– BankAmericard Credit Card Letters

April 28, 2020

By Martin Norris

The BankAmericard preapproval is for a very standard credit card. It offers reasonable expectations for applicants and rates of acceptance. With the BankAmericard, you will find low overall fees and interest rates, good customer service, and a great place to start with Bank of America if you would like to gain credit with them.

BankAmericard is a great card for two main reasons. First, due to its introductory offer and low average interest rate once that promotional APR has expired, you're looking at one of the better “balance transfer” credit cards out there.

Second, due to how integrated all of the credit cards and financial products Bank of America offers are, the BankAmericard is a good started credit card to get started building credit and a reputation within this family. For more about this, see the “Credit Limits” section of this review.

The APR on all BankAmericard offers and for all activities will vary based on the Prime Rate. All of the following current APR numbers are based on a Prime Rate of 3.25% added to the margin for that rate. There is no penalty APR.

With the BankAmericard, the APR for purchases and balance transfers, after any promotional APR has expired will be 12.99% to 22.99%. This is fairly low, overall, but nothing out of the ordinary.

Cash advances requested by BankAmericard cardholders have two different APRs. Check cash advances and Direct Deposit cash advances draw 15.99% to 25.99%. These rates are very low for cash advances and, if you use them frequently, this could be a major positive feature of this card.

Bank Cash Advances or short-notice advances have a single APR number with the BankAmericard. The APR for these types of cash advances is 27.24%, inclusive of a variable Prime Rate currently at 3.25%.

Credit Limits for Applicants

There are no stated minimum and maximum credit limits for the BankAmericard. However, there are a few unique situations that may occur if you already have a Bank of America credit card or bank account.

First, Bank of America may use information gathered from their other financial products you use to determine your initial credit line, credit line increases, and eligibility for additional financial products including the BankAmericard. They may also transfer credit offered from one financial product or credit card to your new BankAmericard account or offer to transfer credit instead of offering a true credit line increase.


  • Annual Fee – There is no annual fee for having the BankAmericard.
  • Cash Advance Fee – The standard cash advance fee for the BankAmericard is the greater of $10 or 3% of the total cash advance. Same-day cash advances have a higher fee being the greater of $10 or 5% of an ATM or other same-day cash advance.
  • Overdraft Protection – If you have a Bank of America bank account and use your BankAmericard to make a transaction that causes an overdraft on your BankAmericard, your bank account will be drawn from to make up the difference and prevent your transaction from being declined. However, you will incur a fee of up to $12 for each overdraft. This service is optional.
  • Foreign Transaction Fee – There is a 3% fee for using the BankAmericard on a foreign purchase. If you make this purchase inside of the United States, the foreign transaction fee is calculated in the foreign currency. If you make the transaction from outside of the United States, the foreign transaction fee will be calculated once the balance has been converted to USD.
  • Late Payment Fee – The late payment fee for the BankAmericard is up to $40 for each late payment.
  • Return Payment Fee -  The return payment fee for the BankAmericard is up to $29 for each returned payment.
  • Authorized User Fees – There are no authorized user fees with the BankAmericard.
  • Balance Transfer Fee – The balance transfer fee for the BankAmericard may be waived for the first 60 days after opening an account. After this time, the balance transfer fee for the BankAmericard is the greater of $10 or 3% of the entire balance transfer.

No rewards program comes with the basic Bank of America BankAmericard. However, it is possible to be invited to participate in a program or have this card tied to another Bank America credit card or financial product with a rewards program.

Pros – Advantages of the Bank of America BankAmericard Credit Card

  • Great Introductory Offer for Balance Transfers – 0% APR for up to 15 months and no balance transfer fee for the first 60 days a new account is open.
  • $0 Fraud Protection – Though this is fairly standard nowadays, it's still worth mentioning.
  • Easily Upgrade – If you outgrow the BankAmericard, it's easy to upgrade to one of Bank of America's better credit card offerings.

Cons – Disadvantages of the Bank of America BankAmericard Credit Card

  • Tied to Bank Account – Though optional, you may have to take steps to disable things like overdraft protection to avoid fees you'd rather not pay.
  • Credit Line May be Taken from Another Product – Already have a Bank of America card with some free credit? Make sure to ask before you open another one to ensure your current credit line won't simply be transferred to the new product or account.

Introductory and Welcome Offers for the BankAmericard

The BankAmericard offers a 0% introductory APR for the first 15 billing cycles after an account is opened. This is a fairly standard offer for credit cards in this tier. However, it's also a useful offer for many that wish to make a large purchase and space out payments.

You could also use these 15 months to pay down a high-interest balance. If this is what you have in mind, you could also qualify for a $0 balance transfer fee if you initiate that balance transfer within the first 60 days of opening your BankAmericard account (note: this is from the time you actually apply for your card, not from the date of your letter).

If you have high-interest credit card debt and know, if the balance doesn't change, you could pay it off in a year of steady payments, the BankAmericard could be for you. This is an excellent balance transfer card as it has up to 15 billing statements worth of 0% APR and a balance transfer fee that is waived for the first 60 days after your account is opened.

Beyond this singular feature, you will find low-to-average APR and fees. Customer service is also solid, however getting high credit limits without using Bank of America as your primary bank could be difficult. Though it is possible to upgrade your BankAmericard to another Bank of America credit card for better rewards and credit line potential.

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