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BankAmericard Better Balance Rewards Card Review – The Credit Card that Pays You $$$ to Pay On-Time?


“Know what you own and know why you own it” that’s what they say right? Well, when it comes to owning a rewards based credit card the sentiment of this quote rings true, you really do need to know what you own and why.

Here we are taking a look at the BankAmericard Better Balance Rewards credit card to see if we can give ourselves an honest judgement of our choice of credit card. Issued by the Bank of America, this MasterCard rewards you for being responsible, so as long as you pay off regularly and on time, this card could potentially give you the best deals around.

So if you have this card, what DO you own? Straight away, you own a nice little earner that will reward you for acting responsibly (who doesn’t want to be treated for being contentious?) as the Bank of America will give you a cool $25 per quarter towards your balance when you pay off over the monthly minimum balance on time each month. If you’re a responsible card holder, that’s a whopping $100 a year bonus! If you have another qualifying account with these guys, then you’ll receive a further $5 bonus per quarter just for choosing to bank with them again.

They offer a great introductory APR on purchases and balance transfers and absolutely no annual fee. Cash back is automatically added to your credit card balance, or even your Bank of America checking or savings account. The great introductory offer of 0% APR on all purchases for 12 billing cycles is an aspect that really piles on the pro’s with the BankAmericard better balance rewards credit card. After the introductory period, there is a variable APR of 11.99% – 21.99% which is dependent on certain purchases based on your current credit score. This benefit will give you the opportunity to make a purchase without having to worry about paying interest for the first full year. Again, this is a reward for the responsible card holder as you need to pay at least the minimum fee due each month on time so that you don’t fall foul of the penalty APR. The Bank of America also hold an introductory offer of 0% APR for the same 12 billing cycles, but this time on all balance transfers made within the first 60 days of opening your account.

Okay, so what DON’T you own when you have this card? You need an excellent credit score of 680-850 to qualify for it in the first place. If you don’t, you won’t own the card full stop. If your credit score is excellent, you don’t own many competitive features that a lot of other credit cards can offer you. Most importantly, there is no rewards point system that has become a popular way for the reward credit card to ‘give back’ to the user. You don’t accumulate the option to redeem great gifts and discounts with this particular card. This is probably the only real ‘con’ point of the BankAmericard better balance rewards credit card, but it is a pretty big one as it should really take away the credit cards ‘reward card’ status. This card ultimately rewards you for your repayment habits only and not for your spending habits like its major competitors do.

Here’s a rundown of what you actually get.

  • A great 0% introductory APR on all purchases for 12 billing cycles.
  •  A 0% introductory APR on balance transfers for 12 billing cycles.
  • There is no annual fee.
  • Earn up to $25 quarterly in cash rewards in the first year.
  • Earn an additional $5 quarterly if you have another Bank of America account that qualifies.
  •  The card holds a $0 Liability Guarantee so that you won’t be held liable for any fraudulent transactions that are made on your account.
  • You can go Green by opting for a paperless statement option to protect both you and the environment from
  •  Late payments and returned payments are as standard and can result in penalties of up to $35.
  • All cash back is accredited to your BankAmericard better balance rewards credit card or another Bank of America checking or savings account.

Now I know what I could own, why should I own the BankAmericard Better Balance Rewards Card?

There really is no good answer. The no annual fee feature is good, but the lack of purchase rewards justifies the Bank of Americas choice not to add one. The repayment incentives are great, but competitors offer better.  If you are retired or have a steady regular income and plan to set up a regular payment plan (such as a standing order or your banks monthly check sending facilities) then this credit card may be for you, but if you have an excellent credit score and use your card to make a lot of varying purchases, another kind of rewards card might be better suited. Overall, this credit card receives a good general rating as the standard features are in line with other reward based credit cards. On the plus side, it may well encourage those who are a bit more flippant about their payments to wise up and become more routine and reliable when it comes to making payments on time.

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