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Bank of America® Cash Rewards credit card last updated on 08.07.2019
While Bank of America history goes back over 240 years, the company didn’t merge with NationsBank and unveil its recognizable Flagscape logo until 1998. In the two decades since, Bank of America has expanded its reach globally, growing to serve half of the households in the U.S.
As of today, Bank of America serves approximately 67 million individual and business customers in some capacity, whether through their checking and savings accounts, mortgage loans, auto loans or investing experience with Merrill Edge.
Bank of America also boasts some of the best balance transfer credit cards available today, including cards that help consumers consolidate high-interest debt. Some Bank of America balance transfer cards let you secure 0% APR on purchases and balance transfers for up to 18 billing cycles, for balance transfers made in the first 60 days.
If you’re considering a Bank of America balance transfer card as a means to get out of debt faster, you’ll need to know how to find a card and the steps you’ll take to transfer your balances over.
Best Bank of America balance transfer cards of 2019
The following balance transfer credit cards from Bank of America can help you save money on interest and pay down debt faster.
|Balance transfer offer||Balance transfer fee||Rewards||
|BankAmericard® credit card||0% intro APR for 18 billing cycles for purchases, and for balance transfers made within 60 days of account opening (then a variable rate of 15.24% to 25.24%)||3% balance transfer fee, minimum of $10||
|Bank of America® Cash Rewards credit card||0% intro APR for 15 billing cycles for purchases, and for balance transfers made within 60 days of account opening (then a variable rate of 16.24% to 26.24%)||3% fee (min $10) applies to all balance transfers||
|World Wildlife Fund credit card from Bank of America||0% intro APR for 12 billing cycles for purchases, and for balance transfers made within 60 days of account opening (then a variable rate of 16.24% to 26.24%)||3% balance transfer fee, minimum of $10||
|U.S. Pride®||0% intro APR for 12 billing cycles for purchases, and for balance transfers made within 60 days of account opening (then a variable rate of 16.24% to 26.24%)||3% balance transfer fee, minimum of $10||
Here’s how to do a Bank of America balance transfer, step by step
If your goal is paying off debt and you think a 0% APR credit card could help, you’ll need to start by picking the right credit card for your needs. However, you’ll need to take several steps to get your balances transferred over so you can begin enjoying 0% intro APR. The full process is outlined below.
Step 1: Shop around for a Bank of America credit card
Consider the credit cards available from Bank of America, balance transfer cards in particular, to find the best option for your needs.
Once you’re ready to apply, you can do so by submitting the following information via your online application:
- Phone number
- Country of residence
- Date of birth
- Social Security number
- Employment information
If you’re a Bank of America customer already, you can also log into your account to have your application pre-filled automatically.
Next up, you’ll be taken to another page where you can add information on your existing balances you want transferred, including balance transfer amounts and your account numbers.
If you don’t want to complete your balance transfers online, you can also complete them over the phone by calling the phone number on the back of your Bank of America credit card.
Step 2: Wait two weeks for your balance transfer to process
Once you’ve submitted all the required information for the balances you want transferred, you’ll need to wait up to two weeks for the transaction to take place. During this time, you can check on the progress of your balance transfer through your online account management page.
Step 3: Keep making payments on your old accounts
Keep making payments on your old credit card accounts until the balances have been transferred and your old accounts show a balance of $0. If you stop making payments too early, you could wind up with a late payment fee and damage to your credit score.
Bank of America balance transfer rules to be aware of
- If the balance transfer you request exceeds the limit on your Bank of America credit card, you may have only part of your old balances transferred to your new account.
- Your 0% APR introductory offer will last only for the length of time specified. Once it’s over, you’ll pay the regular variable APR on any balances you didn’t pay off.
- If you transfer balances in dispute to your new Bank of America credit card, you lose certain dispute rights on those charges.
- You cannot transfer debt from one Bank of America product to another.
How does a balance transfer affect your credit score?
The good news is that, most likely, transferring a balance won’t affect your credit score negatively for the long term. Just follow a few simple credit-savvy guidelines, including:
- Pay off the balance before the 0% intro period ends so that you can avoid paying APR.
- Avoid signing up for any new cards in the next few months, since applications result in hard inquiries on your credit report.
- Don’t close out the old card, even though that big balance got you started down this road in the first place. Closing it would shorten your overall credit history. To avoid the temptation to use it, just put the card away in a drawer.
The bottom line
Is moving a balance to a Bank of America balance transfer credit card worth your time? In our opinion, it absolutely can be if you use your 0% APR offer to pay down debt. In other words, don’t use 0% APR as an excuse to be complacent, and make sure you’re paying off as much as you can while your 0% introductory offer lasts.
As always, it makes sense to run the numbers and read the terms and conditions before you decide.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank’s website for the most current information.
Still have questions about consolidating your debt with a balance transfer card? Browse Bankrate’s complete balance transfer catalog for everything you need to know before applying for one of the year’s top balance transfer offers.