Is the Bank of America Card The Best Deal For Balance Transfers In 2017
BankAmericard is suitable to be used for consolidating your credit card debts because it offers up to 15 billing cycles of zero percent APR introductory offer for balance transfer. To qualify for the 15 months 0% intro APR for balance transfer, you will need to transfer your balance within 60 days after your account is opened.
The 0% intro APR rate also applies to purchases but it is advised that you avoid making new charges on the card as it can add to your debt burden and make it harder for you to clear off your debt. After the 15 months intro period is over, you will be charged with a variable APR in between 12.99%-22.99%.
BankAmericard charges a balance transfer fee of 3% or a minimum $10 fee. However, at the same time, it is offering an incentive that will waive the balance transfer fee if you transfer the balance in 60 days.
There is no penalty APR so you will not lose the 0% APR if you make a late payment. Even though they don’t raise the APR on late payment, they will charge you a late fee (maximum $38) when you neglect to pay on time. Making a payment later than 30 days can cause your credit score to drop.
The card also doesn’t have an annual fee so there is no need to pay any fee to keep the card in your card year after year. You can set up email and SMS text alerts for the repayment due date on your account. You can opt into access your monthly FICO score through mobile or online banking. There is no reward program in BankAmericard but this is not important if you just want to use the card to consolidate your credit card debt.
BankAmericard can only be used to pay down debts of credit cards issued by other credit card companies. If you owe money on a credit card that is issued by the Bank of America, you will have to use another balance transfer card as this card will not allow transfer from the same bank.
BankAmericard comes with tons of other benefits, for example, zero dollar liability guarantee. The $0 liability will protect you from having to make any payment if your card has fraud charges that are done without your permission. In the event that they detect an abnormal pattern on the card, they will automatically block all transactions.
BankAmericard makes online shopping secure by allowing you to use a generated card number that is only valid for a temporary period. The reason is to prevent you from having to input your real credit card number and be a victim of hackers.