Review: Bank Americard MasterCard

bankamericard-mcThe BankAmericard MasterCard is Bank of America’s no-frills credit card, which emphasizes a lower interest rate at the expense of rewards. While the card does not guarantee instant approval, the application page for the card does promise you can “Complete your application and get a response in as little as 60 seconds.”

However, while the marketing of this card may suggest that it comes with a low interest rate, you should note that in actuality the interest rate may be anywhere from 15.24% all the way up to 25.24%, depending on your credit history. The downside here is that you may not get that lowest rate. The upside is that this card is open to a wide range of credit scores, so even those with less-than-perfect credit may be approved.

As mentioned, this card has no rewards program. Really the only feature to mention is the fact that it offers you the opportunity to transfer a balance from a different credit card and have that balance sit at a 0% rate for 15 months, AND do so without a balance transfer fee on any transfers made within the first 60 days of having the card. This is significant, because almost all credit cards charge at least a 3% fee on balances transferred from other cards.

That said, while this card does offer the possibility of instant approval and that no-fee balance transfer is very nice, there’s not much to fall in love with here over the long haul other than the fact that you may get a slightly lower interest rate than you would with a rewards credit card.