A credit card is one of the most essential tools in your financial arsenal because it can help pave the way toward financial freedom and effective money management. Being able to use one can have a significant impact on people’s economic lives, as it gives them access to the financial services they need.
The thing about having a credit card is that it always comes with a price – literally. The key to using a credit card efficiently is to pick one that is compatible with a cardholder’s use cases and situation. Those who are looking for a more manageable card should look for low-interest credit cards.
Bank of America’s BankAmericard is one of the best choices when it comes to low-interest cards. With different features and perks, this card is one of the best options, especially for first-timers.
- What Is the BankAmericard
- Pros and Cons of Bank of America Credit Card
- How to Apply for this Bank of America Credit Card
- Fees and Rates of the Bank of America Credit Card
- Managing a Bank of America Credit Card
What Is the BankAmericard?
Some of the most popular and widely available credit cards are those offered by Bank of America. This well-known financial institution provides a vast range of services designed to help individuals, companies, and other types of customers navigate the financial landscape.
Bank of America is one of the most reliable credit card issuers in the country, as it provides high-quality products and services. It offers different types of cards for students, rewards, travels, credit building, and airline perks.
The most important step is picking the right option for the consumer. Those who have chosen the low-interest BankAmericard can practice strong money management by not making high interest payments if the situation arises.
This card has lots of features that make it a worthwhile choice, ranging from free services, perks, accessibility, and more.
Main Features of the BankAmericard
Being a low-interest credit card, the highlight of owning this Bank of America credit card is that it comes with a minimal interest rate. In fact, cardholders can enjoy a 0% annual purchase rate (APR) on purchases for 18 billing cycles upon card approval.
Aside from purchases, those intending to make balance transfers will be glad to know that it comes with 0% PR on balance transfers for transactions made within the first 60 days.
What cardholders need to remember is that after the introductory period, the card reverts to the normal interest rates of 15.24% to 25.24% for purchases and balance transfers. Transaction fees may also apply.
Pros and Cons of Bank of America Credit Card
The strongest advantage offered by BankAmericard is its low-interest rates. However, this is not the only pro it offers. Customers can also enjoy perks such as not having to pay an annual fee, no penalty APRs, and a $100 statement credit bonus for those who spend $1,000 in purchases within the first 90 days.
The card also comes with a FICO Score assessment, which is updated for free every month. This way, cardholders can stay on top of their credit score, which is important if they plan to take out loans or other financial services.
Other important features of this card include the existence of mobile and online banking accounts, security, contactless payments, and digital wallet technology.
Important Things to Note About the BankAmericard
What consumers should watch out for is the fact that while the bank offers 0% interest for a certain period for this card, the current APRs will apply once the promo is over. So, it is important to keep track of the first few months.
Another thing to remember is that this credit card comes with fees, which apply to eligible transactions such as cash advances, balance transfers, and foreign transactions.
How to Apply for This Bank of America Credit Card
Consumers looking for a low-interest card that is easy to get will be pleased that this Bank of America credit card can be ordered online. Users just need to click on the Apply Now button to initiate the application process.
Once in the application form, they can simply enter their information in the appropriate spaces. Details required for the application include their full legal name, phone number, address, sources of income, and many others.
Those who are already Bank of America customers will be glad to know that they can fast-track their applications by logging into their accounts and applying for them. The system already has their information and will automatically fill out the form.
Besides online application methods, interested individuals can also apply for a BankAmericard by calling the bank or by dropping by the nearest branch.
Eligibility and Requirements
The typical eligibility requirements for many credit card issuers cover residence, age, and income. Bank of America is likely to ask for similar qualifications before approving any applications. To prove that the applicant is qualified for the card, they need to present proof.
The best way to prepare for the application is to collect all relevant documentation before the process. This makes the application go more smoothly as opposed to getting the documents after starting the process.
A valid government identification card is the best way to go because it has the applicant’s name, address, and birth date, as well as a signature and a photo. To supplement this, interested individuals should also have their latest bank statement, pay slips, and certificate of employment along with utility bills.
Fees and Rates of the Bank of America Credit Card
The BankAmericard offers a lot of conveniences as it lets consumers pay using contactless methods. They can also make transactions online. Given this, it is important to remember that credit cards come with different fees and rates that can affect their experience.
To prepare for these possible expenses, it is always recommended that applicants check the rates and fees related to their card. Some of the most common ones are annual purchase rates for purchases, balance transfers, and cash advances, as well as transaction and penalty fees.
Knowing when such fees apply can help users save some money. Having a clear idea about the rates can also help them avoid paying interest by paying their dues on time. The different fees and rates that come with the Bank of America credit card, are listed below.
- APR for Purchases – 15.24 to 25.24%
- APR for Balance Transfers – 15.24% to 25.24%
- APR for Cash Advances – 18.24% to 28.24% for direct deposits and check cash advances, 31.24 for bank cash advances
- Annual Fee – $0
- Purchase Transaction Fee – $10 or 5% of the amount
- Balance Transfer Transaction Fee – $10 or 3% of the amount
- Cash Advance Transaction Fee – $10 or 3% of the amount
- Foreign Transaction Fee – $10 or 5% of the amount for ATM, over-the-counter, same-day online, and cash equivalent cash advances, or 3% of the USD amount of the transaction made outside of the United States
- Penalty Fee – Up to $40
Reminders About Charges
The BankAmericard comes with variable APRs, which means that the interest rate can change based on the Prime Rate.
Those who got the card with a higher rate will be happy to learn that their APRs can go down when the Prime Rate goes down. However, their APRs can go up as well along with the Prime Rate.
Managing a Bank of America Credit Card
The mobile and online banking services offered by Bank of America make it easier to manage the card. By logging in using a browser or a mobile application, cardholders can check their transaction history and verify whether their payments went through.
This tool can also be used to check for suspicious activity such as fraudulent or unauthorized charges. Then, users can take immediate action to minimize damages.
One more thing about account management is that it lets people secure their accounts through security settings, combined with a $0 Liability Guarantee.
Getting in Touch With the Bank
Interested in getting this card? Applicants can reach out to the bank to know more. Those who want to apply can call 800-932-2775 or 800-732-919 to get in touch with a customer service representative.
They can also get application status updates by mailing the bank at the address Bank of America PO Box 2493, Norfolk, VA 23501-2493.
Final Thoughts
The BankAmericard is one of the best choices for low-interest credit cards. With this Bank of America credit card, consumers can make the most of their card with minimal worries about interest rates, fees, and charges, creating a more freeing financial experience.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.
References
terms and conditions – Credit Card Disclosure | BankAmericard® Credit Card
