The BankAmericard® credit card may not have all the features offered by more premium rewards cards, but it’s a great starter card for new borrowers and those looking to pay down debt or grow their credit. With a low introductory APR and no annual fee, there’s a lot to like about this card, even if it doesn’t come with any rewards.
The BankAmericard was the first credit card I ever opened, and although it’s no longer my main credit card, it’s still fine if you’re new to credit cards or don’t qualify. not for more lucrative options. Here are a few reasons why BankAmericard is worth considering.
1. It comes with a welcome bonus
Unlike many starter credit cards, the BankAmericard comes with a $100 welcome bonus. New cardholders are eligible for this $100 credit when they spend at least $1,000 on purchases in the first 90 days. While an extra $100 might not make or break your finances, it’s a nice added benefit for this starter card.
2. There is an introductory APR of 0%
One of BankAmericard’s main attractions is its zero rate introductory offer. Cardholders can enjoy an introductory 18-month 0% APR on purchases and balance transfers. After the introductory period is over, the card has a variable APR of 12.99% to 22.99%.
Transferring a balance to BankAmericard can help you save on interest and pay off debt faster. Keep in mind, however, that the card charges a balance transfer fee of 3% or $10, whichever is greater. Additionally, balance transfers must be completed within the first 60 days to qualify for the introductory rate.
4. There are no annual fees
Another attractive advantage of BankAmericard is that there are no annual fees. This means it can work with a wide variety of budgets and you don’t have to worry about spending a certain amount on particular categories to make the card worthwhile. When I first opened BankAmericard, I wasn’t sure I was spending enough to justify the high annual fee, which made this card a great fit for my wallet.
5. It’s a good choice for new borrowers
The card doesn’t offer as many benefits as premium credit cards marketed to experienced borrowers with excellent credit (or even compared to other Bank of America credit cards). That said, its lack of annual fees and zero-interest introductory offers make it an attractive option for borrowers just getting started, those who may not have had a credit card before, and those looking to rebuild their credit. In fact, straight out of college, it was the first credit card I opened.
6. It comes with a free FICO score
Keeping track of your credit score is important when it comes to tracking your overall financial health. Since your credit score can affect the financial products you qualify for — from car or home loans to credit cards and everything in between — it pays to make sure your credit score is as high as possible. The BankAmericard comes with a free FICO credit score, updated monthly, making it easy to track your credit online or through the Bank of America mobile app.
7. It offers educational resources
If you’re new to the world of credit, BankAmericard offers a variety of free educational resources in your online account to guide you through the process. This includes information on responsible credit card use, budgeting, personal finance and more.
What to consider when applying for BankAmericard
The BankAmericard is a great option if you’re new to credit cards and are looking for a simple, inexpensive starter card or want to transfer the balance from another card. That said, there are a few things to consider when applying for this card.
BankAmericard charges a 3% balance transfer fee (with a $10 minimum), which can reduce the money you’ll save on interest, as well as a 3% foreign transaction fee on purchases made at the stranger. Also, keep in mind that this card does not bring any rewards and offers few benefits. If you have great credit and are an experienced borrower, you’ll likely be able to qualify for more lucrative cards that offer sought-after benefits, like annual statement credits, travel benefits, and birthday bonuses. .
The bottom line
The BankAmericard is a solid choice for a no-frills credit card, especially if you’re just starting out or looking for a good balance transfer credit card. While those with great credit can probably qualify for better cards, it’s a great choice for new borrowers and those looking to boost their scores.