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How to transfer a balance to a Bank of America credit card

Bank of America places some restrictions on its 0% intro APR offers – here's what you should know

Summary

Considering a balance transfer to a Bank of America credit card? Here’s everything you need to know, including card options, fees, restrictions and tips for improving your chances of approval.

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The Bank of America content was last updated on April 1, 2022.

It can be challenging to pay off your credit card debt when that debt has a high interest rate attached to it. If you don’t pay it off in full by your card’s due date, you’ll be charged interest on your leftover balance. And with credit card interest rates of 20% or higher, that leftover debt can sometimes grow faster than you can pay it down.

That’s where transferring your debt to a Bank of America credit card that offers a 0% introductory APR can help, giving you time to pay down debt without worrying about it growing.

Just make sure you pay off your debt before the introductory rate disappears. Bank of America gives you 15 to 18 months to pay off your debt, in most cases and depending on the specific card, before the variable APR kicks in.

If you’re ready to take advantage of a zero-interest offer, here’s everything you need to know about completing a balance transfer to a Bank of America credit card.

How to do a balance transfer with Bank of America

You can transfer an existing balance to a Bank of America credit card whether you already have a Bank of America card or are applying for a new one. Be aware, though, that you might not qualify for a 0% introductory APR if you’re transferring your debt to a Bank of America card you already own.

If you’re applying for a new Bank of America credit card:

  • Start a new online credit card application for a Bank of America credit card that allows balance transfers.
  • Study the balance transfer offer. Determine if the offer’s length is long enough for you to be able to completely wipe out your debt. Typically, Bank of America’s intro APR offers last 15 to 18 months.
  • As you complete your application, Bank of America will give you the option to transfer a balance from an existing card. Select this option.
  • Provide basic information about the credit card from which you want to transfer existing debt and how much of its balance you want to transfer.

If you already have a Bank of America credit card:

  • Log in to your account.
  • Select the “Transfers” option.
  • Next, select the “For credit card balance transfers” option.
  • Once Bank of America pulls up your balance transfer offer, fill out the online form. You’ll need to provide information about the debt you want to transfer and the credit card from which you want to transfer it.
  • Make sure the transfer offer comes with an introductory 0% APR. If it doesn’t, a balance transfer might not make financial sense unless your Bank of America card’s interest rate is significantly lower.

What you should know about a Bank of America balance transfer before applying

While a balance transfer can help you catch up on your credit card debt, there are some limits.

  • You can’t transfer your credit card balance from one Bank of America credit card to another. You can only transfer debt from a card issued by a different financial institution.
  • You must transfer your existing balance within 60 days of opening your new Bank of America credit card account to qualify for a 0% APR.
  • Bank of America will pull your credit to determine if you qualify for both a new card and a balance transfer.
  • The amount you can transfer depends on the credit limit on your new credit card. Because of this, you might not be able to transfer your entire existing balance.
  • Keep making payments on your old credit card until your balance transfer closes. It varies, but Bank of America says that a balance transfer can take up to 14 days to close.

How to improve the chances of your balance transfer being approved

Banks aren’t required to approve your request for a balance transfer, but there are steps you can take to improve your odds of qualifying.

  • The better your credit, the better your chances of qualifying. Banks and financial institutions will look at your credit score when deciding whether to approve your request for a balance transfer. A higher credit score helps, too, when that introductory 0% interest rate expires. You’ll typically qualify for a lower variable APR if you have a better score.
  • Pay down your debt. Financial institutions also look at your debt-to-income ratio, a ratio that measures how much of your gross monthly income your monthly debt consumes. Banks will vary, but most want your total monthly debts to eat up no more than 36% of your gross monthly income. If your debt-to-income ratio is much higher than this, you might need to pay some of it down before you qualify for a balance transfer.
  • Stay current on your payments. Paying your monthly bills on time is one way to keep your credit score solid. A single late payment (one made 30 days or more past your due date) on some bills could send your credit score tumbling by 100 points or more.

Top Bank of America balance transfer offers

Bank of America Customized Cash Rewards credit card

  • Balance transfer fee: $10 or 3% of the amount of each transfer, whichever is greater
  • 0% intro APR: 0% for 15 billing cycles on balance transfers (made within the first 60 days)
  • Regular variable APR: 14.24% to 24.24%

With the Bank of America® Customized Cash Rewards credit card, you’ll earn a $200 online cash bonus if you charge $1,000 within first 90 days of opening your account. In terms of rewards, you’ll earn 3% cash back on category purchases of your choice (including gas, online shopping, dining, travel, drugstore or home improvement), 2% back at grocery stores and wholesale clubs and 1% on all other purchases. Note, you’ll only earn cash back on the first $2,500 worth of grocery, wholesale club and choice category purchases each quarter (then 1% back).

Bank of America Unlimited Cash Rewards

  • Balance transfer fee: $10 or 3% of the amount of each transfer, whichever is greater
  • 0% intro APR: 0% for 15 billing cycles on balance transfers (made within the first 60 days)
  • Regular variable APR: 14.24% to 24.24%

If you spend $1,000 on purchases within the first 90 days, you’ll earn a $200 online cash rewards bonus with the Bank of America® Unlimited Cash Rewards credit card. And as a flat-rate rewards card, you’ll also earn an unlimited 1.5% cash back on everything you buy.

BankAmericard credit card

  • Balance transfer fee: $10 or 3% of the amount of each transfer, whichever is greater
  • 0% intro APR: 0% for 18 billing cycles on balance transfers (made within the first 60 days)
  • Regular variable APR: 13.24% to 23.24%

The BankAmericard® credit card is not a rewards card, but it does offer a 0% intro APR for the first 18 billing cycles (on balance transfers made in the first 60 days). It also charges no annual fee and does not charge a penalty APR for those who may pay their bills late. You’ll also earn a $100 statement credit if you make at least $1,000 in purchases within the first 90 days of opening your account.

Frequently asked questions about Bank of America balance transfers

What types of balances can I transfer with Bank of America?

You can only transfer debt from another bank or financial institution’s card. You can’t transfer debt from one Bank of America credit card to another.

How much debt am I able to transfer with Bank of America?

The amount you can transfer depends on the credit limit of your Bank of America card. If you owe $4,000 on another card and your Bank of America card has a credit limit of $3,000, you won’t be able to transfer the entire amount.

Does Bank of America charge balance transfer fees?

Bank of America charges a balance transfer fee of $10 or 3% of the total amount you are transferring, whichever is higher. If you are transferring $2,000, for example, you’ll pay a $60 fee.

How do I check on the status of my Bank of America balance transfer request?

You can check on the progress of your balance transfer request by signing in to your Bank of America online account or by opening the bank’s mobile banking app. Click on the “Information & Services” tab and select “Balance Transfer and Direct Deposit history” link.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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