Since I started writing about balance transfer cards, the same few names pop up pretty regularly: the Wells Fargo Reflect® Card (rates and fees), the Citi® Diamond Preferred® Card, maybe the Citi Simplicity® Card.
The BankAmericard® credit card has rarely made that shortlist — and that’s a shame, because it definitely belongs there.
If you’re carrying high-interest credit card debt and want the longest possible runway to pay it off, the BankAmericard deserves a serious look. Here’s why it’s worth considering and how to know if it’s right for you.
BankAmericard® credit card: The no-frills balance transfer card
Some balance transfer cards try to do it all, with a long intro period and decent earning rates and a welcome bonus. The BankAmericard doesn’t play that game.
It’s built for one thing: giving you as much time as possible to pay off what you owe, without paying a dollar in interest along the way.
The intro offer is 0% Intro APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 14.99% – 25.99% will apply. A 5% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.
There’s no annual fee and no penalty APR, which means a missed payment won’t automatically blow up your rate. If you think you could miss a payment — or even forget about one — that can make a big difference.
The balance transfer fee of 5% of the amount of each transaction is worth noting — it’s on the higher end compared to some competitors. On a $5,000 transfer, that’s $250 upfront.
But if you’re currently paying, say, 22% APR on that balance, you’d rack up more than that in interest in just a few months. The math easily favors a balance transfer for most people in serious debt
In short, the card is built for anyone who’s serious about paying off debt. If that sounds like you, the BankAmericard is worth a hard look.
Ready to save on interest for almost two whole years? Read our full review of the BankAmericard and apply today.
If you want cash back: Try the Citi Double Cash® Card
If you want a card with a solid intro APR and great earning rates — in other words, a card you’ll actually want to keep for the long haul — I recommend the Citi Double Cash® Card.
It comes with:
- Flat-rate rewards: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- A solid welcome bonus: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- A decent balance transfer offer: Get 0% intro APR for 18 months on Balance Transfers only — the intro APR does not apply to purchases. After that, a 17.49% – 27.49% (Variable) APR will apply.
- Intro balance transfer fee: 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)
- $0 annual fee
Once you’re out of debt-payoff mode, the Citi Double Cash will keep racking up great rewards: 2% cash back on everything, no ifs, ands, or buts.
If you don’t want a card that you’ll stuff in a drawer once the intro period ends, the Citi Double Cash is a perfect choice. The intro APR window is shorter than the BankAmericard’s, and it doesn’t apply to purchases — just balance transfers. But it’s a really solid “balance transfer + earning rates” double-whammy.
Want to see even more options? Check out our full list of the best balance transfer credit cards available right now.