Bank of America continues to improve its products so that all consumers can benefit. The BankAmericard is a testament to the financial institution’s efforts as it is the ideal choice for those looking to pay down debt.
Perks of the Card
The BankAmericard offers $0 annual fee, which is a definite benefit in the current economy where $50 annual fees are standard. This card also offers consumers an introductory rate of zero percent APR for the first 15 months. You can transfer thousands of dollars without having to pay interest on these balances during the first year and five months. There is also the perk of new purchases being interest-free for the first 15 months, which is something that competitors such as Chase with its Slate card do not offer. You can expect to pay anywhere from 13.49% to 23.49% for purchases and balance transfers after the 15-month mark, which is why you should do all that you can to pay down debt and refrain from acquiring new bills during the period.
Another advantage that comes with the BankAmericard is free balance transfers. You can move large amounts from your other credit cards to the Americard for the first 60 days without suffering the sting of transfer fees. Such perk is especially significant for those needing to transfer more than $5,000. Imagine having to pay even one percent on such amount while needing to move more debt from other creditors for additional fees. Of course, whatever balance transfers you do not conduct within the first 60 days will be assessed a three percent or $10, whichever is greater, fee under the terms of the BankAmericard. You can avoid spending the additional funds by being diligent with your mission and moving debt quickly.
The BankAmericard does not come with a penalty APR. You will not see the interest rate on your card skyrocket just because you are a few days late with paying the minimum balance due. You will, however, be assessed a fee of $38 if you miss a payment cycle entirely. It is important to be aware that past due balances beyond 30 days can adversely affect your overall credibility.
A Disadvantage of the BankAmericard
The BankAmericard does not offer rewards to its cardholders. This con may be a pretty significant problem for those hoping to gradually reduce their debt instead of going cold turkey with the matter. You may want to consider a card such as the Discover It, which offers cashback rewards and a host of other incentives to customers in good standing. It is important to note, though, that Discover’s card is not one that solely focuses on consumers getting out of debt. You may find yourself spending more than you anticipated in hopes of increasing the cashback amount that you receive every month. The BankAmericard is for consumers who are serious about debt relief.