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John Smith/Viewpress/Getty Images August 22, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bank of America is joining a growing number of major credit issuers offering new or extended balance transfer promotions. The BankAmericard credit card is Bank of America’s flagship product for balance transfer offers, and it’s now offering a longer introductory APR period. Typically, this offers an 18-month 0 percent introductory APR term, but as of Aug. 22, the introductory APR period has been extended to 21 billing cycles. Learn more about this offer, including associated balance transfer fees, below. Quick details of the BankAmericard
Intro APR: 0 percent intro APR for 21 billing cycles on purchases and balance transfers made in the first 60 days Regular APR: 14.99 percent to 24.99 percent variable APR Balance transfer fee: 3 percent (minimum $10) While the doesn’t offer ongoing rewards or a welcome bonus, its zero-interest period is now one of the longest balance transfer offers on the market. Two similar Citi credit cards, the and , offer intro APRs for balance transfers, but their introductory periods on purchases are much shorter — and their variable APRs a bit higher. With the BankAmericard’s updated offer, new cardholders can take 21 billing cycles to either pay off debt or a large purchase over time at a . Note that after the introductory period ends, the card’s variable APR kicks in between 14.99 percent and 24.99 percent. There’s also a standard 3 percent (minimum $10), which is in line with competing cards. Other notable card features
Typically, balance transfer cards with longer intro APR periods don’t add too many bells and whistles, like premium benefits or high ongoing rewards rates The idea is that you’re saving enough money on interest with your balance transfer, and if you’re mainly focused on debt payoff, it won’t be a dealbreaker. Although you won’t earn any rewards on your spending with this card, include no penalty APR (should you make a late payment), $0 fraud liability, free FICO score access and the ability to participate in Bank of America-specific programs like Museums on Us and . Should I get the BankAmericard
Whether you should apply for the BankAmericard comes down to your financial goals. While having 21 months of interest-free borrowing can be a huge help when paying off debt, you should consider the potential to earn rewards with credit cards as well. There are plenty of rewards cards with generous welcome bonuses, respectable rewards rates and even perks and benefits that enhance the long-term value of your credit card. With a balance transfer card that doesn’t offer as much, you probably won’t use it after the zero-interest promotional offer ends. Cards like the and offer rewards, valuable perks and welcome bonuses for new cardholders — plus zero-interest offers on purchases and balance transfers. If you don’t need 21 months to pay down a higher interest balance and can do so with a shorter time period, it’s worth considering either of these cards — or other options from our list of the . The bottom line
Credit card issuers are jumping on the balance transfer trend as Americans contend with increasing credit card debt. Balance transfer cards like the offer longer-than-usual promotional APR periods, which can help eliminate high-interest debt. However, if you don’t need that much time, you may want to explore your options for rewards credit cards with a better long-term value proposition. The information regarding the BankAmericard credit card was last updated on October 3, 2022. SHARE: Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Claire Dickey is a product editor for Bankrate, and . Before joining Bankrate, Claire worked as a copywriter for brands within the telecommunications industry as well as a hybrid marketing and content writer. Brady Porche is an editorial director for Bankrate Credit Cards and CreditCards.com. He has two decades of professional experience as a writer and editor. Related Articles