The BankAmericard® Credit Card is a great option for anyone looking to take advantage of balance transfers. This card does not charge an annual fee either, which is always a welcomed perk.
Cardholders will also be pleased to know that for the ninth year in a row, Bank of America has been recognized for its fraud prevention, detection and resolution with a Best Overall Identity, Safety in Banking Award from Javelin Strategy and Research. All these things together, along with an ongoing APR that is lower than similar balance transfer credit cards, have earned this card our 2017 CardRatings Editor's Choice award winner.
This no-frill card allows cardholders to focus on the basics of card membership: how to use a credit card and make timely payments each month. BankAmericard® Credit Card also offers an introductory APR on purchases and balance transfers for 15 billing cycles (then, 12.99% - 22.99% Variable APR on purchases). Do keep in mind that you have to make the transfers within 60 days of opening your account. The 15 billing cycle intro offer is one of the best on the market, just barely behind some of Citibank’s 21-month interest-free offerings such as Citi Simplicity® Card - No Late Fees Ever or Citi® Diamond Preferred® Card - 21 Month Intro Offer on BT and Purchases - however both these Citi cards require Excellent credit, while the BankAmericard® Credit Card requires Good or Excellent credit. The BankAmericard® Credit Card offers a $0 Liability Guarantee. In the event someone steals your credit card, or uses your account information to make unauthorized purchases, you won’t be on the hook. Text banking also makes managing finances easier, especially if you’re new to using a credit card. Send a text message to Bank of America and you’ll get an immediate reply with details on account balances, recent transactions and a searchable transaction history. This is a great way to keep your spending in check.
The biggest drawback with this card is the lack of rewards. There is no sign-up bonus, and no-going perks to take advantage of. If you tend to leave a revolving balance on your credit card, this card may become expensive. There’s optional overdraft protection, which is nice, but because this card is designed as a tool to build credit, we don’t recommend getting into the habit of using this feature. Plus, there can be a $12 fee for each transaction, which should be avoided. Once the introductory APR has run out, this card is all about building credit history. We recommend learning the basics with the BankAmericard® then trying a new card with more perks once you’ve gotten the hang of it.
Neither of these cards charges an annual fee and both have an introductory balance transfer and purchase 0 percent APR offer (then 12.99% - 22.99% Variable APR on purchases for BankAmericard® Credit Card). There is some difference when it comes to the the terms of those offers, however.
With the Barclaycard Ring™ Mastercard®, you must make your balance transfer within 45 days to take advantage of the 0 percent offer. The BankAmericard® Credit Card, on the other hand, gives you 60 days to make your balance transfer and take advantage of the 0 percent for 15 billing cycles offer as well as the no-balance-transfer-fee offer. After the first 60 days, the balance transfer fee for the BankAmericard® Credit Card jumps to 3 percent (with a $10 minimum)
for all transfers while the Barclaycard never charges a balance transfer fee.
For consumers who want to level up and get cash back for money they planned to spend anyway, the Bank of America® Cash Rewards Credit Card is a good option. The card offers a $150 cash rewards bonus after you make at least $500 in purchases in the first 90 days. You also get 1% cash back on every purchase, 2% cash back on groceries and wholesale club purchases and 3% cash back on gas (on up to $2,500 in combined gas, grocery and wholesale club purchases quarterly). Bank of America® Cash Rewards Credit Card offers an intro APR for the first 12 Billing cycles on balance transfers and purchases, while BankAmericard® Credit Card offers 15 Billing Cycles (then, 12.99% - 22.99% Variable APR on purchases). For Bank of America and Merrill Lynch customers (or preferred rewards member) the Bank of America® Cash Rewards Credit Card has a leg up — this card offers an accelerated rewards program: an additional 10%-75% bonus – BankAmericard® Credit Card does not include this feature.
Along with a flat 1.5 percent cash back on all purchases, the Capital One® Quicksilver® Cash Rewards Credit Card also offers a number of intro perks, including a $150 bonus after spending $500 in the first three months of account opening.
It does have a significantly shorter shelf life in terms of an intro APR offer – nine months as compared to the 15 billing cycles offered by the BankAmericard® Credit Card (then, 12.99% - 22.99% Variable APR on purchases), so if you need a longer period to pay off an existing balance, the BankAmericard option is likely better for you.
If you’d like to earn some rewards with your credit card spending, however, the Capital One® Quicksilver® Cash Rewards Credit Card option does offer that opportunity. Plus, through April 2018, you can receive a statement credit for 50 percent of your monthly Spotify Premium subscription fee if you pay with your Quicksilver® Cash Rewards Credit Card.
The BankAmericard® credit card is designed for people who need to build their credit rather than those who want to amass rewards. The BankAmericard® Credit Card is a great option for college students establishing their credit history or for first first-time credit cardholders who previously used cash or check for all their purchases.You’ll get just the basics with BankAmericard®, but this may be all you need.