BankAmericard extends its balance transfer offer to 21 billing cycles


Bank of America joins a growing number of major credit issuers offering new or extended balance transfer promotions. The BankAmericard® credit card is Bank of America’s flagship product for balance transfer offerings, and it now offers a longer introductory period.

Typically, this balance transfer credit card offers an introductory APR period of 18 months at 0%, but since August 22, the introductory APR period has been extended to 21 billing cycles. Learn more about this offer, including associated balance transfer fees, below.

BankAmericard Quick Details

  • Introduction AVR: 0% introductory APR for 21 billing cycles on purchases and balance transfers made in the first 60 days
  • Regular APR: 14.24% to 24.24% variable APR
  • Balance Transfer Fee: 3% (minimum $10)

Although BankAmericard does not offer ongoing rewards or welcome bonuses, its interest-free period is now one of the longest balance transfer offers on the market. Two similar Citi credit cards, the Citi® Diamond Preferred® Card and the Citi Simplicity® Card, offer 21 months interest-free for balance transfers, but their introductory periods on purchases are much shorter — and their APRs vary. a little higher.

With BankAmericard’s updated offer, new cardholders can take 21 billing cycles to pay off a large debt or purchase over time at 0% APR. Note that after the end of the introductory period, the variable APR of the card is between 14.24% and 24.24%. There is also a standard balance transfer fee of 3% (minimum $10), which is in line with competing cards.

Other Notable Map Features

Generally, balance transfer cards with longer APR intro periods don’t add too many bells and whistles, like premium perks or high on-going rewards rates. The idea is that you save enough money on interest with your balance transfer, and if you’re primarily focused on paying off debt, this won’t be a dealbreaker.

Although you won’t earn any rewards on your spending with this card, BankAmericard benefits include no APR penalty (if you make a late payment), $0 fraud liability, free access to FICO score, and opportunity to participate in Bank of America specific programs. like Museums on Us and BankAmeriDeals.

Despite recent Fed rate hikes, the card actually lowered the regular APR range from 15.24%-25.24% to 14.24%-24.24% variable, which is still below average national credit card APR. Another advantage is that there is no annual fee for this card.

Should I get the BankAmericard?

Whether you should apply for the BankAmericard depends on your financial goals. While having 21 months of interest-free borrowing can be a big help when paying down debt, you should also consider earning rewards with cash-back credit cards.

There are plenty of rewards cards out there with generous welcome bonuses, respectable rewards rates, and even perks and perks that enhance the long-term value of your credit card. With a balance transfer card that doesn’t offer as much, you probably won’t use it after the interest-free promotional offer ends.

Cards such as Discover it® Cash Back and Chase Freedom Unlimited® offer rewards, valuable benefits and welcome bonuses to new cardholders, as well as interest-free offers on purchases and balance transfers. If you don’t need 21 months to pay off a higher interest balance and can do so in a shorter period of time, it’s worth considering one of these cards – or other options from our list of the best balance transfer credit cards.

The bottom line

Credit card issuers are jumping on the balance transfer trend as Americans face mounting credit card debt. Balance transfer cards like BankAmericard offer longer than usual promotional APR periods, which can help eliminate high-interest debt.

However, if you don’t need a lot of time, you might want to explore your rewards credit card options with a better long-term value proposition.


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