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Verdict: Bank of America advertises its BankAmericard Basic Visa Credit Card as the card that comes with no surprises. That’s true. Unfortunately, it doesn’t come with any unexpected perks, either. That and a fairly high interest rate make this a card acceptable only for those consumers who haven’t yet built up a solid credit score.
Overview: The BankAmericard Basic card lives up to its name: It’s a basic, no-frills credit card. On the plus side, it comes with no annual fee. On the negative, the interest rate is high.
How This Card Works: The card deviates little from most basic cards. Cardholders have at least 25 days from the end of their billing cycle to make their payments. If they do, they won’t face any late fees. If they pay their entire balance they won’t face any interest charges, either. The BankAmericard Basic Visa is best for consumers who are using it as a stepping stone: If they make their payments on time each month, they can boost their credit scores and apply for cards that come with more perks and lower interest rates.
Travel and Shopping Benefits: As the most basic of credit cards, the BankAmericard Visa offers little in the way of extra benefits. It does come with automatic car rental insurance. Cardholders also have the option of signing up for paperless billing statements.
Fees: This basic card doesn’t come with an annual fee. Then again, it doesn’t boast any extra perks, so there’s no reason for an annual fee. It does come with a high interest rate of 17.25 percent, though. The card’s Web site says that this rate will only change if the nation’s prime rate fluctuates. Other fees are standard. They include a late fee of up to $35 and a returned-payment fee of up to $25. Cash advances cost either $10 or 4 percent of the advance amount, which ever is higher.
- No annual fee.
- Interest rate will remain unchanged unless prime rate moves.
- Automatic car rental insurance.
- High interest rate of 17.25 percent.
- Few perks.