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 Bank of America has been repeatedly recognized for its fraud prevention, detection and resolution by consumer advocacy groups. 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.
This no-frills 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 charge a balance transfer fee from the start, while the BankAmericard® Credit Card charges no balance transfer fee for transfers made within the first 60 days of account opening (after that, the fee is 3 percent with a minimum of $10).
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 nor any ongoing rewards to take advantage of. Once the introductory APR has run out, this card doesn't offer anything in the way of rewards earning. If you don't NEED the introductory balance transfer or purchase offer, you'd probably be better off with a card that offers you some rewards-earning opportunities.
Neither of these cards charges an annual fee and both have introductory balance transfer and purchase 0 percent APR offers (then 12.99% - 22.99% Variable APR on purchases for BankAmericard® Credit Card). There is some difference when it comes to 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 percent cash back on every purchase, 2 percent cash back on groceries and wholesale club purchases and 3 percent 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). You'll receive a 10 percent rewards bonus each time you redeem your rewards into a qualifying Bank of America account and Preferred Rewards clients can increase that bonus to 25-75 percent depending on your tier.
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 a quick balance transfer and time to pay off that balance interest-free rather than those who want to amass rewards. The BankAmericard® Credit Card is a great option if you're trying to avoid paying interest but had an unexpected expense that you need to make or have already made and now need to transfer. You’ll get just the basics with BankAmericard®, but that may be all you need.