This card just got a new welcome bonus. For the first 21 months after opening the card, purchases and Balance Transfers won’t accrue interest, as long as you pay the minimum each month. Keep in mind that the Balance Transfer must be completed within 60 days and comes with a 5% fee, so it’s not really recommended.

Bank of America BankAmericard Credit Card Overview:

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Full review

BofA BankAmericard

21 months interest-free, a great card for cash flow!

  • Welcome bonus: 0 APR on Purchase and Balance Transfer within 21 months of account opening
  • Rewards: None
  • Redemption: None
  • Annual fee: $0
  • Apply now>>

Highlights

  • 0% APR on purchases for 21 months after opening: You can make a large purchase after opening the card, such as tuition or insurance, and then pay it off slowly over the 21-month period. Just make the minimum payment each month. Real-world ways to use 0% APR credit cards
  • Balance Transfer 0% APR for 21 months: If you transfer a balance from another card to this card within 60 days of opening, you can enjoy 21 months of interest-free financing. Unfortunately, there is a 5% BT fee. Be sure to pay at least the minimum each month. For more on BT usage, see: Balance Transfer Introduction and

BofA Card Benefits

  • Free museums: On the first weekend of every month, BofA cardholders get free admission to major museums across the country. You can add an authorized user for your family members so they can also get in free with the card. To see the list of free museums by state, click here
  • BofA Deals: Offers 5%-15% cash back or a fixed cash amount at various merchants. Past good deals have included Sears 15% cash back (up to $25) and Nordstrom Rack 15% cash back (up to $37.50). You can also get an extra $5 for using any BofA Deal. For details, see “How to Use BofA Deals”
  • Free credit score: BofA credit cards now offer a free TransUnion credit score. See: Free Credit Score Comparison

Drawbacks

  • No cash back and no cash welcome bonus. After the welcome bonus, the card is only useful for balance transfers.

My Take:

This card is good for managing cash flow, but it is not for people who want to make money from credit card welcome bonuses or save money through everyday cash back. The best use case, of course, is to get up to 21 months of 0 APR + 0 FEE, then product-change to BofA Cash Rewards and enjoy 3%/2%/1% cash back. Or switch to Travel Rewards and enjoy 1.5x rewards. Then keep it long term and enjoy BofA Deals plus the two free museum days each month.

Application:

  • Approval is relatively easy; even applicants with no credit history may get approved.
  • BOA application status check link, or call: (800) 732-9194
  • 2/3/4 rule: at most 2 cards approved within 2 months, 3 within 12 months, and 4 within 24 months. However, BofA’s system is not very reliable, and sometimes a card may be approved at first but later shut down.
  • The welcome bonus on the same card can only be received once every 24 months, and you need to make sure the card is closed before applying again>
  • You need to be a Resident to apply for a BOA credit card online: when applying for a BofA credit card online, if you select Non resident alien, you will not be able to continue and must apply by phone. However, BofA’s definition of Resident alien is different from the IRS definition of Resident alien for tax purpose. No matter what immigration status you used to enter the US, if you have lived in the US for 183 days within the past two years, then select Resident Alien. If you just arrived in the US and cannot meet this requirement, follow the prompt on the online application page and call 1.800.932.2775 to apply.
  • You can call the reconsideration line (888-593-6092) to speed up credit card approval or request a review of a denied application.
  • More about applying for BofA credit cards

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