Key takeaways
- You can complete a balance transfer online with Bank of America after you're approved for an eligible card or if you already have a card with an intro APR offer.
- Most Bank of America balance transfers are completed within two to four days, but it might take up to 14 days for new accounts.
- When choosing a Bank of America balance transfer card, determine whether you'd rather have a longer intro APR offer and no ongoing rewards or a shorter intro APR offer and ongoing cash back rewards.
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 0 percent intro APR offer.
If you’re interested in transferring a balance with Bank of America, several Bank of America credit cards come with intro APR offers, and transferring your balance is easy. Go this route, and you can pay off your credit card debt without paying interest for a limited time — as long as you pay it off before the intro APR offer expires. If you don’t pay it all off by then, you’ll start paying a variable APR on any remaining balance.
All information regarding Bank of America credit cards was last updated on May 8, 2024
How to transfer a balance to a Bank of America credit card
The easiest way to complete a Bank of America balance transfer is online. You can complete a balance transfer after you’re approved for a new, eligible card or if you already have a card with an intro APR offer.
Keep the following in mind before diving in:
- You cannot transfer debt from one Bank of America credit card to another Bank of America credit card.
- For new Bank of America cardholders, you must transfer your balances within the first 60 days of account opening if you want to take advantage of any intro APR offers.
- 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 typically pay a 3 percent or 4 percent balance transfer fee for each balance you transfer.
- You’ll need to pay off your balances before your intro APR period ends to avoid paying interest. Once the intro APR period is over, you’ll begin paying the regular variable APR on any balance left on the card.
- Avoid transferring any balance you have disputed with your issuer as being erroneous, fraudulent or duplicative. If you transfer a disputed transaction, you’ll lose certain dispute rights on that charge.
How to do a balance transfer online with a new card
- Fill out an application for the balance transfer card you’re interested in.
- Once you’re approved for the card, you can request to transfer a balance to your new credit card.
- Follow the instructions to complete the transfer. You’ll enter information like the account number for the credit card that holds the balance you’d like to transfer, the credit card issuer’s name and the total amount you’d like to transfer to your new Bank of America card.
- Submit your application with the balance transfer request. If Bank of America approves your balance transfer, it will transfer your balance 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 an 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 “Transfers” and 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 and the credit card issuer’s name.
- Submit your transfer request.
What happens after submitting a balance transfer request?
According to Bank of America, most balance transfers are completed within two to four days, but it might take up to 14 days for new 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.
Learn more: What happens to your credit card after a balance transfer?
Best Bank of America cards for balance transfers
Bank of America® Customized Cash Rewards credit card: Best for higher rates of cash back
The Bank of America Customized Cash Rewards credit card offers 3 percent cash back on eligible purchase categories of choice, 2 percent cash back at grocery stores and wholesale clubs and 1 percent cash back on all other purchases. Note that 2 percent and 3 percent categories are limited to a combined $2,500 in purchases each quarter; then you’ll earn 1 percent back.
This card stands out even more if you already have a relationship with Bank of America and can take advantage of the Bank of America Preferred Rewards program. Depending on your membership tier, you could earn 25 percent to 75 percent more cash back on all purchases.
This no-annual-fee card also includes a 0 percent intro APR for 15 billing cycles on balance transfers made in the first 60 days and on purchases (19.24 percent to 29.24 percent variable APR thereafter). A 3 percent fee applies to balance transfers for 60 days from account opening, then 4% after. If you’re hoping to pay off a balance and earn rewards on new purchases, this card is for you. Remember, you won’t earn rewards on the transferred balance, but you will on purchases you make during the intro APR term.
BankAmericard® credit card: Best for a long intro APR offer
The BankAmericard credit card* includes a 0 percent intro APR for 18 billing cycles on purchases and on balance transfers made in the first 60 days of account opening (16.24 percent to 26.24 percent variable APR thereafter). Also, note an intro balance transfer fee of 3% for 60 days from account opening, then 4% will apply. This intro APR offer means you can avoid high interest rates for a year and a half, giving you plenty of time to pay off debt. Plus, with no penalty APR for late payments and a lower variable APR, this no-annual-fee card is an excellent way to save on interest.
Bank of America® Unlimited Cash Rewards credit card: Best for flat cash back
The Bank of America® Unlimited Cash Rewards credit card, which comes with no annual fee, offers an unlimited 1.5 percent cash back on all purchases. If you’re a Preferred Rewards member, that means you could earn 1.87 percent to 2.62 percent cash back on all purchases. Plus, this card offers a 0 percent intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days (19.24 percent to 29.24 percent variable APR thereafter; a 3% intro balance transfer fee will apply for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for future balance transfers is 4%).
Bank of America® Travel Rewards credit card: Best for travel rewards
If you’re looking for a no-annual-fee travel card with an intro APR offer, the Bank of America Travel Rewards credit card is a good option to consider. This card offers 1.5X points on all purchases. Points can be redeemed for cash back, gift cards or statement credits to cover travel-related purchases. You’ll also get a 0 percent intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days (19.24 percent to 29.24 percent variable APR thereafter; a 3% intro balance transfer fee will apply for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for future balance transfers is 4%).
The bottom line
If you’re dealing with high interest debt, applying for a credit card with a 0 percent intro APR offer for balance transfers is a viable option to avoid those fees. Many Bank of America cards have intro APR offers on balance transfers, allowing 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 a shorter intro APR offer with cash back rewards — before applying for a card. The more you understand what you want from one of the best balance transfer credit cards, the easier it will be to determine which card is best for you.
Learn more: How to choose a balance transfer credit card
Frequently asked questions
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.
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.
You can check the status of your transfer by logging in to your Bank of America account. Select “Information & Services,” then select “Balance Transfer and Direct Deposit History.”
*The information about the BankAmericard® credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
