![]() ![]() That said, it does offer cardholders the ability to monitor their FICO credit score from their TransUnion credit reports, as well as your standard fraud and overdraft protections. There are no rewards or impressive perks, so if you’re looking for a credit card to use for something other than a balance transfer, consider looking elsewhere. Outside of its two introductory offer periods, the BankAmericard doesn’t have much to offer its cardholders. The BankAmericard also doesn’t feature any rewards, which means you’d miss out on any kind of return on your spending. However, this would somewhat complicate using the card for a balance transfer, as it would take longer to pay down a transferred balance if you’re regularly adding to it. That means you can make any planned, large purchase and pay it down without accruing interest. In addition to an introductory offer for balance transfers, the BankAmericard offers cardholders an intro 0% APR offer for new purchases for 21 billing cycles (then 15.74% to 25.74% variable). Spending a total of $5,150 over 21 billing cycles (a little under two years) is far more attractive than paying $30,000 over 70 years. Paying a one-time balance transfer fee (in this case, 3%) for a balance of $5,000 will be dramatically less. That means that after seven decades of just paying the minimum monthly payment, you’d have spent over $30,000. Paying a balance transfer fee will typically be less expensive than paying interest charges on a credit card balance in the long run.įor example, a $5,000 balance on another credit card accruing interest at an APR of 21% (nearly the national 2022 average according to LendingTree), with a 2% minimum payment, would take over 70 years to pay off, and cost you $30,797.92 in interest charges. Is paying the balance transfer fee worth it? ![]() Basically, by lowering your credit card debt, you’ll also lower your credit utilization, and your credit score will be all the better for it. Lowering your credit utilization (the percentage of your overall credit you’re using) will have a positive impact on your credit score. Your bank account - and your credit score - will thank you in the long run. You can pay your balance down faster by applying any cash you would’ve normally used for interest charges toward the transferred balance. Why use a balance transfer?Ī balance transfer is a good way to get rid of credit card debt quickly and avoid interest charges by doing so. So, if you do plan to use the BankAmericard for new purchases following a balance transfer, just remember you’ll need to calculate any new balances into your monthly payments. Keep in mind that once you transfer a balance and begin to pay it off, making new purchases on the card will still cause your statement balance to go up. However, consider paying even more than that each month, if your finances allow, to really be sure you can get the balance paid off before the standard APR takes effect. To figure out how much you should pay each month, divide the transferred balance by the number of months (or billing cycles) you have to pay it down.įor example, if you transferred a balance of $5,000 to the BankAmericard, you would need to pay approximately $239 (5,000/21) monthly to get the balance down in time. Once you’ve transferred over a balance, it’s a good idea to pay more than the minimum each month to ensure you can pay the balance down in time. Again, just keep in mind that you’ll need to make any balance transfers during the first 60 days of account opening in order to qualify for the introductory offer. Twenty-one billing cycles is essentially 21 months, so you’ll have a solid chunk of time to get the balance down to zero. ![]() The BankAmericard balance transfer offer can help you lessen the weight you might be feeling beneath mounting credit card debt.Ĭardholders will have the chance to transfer a balance from a high-interest credit card and pay it down at 0% introductory interest for 21 billing cycles (then 15.74% to 25.74% variable). You’ll also have to make any balance transfers within 60 days to qualify for the introductory interest offer. The BankAmericard has a balance transfer fee of 3% of the amount of each transaction, which is the industry average among balance transfer cards. ![]() If you do need to utilize a balance transfer to help mitigate credit card debt, just be aware you’ll need to pay a balance transfer fee to do so. As such, it’s a good card to pair with a rewards credit card in order to earn a return on your spending. You won’t earn rewards on any purchases, though. This card features one of the longest introductory interest rates for new purchases and balance transfers alike, so you can also use it to finance large or emergency expenses without breaking the bank. The BankAmericard® credit card* lets new cardholders avoid paying interest charges on the balance of another credit card by transferring it to the BankAmericard. ![]()
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