Is BankAmericard is Best for Balance Transfer
Table of Contents
Introduction
BankAmericard is a no annual fee credit card offer from Bank of America. It has lot of other cash back and Balance transfer benefits which we will review today. Bank of America has a lot of credit products in all categories and BankAmericard is focused mainly on the balance transfer category.
Benefits of BankAmericard
Below are some of the advantages you will get from this card.
- There is no annual fee on this card.
- $100 Bonus through statement credit if you spend $1000 within 90 days of account opening.
- It has 0% APR for 18 months for all purchases.
- 0% APR for 18 months applies to balance transfers for transfer made with 60 days of account opening. Balance transfer fee of $10 or 3% of the amount of each transaction whichever is greater.
- No penalty of increased APR even in case of late payment.
- Bank of America app gives you access to free FICO scores.
- You’ll get all other Mastercard benefits with this card.
Disadvantages with this card
There are some downsides to this card comparing it to some of other cards in the same segment.
- This card has a 3% foreign transaction fee so its not well suited if you’re taking it out of United States.
- There is no rewards on purchases which is a major downside as most other cards give you at least some cash back categories.
Who can Apply
If you have a credit score of good to excellent which is in the range of 690 – 850, you have better odds of approval. Also the decision is based on other factors like the number of cards you have or the amount of credit you’ve utilized at the time of application.
Final Thoughts
If you are already banking with Bank of America, it may be a good chance for approval on this BankAmericard. There are better alternatives like Citi Double Cash card or Discover it card which can give you some additional rewards for your purchase. But if you prefer like a bank where you can find physical branches for assistance or main aspect is the balance transfer, then its a very good card. Let me know your thoughts and comments.
