How to do a balance transfer with Bank of America

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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

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

  1. Fill out an application for the balance transfer card you’re interested in and submit your application.
  2. 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.”
  3. Select the option to request a balance transfer.
  4. 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.
  5. 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:

  1. Log in to your account.
  2. Select “Help & Support,” then choose the option for a balance transfer.
  3. 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.
  4. 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 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: Zero percent intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days (14.24 percent to 24.24 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 rewards 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

  • Balance transfer offer: Zero percent intro APR for 18 billing cycles on purchases and on balance transfers made in the first 60 days (13.24 percent to 23.24 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 year and a half, giving you plenty of time to pay off debt. With a 13.24 percent to 23.24 percent variable APR on purchases and no penalty APR for late payments, this card is an excellent way to save on interest.

Bank of America Customized Cash Rewards Credit Card for Students

BankAmericard Credit Card for Students

  • Balance transfer offer: Zero percent intro APR for 18 billing cycles on purchases and on balance transfers made in the first 60 days (13.24 percent to 23.24 percent variable APR thereafter).
  • Why should you do a balance transfer with this card? If you’re just getting started on your credit journey, the BankAmericard® Credit Card for Students can help you build your credit by paying off any balances you might have already picked up.

FAQs about Bank of America balance transfers

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.