BankAmericard – How to apply

By Marcos • 12/01/2024

If you’re trying to pay off an outstanding balance on another card or simply need interest-free time for important purchases, the Bank of Americard is an excellent choice. 

Unlike other credit cards packed with complex rewards and high annual fees, it focuses on what really matters to many consumers: saving money. 

When choosing this card, you opt for a solution that prioritizes transparency and simplicity, without getting lost in complications. Its main attraction is financial control.

How does No Annual Fee Card Bank of Americard Work?

The no Annual Fee Card works like a traditional credit card, but with one significant advantage: it offers an initial period with 0% interest rates on purchases and balance transfers for up to 21 billing cycles. 

This means that during this period you can make purchases or transfer balances from other cards without worrying about additional interest. This feature is ideal for those who want to consolidate debts or make larger purchases.

After the 0% promotional period, a variable interest rate is charged, which is competitive in the market. However, the real advantage is avoiding high interest rates at the beginning of using the card, which can represent big savings in the long term. 

Main Benefits of Bank of Americard

One of the main benefits is the 0% interest rate period for up to 18 months on purchases and balance transfers, providing significant relief. 

This period allows you to pay your debts without the pressure of high interest rates, making paying off the outstanding balance more accessible and less costly. 

The balance transfer fee is 3% in the first 60 days after opening the account, a reasonable value, which increases to 4% after this period, still within competitive standards in the market.

Another strong point of credit card is the absence of late payment penalties, which means that even if you miss a payment, your interest rate (APR) will not be increased. 

Furthermore, he offers free access to your FICO Score updated monthly, directly in the mobile banking application or online banking. 

This type of feature helps you monitor your credit score and understand the key factors that affect it, allowing you to make more informed decisions about improving your financial health. 

Cons of Bank of Americard

The main downside to this card is the lack of a rewards program. 

Many cards offer cashback, points or miles for purchases, which This card’s focus is exclusively on interest savings, which can be a disadvantage for those looking to accumulate additional benefits with their spending.

Another negative point is the variable interest rate after the end of the promotional period. Although the card offers 0% APR for the first 21 billing cycles, the post-promotional interest rate can be high depending on your profile. 

This means that if you don’t pay off your balance in full by the end of the introductory period, your interest charges could be high, impacting your budget.

Finally, you are charged a fee for international transactions. For those who travel frequently or make purchases outside the country, this fee can accumulate quickly and make using the card less advantageous.

APR and Fees

A tax APR Intro is from 0% for up to 18 billing cycles, applicable to both purchases and balance transfers made within the first 60 days after account opening. 

After the 18-month introductory period ends, the standard interest rate of Bank of Americard will be a Variable APR which currently varies from 15,74% to 25,74%, depending on your credit profile. 

Regarding additional fees, the Bank of Americard charges one balance transfer fee of 3% during the first 60 days, after which this rate rises to 4%. 

Furthermore, the card applies a 3% foreign transaction fee, which means that when you make purchases outside of the United States or in foreign currencies, you will be charged for that transaction. 

How to apply for the Bank of Americard

To request the credit card with no annual fee, the first step is to visit the official website of Bank of America. 

There, you will find the online registration form, where you will need to fill in your personal information, such as name, address, contact details and financial information. 

The application process is quick and easy, with the possibility of receiving a decision within minutes, depending on your credit profile.

The better your credit history, the greater the chances of approval for the best interest rates and conditions offered. If your request is approved, you will receive the card in the mail within a few days, ready to use.