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With no Annual Percentage Rate (APR) interest for the first 18 months, this card is ideal for debt consolidation and managing large purchases. Whether aiming to tackle high-interest debt or make a substantial purchase, this card offers assistance without accruing substantial costs.
Beyond its introductory offer, you may wonder about its additional features and benefits. Is there a BankAmericard cashback? Who is eligible for it?
Well, in this review, we’ll delve into its features, rates, and eligibility criteria. Let’s get started.
Features of the BankAmericard Credit Card
BankAmericard has many features. First, it monitors your account for abnormal patterns and blocks potential fraud, notifying you if they detect any suspicious activity. Plus, you’re always covered by their $0 Liability Guarantee for any fraudulent transactions.
Additionally, to prevent declined purchases, returned checks, or other overdrafts, you can link your eligible Bank of America® checking account to your BankAmericard credit card with the Balance Connect® feature. This optional service has no transfer fees, although other fees may apply. It’s a simple way to manage your funds and avoid potential issues.
What’s more? Going paperless with your credit card statements is a great way to increase your account security and reduce paper waste. This option helps you stay organized and environmentally conscious, making it easier to manage your finances online.
Moreover, you can add your Bank of America® credit card to your mobile device and pay in-store or in-app using Apple Pay®, Android Pay™, or Samsung Pay. This digital wallet technology offers a convenient and secure way to shop at a physical store or online.
Pros and Cons of the BankAmericard® Credit Card
What are the advantages and disadvantages of the card? Let’s find out:
Benefits
Here are some of the card’s advantages:
- No penalty APR: Late payments won’t raise your interest rates.
- Access to monthly updated FICO® Score for free: Monitor your credit status effortlessly via a Mobile Banking app or Online Banking.
- No annual fee: Take advantage of no annual fee with the ideal card for saving on interest and paying down balances faster.
Cons
Here are the drawbacks:
- Certain restrictions apply to each benefit, and details are provided with new account materials.
- After 18 billing cycles, the APR standard applies based on your creditworthiness.
- No cashback rewards are offered.
Rates and Fees
The BankAmericard® Credit Card offers a great introductory 0% APR for the first 18 months or billing cycles. This rate applies to purchases.
Also, the zero APR applies to balance transfers made within the first (60) sixty days of opening your account, so it’s a fantastic opportunity to save on interest during that initial period.
After the introductory period, the standard APR for purchases and balance transfers will range between 16.24% and 26.24%, depending on your creditworthiness. This is a variable rate, which means it can change based on market conditions.
When it comes to balance transfers, there’s a fee of 3% for each transaction during the first 60 days after opening your account. After this introductory period, the BankAmericard credit card balance transfer fee increases to 4% for all future balance transfers.
The APR for Cash Advances ranges from 19.24% to 29.24%, determined by your creditworthiness at the time of account opening for Direct Deposit and Check Cash Advances. Bank Cash Advances carry a fixed APR of 29.24%.
One of the best features of this card is that there is no annual fee, making it a cost-effective choice for managing your finances.
For any transactions made in a foreign currency, a fee of 3% of the U.S. dollar amount is charged. And, if your payment is late, a fee of up to $40 may be applied.
Eligibility Criteria and Requirements
To apply for the BankAmericard® Credit Card, you need to meet a few specific requirements. Firstly, you must be at least 18 years old or 21 if you are a permanent resident of Puerto Rico. Your residential address should be within the United States, Washington D.C., APO/FPO/DPO addresses, Northern Mariana Islands, Puerto Rico, American Samoa, Guam, or the U.S. Virgin Islands.
When you apply, you authorize the Bank of America to get your credit report, employment history, and other necessary information to approve or decline your application.
Additionally, you consent to the bank to share your information with the organization endorsing the credit card program and others as permitted by law. You can opt out of certain information-sharing practices if you choose.
If you want to add an Authorized User to your account, you must ensure you are eligible to do so.
You must have the person’s permission, and provide their full legal name, date of birth, social security/tax identification number, primary address, relationship to you, and citizenship status.
You also need to inform the person that the account activity may appear on their credit report and provide them with a copy of the Credit Card Agreement.
Finally, this card may not be available to you if you have or have had the card in the past 24 months.
BankAmericard® Credit Card Application Process
Applying for a BankAmericard® Credit Card is simple. Complete the form on their website and receive a response in 30 seconds.
If you’re already a Bank of America customer, simply log in. If not, fill out the form provided. Begin by entering your basic information, such as your first name, middle name (optional), last name, and suffix (optional). Then, input your residential address, including lines 1 and 2 (optional), city, state, and ZIP code.
You can indicate if you prefer to have your statement sent to a different address. They’ll also need your primary phone number, specifying whether it’s mobile or home.
By providing your phone number, you consent to their use of automatic dialers, text messages, or pre-recorded messages for account servicing. Keep in mind that message and data rates may apply.
Finally, provide your email address to complete the application process.
Conclusion
The BankAmericard® Credit Card is an attractive choice for individuals aiming to alleviate credit card interest burdens. Its extended 0% Intro APR makes it ideal for consolidating debt or making substantial purchases without accruing interest.
While the card offers various benefits beyond its introductory offer, it’s crucial to understand its limitations, rates, fees, and eligibility criteria before applying. If it aligns with your financial goals, head over to their website and apply.
