This is the card you should have if you need to decrease your current debt.
This card may seem to be rather simple, but it has something beneficial to offer to its potential cardholders. The BankAmericard® credit card has recently improved its balance transfer feature and added a set of benefits to enjoy. Those who need to decrease debts their currently have will find the card very much interesting. Interest free period in terms of balance transfers lasts rather long thus giving you an opportunity to pay off your debt without paying any extra charges.
Even though the card comes as an outstanding option to consider, some people may face some problems when trying to get it. These problems have to do with the fact that you qualify for the card only under the condition that you have a good credit score.
General description concerning the card
- There is no annual fee implied.
- A rather long APR bonus period.
- All the balance transfer operations carried out during the first 60 days of you using the card are for free. After that, the fee of 3% applies.
- There are no rewards to enjoy.
- Bonus period during that no APR applies – 15 months. The balance transfer operations carried out during the period of the first 60 days are also made for free. The charges won’t apply for the 15 months as well.
- Standard APR varies from 12.99 to 22.99%. As for the Cash Advance APR, it’s specified in the cardholder’s agreement as well as on the official website of the emitting bank.
- You don’t have to pay anything for the privilege of using the card.
- Special Offer: No offer for this card.
More information on the card:
- No APR for any kind of purchases made during the first 15 months of you using the card.
- No APR in terms of balance transfer operations carried out within the first 60 days for 15 months. After that, the fee of 3% will apply. The minimal fee amounts to $10.
- Since the card is designed so that you can focus only on paying off your current debt, there is no fee for you to pay each year.
- The card implies no Penalty APR. Even if you fail to pay off on time, your interest rate won’t be increased. Bear in mind that other costs and terms may apply to your account.
- Once you get the card, you’ll be granted an access to your FICO score. For some cardholders, especially the ones paying off debts, it’s very important. You can get information about your score either via the official website or the official app.
- If you wish to see whether you qualify for the card, we encourage you to visit the official website of the bank.
Our tip: Due to the fact that there are a couple of other Bank of America credit cards out there that were also called BankAmericard cards potential clients may confuse the cards with each other. You need to remember that while these other cards from the bank offer certain rewards, this particular card we’re going to tell you about doesn’t offer any rewards.
The reasons for you to consider applying for the card
- You have a debt that you’re struggling to pay off. We’ve already mentioned the fact that the card’s benefits and offers were upgraded. If you decide to apply for the card now you’re to expect the following:
There is no need to pay any fee for using the card each year.
The card comes with a rather long APR bonus period. You won’t have to pay any extra money for the purchases made and balance transfer operations carried out during the period of 15 months. Keep in mind that the offer applies only for the balance transfer operations carried out within the first 60 days. Once the period is over, there occurs a standard APR that may vary from 12.99 to 22.99%. It’s quite beneficial that the bonus period also applies for the purchases you make. It means that you can buy items with the card and not worry about the fact that there’ll be any interest you’re required to pay off.
As for all the rest balance transfer operations you’ll carry out after the 60-days period, are subjects to the fee of 3% off the total sum or 10 dollars (depending on whichever is greater)/ Still, the offer sounds great since you can save a considerable amount of money when carryout out such like operations during these 60 days.
Actually, when you’re focused on decreasing your current debt, the fact that there are no rewards you get when making purchases with the card doesn’t matter for you. Overall, the benefits that are offered by the bank for this card make it almost as outstanding as the Chase Slate®.
- In case you fail to pay off on time, there won’t occur any penalty APR. As a rule, a penalty APR means that if you fail to pay in full on time, your current interest rate will be increased. With this card you can forget about it.
However, pay attention to the fact that on case you happen to pay off on time, you’ll be expected to pay $38. Still, it’s not that much to pay. You’ll definitely have to pay more if your current APR was increased. This card allows you to simply focus on achieving your main goal that’s decreasing or totally paying off your debt.
Summary: Is the card worth paying attention to? Should you even bother applying for it?
The only thing you need to do before applying for the card is making sure that your credit score is the one that’s required by the card. Those who have any debts and are looking for opportunities to decrease them shouldn’t hesitate applying for the card.