights
- Earn 25,000 Bonus Points after you spend $3,000 on purchases in the first 3 months from account opening. Plus, 25,000 Bonus Points after you spend $6,000 total within 6 months of account opening.
- Free nights start at 5,000 points
- Receive 1 free night at any Category 1-4 Hyatt hotel or resort after your Cardmember anniversary
- Earn an extra free night at any Category 1-4 Hyatt hotel if you spend $15,000 during your cardmember anniversary year
- Get automatic World of Hyatt Elite status and 5 qualifying night credits every year as long as your account is open
- Earn 2 qualifying night credits towards tier status everytime you spend $5,000 on your card
- Earn 9 points total for Hyatt stays – 4 Bonus Points per $1 spent at Hyatt hotels & 5 Base Points per $1 you can earn as a World of Hyatt member
- Earn 2 Bonus Points per $1 spent at restaurants, on airlines tickets purchased directly from the airlines, on local transit and commuting and on fitness club and gym memberships
Rates & Fees
Annual Fee
$95
Intro Purchase Apr
N/A
Regular Apr
15.99% - 22.99% Variable
Intro Balance Transfers APR
N/A
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn up to 50,000 Bonus Points - 25,000 Bonus Points after you spend $3,000 on purchases in the first 3 months from account opening. Plus an additional 25,000 Bonus Points after you spend a total of $6,000 on purchases within the first 6 months of account opening.
Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
First Published: Apr 13, 2020, 9:01am
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.