How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The BankAmericard® credit card is a no-frills card with lengthy 18-month introductory APR periods on both purchases and balance transfers, as well as a $0 annual fee. And while it doesn’t offer ongoing value in the form of rewards, it’s still a great tool for paying off a big purchase over time or digging out of high-interest credit card debt.
Long intro APR on purchases
The BankAmericard® credit card offers one of the longest intro APRs currently available for purchases. You’ll get a 0% Intro APR for 18 billing cycles for purchases; afterwards, a 16.24% - 26.24% Variable APR applies.
Compared to other cards: The only card that beats the BankAmericard® credit card in terms of intro APR length is the Wells Fargo Reflect® Card, which offers a 0% intro APR for 21 months from account opening on purchases. Then, a 18.24%, 24.74%, or 29.99% Variable APR applies.
Long intro APR on balance transfers
The BankAmericard® credit card also offers one of the longest introductory APR periods for balance transfers. You’ll get a 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days — then, a 16.24% - 26.24% Variable APR applies. Note, though, that you’ll need to transfer balances within the card’s 60-day window to receive the 0% APR.
Compared to other cards: There are a few cards that offer an intro APR of 21 months on balance transfers including the Citi Simplicity® Card, Citi® Diamond Preferred® Card and Wells Fargo Reflect® Card. (That said, the Citi Simplicity® Card and Citi® Diamond Preferred® Card both have short intro APRs on purchases.)
The U.S. Bank Visa® Platinum Card also offers an intro APR for 18 months on purchases and balance transfers. Still, the BankAmericard® credit card offers more value because there’s a lower ongoing APR.
Reasonable balance transfer fee
The BankAmericard® credit card charges a balance transfer fee of 3% intro fee for 60 days, then 4%. This is a very reasonable fee for a balance transfer credit card: Most balance transfer credit cards charge a balance transfer fee ranging from 3% to 5% of the amount of each transfer (with a minimum of $5 or $10).
Compared to other cards: While there are cards with longer intro APRs on balance transfers, many also charge higher balance transfer fees. For example, the Wells Fargo Reflect® Card has a balance transfer fee of 5%, min: $5. And while this may seem like a small number, it can amount to more than $100 in additional fees for transferring a large balance.
With a smaller balance transfer fee, the BankAmericard® credit card has the potential to save you more than the Wells Fargo Reflect® Card, despite its shorter intro period. For example, on a $6,000 balance transfer we estimate that the average cardholder would save around $1,164 with the BankAmericard® credit card, versus $1,060 with the Wells Fargo Reflect® Card.
Cost of $6,000 balance transfer
Balance transfer fee | Cost of balance transfer | Estimated savings* | |
---|---|---|---|
Citi Simplicity® Card | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). | $180 | $1,180 |
BankAmericard® credit card | 3% intro fee for 60 days, then 4%. | $180 | $1,164 |
Citi Double Cash® Card | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). | $180 | $1,162 |
Wells Fargo Reflect® Card | 5%, min: $5 | $300 | $1,060 |
Citi® Diamond Preferred® Card | Balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum | $300 | $1,060 |
*We estimate how much the typical cardholder might save on a $6,000 balance transfer, assuming the card’s intro period, average APR, a $300 monthly payment and subtracting any fees involved, compared to carrying the same balance on another card.
No rewards program
The BankAmericard® credit card doesn’t earn rewards or a sign-up bonus, so it may not be a card you’ll want to use in the long term. Note, though, that many credit cards with long intro APRs don’t offer a rewards program. You may have to settle for a shorter intro period if you’d prefer a balance transfer card with rewards.
Compared to other cards: The Citi Double Cash® Card has a 0% intro APR for 18 months on Balance Transfers, then a 19.24% - 29.24% (Variable) APR — though there’s no intro APR on purchases. However, you will earn up to 2% cash back on every purchase and get a sign-up bonus.
The Chase Freedom Flex℠ card has an intro APR on purchases and balance transfers for 15 months. Then, a 20.49% - 29.24% variable APR applies. You’ll get 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate and a sign-up bonus.
Minimal benefits
Outside of its long intro APR, this card doesn’t offer much else. You’ll get a few benefits like $0 liability guarantee and free FICO Score access, but there are cards with 0% intro APRs that offer much more.
Compared to other cards: The Chase Freedom Flex℠ card offers a long list of World Elite Mastercard benefits, including cellphone insurance (up to $1,000), auto rental collision damage waiver, trip cancellation/interruption insurance and purchase protection.
Credit Cards | Our Ratings | Intro Balance Transfer APR | Regular Balance Transfer Rate | Balance Transfer Fee | |
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BankAmericard® credit card*
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0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days | 16.24% - 26.24% Variable APR on balance transfers | 3% intro fee for 60 days, then 4%. | ||
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Citi Double Cash® Card*
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double
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0% intro APR for 18 months on Balance Transfers | 19.24% - 29.24% (Variable) | There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5) | |
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U.S. Bank Visa® Platinum Card*
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0% intro APR for 21 billing cycles on Balance Transfers | 18.74% - 29.74% (Variable) | An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater. | ||
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Chase Freedom Flex℠*
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0% intro APR on balance transfers for 15 months | 20.49% - 29.24% variable | Intro fee: $5 or 3%. After 60 days: $5 or 5%. |
The Citi Double Cash® Card offers a similar 0% intro APR for 18 months on Balance Transfers. After that, a 19.24% - 29.24% (Variable) APR applies. Plus, this card also has a longer four-month window for the introductory APR, versus three months for the BankAmericard® credit card. However, there’s no intro APR on purchases like you’ll get with the BankAmericard® credit card.
Further, the Chase Freedom Flex℠ card earns Chase Ultimate Rewards® points, which are known for their flexibility. You can redeem them for cash back, travel, Amazon.com, PayPal purchases and more — and you’ll get even more value for points when you transfer to one of Chase’s 14-plus travel partners.
If you’re looking for a credit card to finance a large purchase or pay down high-interest debt with a balance transfer, the BankAmericard® credit card is an excellent choice. It gives you a long time to pay down your debt and charges a reasonable balance transfer fee.
However, there’s no rewards program or card perks to offer ongoing value once the intro APR ends. So if you prefer a card you can keep around in the long term, you’ll find plenty of cards with interest-free offers and rewards, including the Citi Double Cash® Card and the Chase Freedom Flex℠ card.
The information related to the BankAmericard® credit card, Wells Fargo Reflect® Card, Citi Simplicity® Card, Citi® Diamond Preferred® Card, U.S. Bank Visa® Platinum Card, Citi Double Cash® Card and Chase Freedom Flex℠ has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.