Paying off credit card debt can seem overwhelming, especially when that debt comes with high interest rates. To start tackling that debt, it’s smart to take advantage of a balance transfer credit card with an introductory 0 percent APR offer.
If you’re interested in transferring a balance with Bank of America, several Bank of America credit cards come with 0 percent intro APR offers, and transferring your balance is easy. If you go this route, you can pay off your credit card debt without paying interest — as long as you pay it off before that 0 percent offer expires. If you don’t pay it all off by then, you’ll start paying a variable APR on any remaining balance.
Here, we’ll discuss everything you need to know about Bank of America balance transfers, including how to transfer a balance to a Bank of America card, which cards include balance transfer offers and some frequently asked questions.
- How to transfer a balance to a Bank of America credit card
- How to do a balance transfer online with a new card
- How to do a balance transfer online with an existing card
- What happens after submitting a balance transfer request?
- What you need to know about Bank of America balance transfers
- How to choose a Bank of America balance transfer card
- Which Bank of America cards offer the best balance transfer offers?
- Bank of America Customized Cash Rewards credit card
- BankAmericard credit card
- FAQs about Bank of America balance transfers
- The bottom line
How to transfer a balance to a Bank of America credit card
A Bank of America balance transfer can be completed online, by phone or via balance transfer checks.
How to do a balance transfer online with a new card
- Fill out an application for the balance transfer card you’re interested in and submit your application.
- Once you’re approved for the card, you can transfer a balance to your new credit card. To do this, go to your new credit card account, then click “Help & Support.”
- Select the option to request a balance transfer.
- Follow the instructions to complete the transfer. This includes entering the account number for the credit card that holds the balance you’d like to transfer and entering the total amount you’d like to transfer to your new Bank of America card.
- Submit your balance transfer request. If your balance transfer is approved, your balance will be transferred as requested.
How to do a balance transfer online with an existing card
If you already have a Bank of America card, you can check to see if you’re eligible for any promotional offers, like a 0 percent intro APR offer on balance transfers. If you have an eligible card and want to transfer a balance to it, follow these steps:
- Log in to your account.
- Select “Help & Support,” then choose the option for a balance transfer.
- Follow the instructions to complete your transfer. Provide the account number of the credit card from which you’d like to transfer the balance, as well as how much of the balance you’d like to transfer.
- Submit your transfer request.
What happens after submitting a balance transfer request?
Once you’ve begun the balance transfer process, it should take 14 business days to complete a transfer for new accounts and two to four days for existing accounts. You’ll know you’re successful when you see the transferred balance appear in your Bank of America credit card account.
Be sure to keep making payments on the credit card you transferred the balance from until the balance transfer is complete. If a payment comes due while your transfer is in progress, pay it promptly. If you don’t, you’ll run the risk of getting hit with late fees and penalty APRs.
After your balance transfer is complete, make sure you pay off any remaining balance and any additional interest on your previous card.
What you need to know about Bank of America balance transfers
- You cannot transfer debt from one Bank of America card to another Bank of America card.
- You must transfer your balances within the first 60 days of account opening if you want to take advantage of any 0 percent intro APR offer.
- If you request a balance transfer that exceeds your Bank of America card’s credit limit, you’ll only be able to transfer part of your balance to your new account. In some cases, Bank of America may deny the transfer.
- You will pay a fee of 3 percent ($10 minimum) for each balance you transfer.
- Pay off your balances before your 0 percent introductory APR period ends to avoid paying interest. Once the offer period is over, you’ll begin paying the regular variable APR on any balance left on the card.
- Avoid transferring any balance under dispute. If you do, you’ll lose certain dispute rights on those charges.
How to choose a Bank of America balance transfer card
Before applying for a card, ask yourself what you’re hoping to get out of a balance transfer card. For example:
- Are you looking for a card with a lengthy 0 percent introductory APR offer, or would you rather have a card with a shorter intro offer period and cash back rewards?
- Is an annual fee a deal-breaker for you?
- How important is a 0 percent intro APR offer on purchases to you?
- Do you want a card that doesn’t come with a penalty APR for late payments?
The more you understand what you’re looking for in a top balance transfer credit card, the easier it will be to determine which card is best for you.
Which Bank of America cards offer the best balance transfer offers?
Bank of America Customized Cash Rewards credit card
- Balance transfer offer: This card includes a 0 percent intro APR for 18 billing cycles on purchases and on balance transfers made in the first 60 days (17.74 percent to 27.74 percent variable APR thereafter).
- Why should you do a balance transfer with this card? The Bank of America® Customized Cash Rewards credit card is a great cash back card, especially for people who already have a relationship with Bank of America and can take advantage of the Bank of America Preferred Rewards program. If you’re hoping to pay off a balance interest-free and earn rewards on new purchases, this card is for you.
BankAmericard credit card
- Balance transfer offer: This card includes a 0 percent intro APR for 21 billing cycles on purchases and balance transfers made in the first 60 days (15.74 percent to 25.74 percent variable APR thereafter).
- Why should you do a balance transfer with this card? With the BankAmericard® credit card, you’ll avoid high interest rates for a little over a year and a half, giving you plenty of time to pay off debt. With a 15.74 percent to 25.74 percent variable APR on purchases and no penalty APR for late payments, this card is an excellent way to save on interest.
FAQs about Bank of America balance transfers
- How often can I transfer a balance with Bank of America?
Although Bank of America doesn’t specify how frequently you can make balance transfers, you can submit up to three balance transfer requests during a single transfer session. Remember that your balance transfer requests, including any fees associated with the transfers, cannot exceed the available credit limit on your Bank of America card. And if you have pending purchases that haven’t yet cleared your Bank of America credit card account, make sure to factor them into your available credit limit.
- Can I get balance transfer checks with Bank of America?
Bank of America offers balance transfer checks, which are also called convenience checks. Be aware that these checks come with their own fees and interest rates, which might be different from the fees and rates associated with your balance transfer credit card.
- What credit score do I need for a Bank of America balance transfer?
Different Bank of America balance transfer cards have different credit requirements. If your credit score is high enough to qualify for a Bank of America balance transfer card, it should be high enough to complete a balance transfer.
- How can I check the status of my Bank of America balance transfer?
You can check the status of your transfer by visiting your Bank of America account. Select “Information & Services,” then select “Balance Transfer and Direct Deposit History.”
- How will a Bank of America balance transfer affect my credit score?
Your credit score might drop by a few points after opening a new card because of the credit inquiry associated with the application, but it should bounce back fairly quickly. However, a transfer can improve your credit score in two ways. First, your score could go up if you open a new card and increase the amount of credit available to you. Second, your credit score could improve as you consistently pay off your balance (as long as you aren’t simultaneously creating new debt). Since credit utilization is the second most important factor in determining your credit score (after on-time payments), lowering your credit card balances is a great way to increase your score.
The bottom line
If you’re dealing with high-interest debt, applying for a credit card with a 0 percent intro period for balance transfers is a viable option to avoid those fees. Many Bank of America cards have 0 percent introductory APR offers, which allow you to pay off debt over time without accruing interest. Be sure to determine what you’re looking for in a card, such as an extra-long intro APR period or rewards, before applying so you get a card that’s right for you.
All information regarding Bank of America credit cards was last updated on December 1, 2022.