How to Do a Balance Transfer With Bank of America

Name: How to Do a Balance Transfer With Bank of America
Item: How to Do a Balance Transfer With Bank of America
Author: Doug Milnes, CFA

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Completing a balance transfer with Bank of America is an easy process that can be accomplished online. It usually takes between two to four days, but it may take up to 14 days if you have a new account.

If you're really looking for a reprieve on interest charges from your existing debt, several Bank of America cards offer 0% APRs on balance transfers for an introductory period. For example, the BankAmericard® has a 18-month offer and Bank of America® Customized Cash Rewards has a 12-month offer.

KEY TAKEAWAYS

Balance transfers with Bank of America can be completed online or over the phone within two to four days. However, it may take up to 14 days for new accounts.
You must complete balance transfers within 60 days of account opening to take advantage of 0% intro APR offers.
Bank of America has several cards that offer 0% intro APR period on balance transfers, including BankAmericard® and Bank of America® Customized Cash Rewards.

How to Do a Bank of America Balance Transfer

A balance transfer involves moving debt from one credit card to another. Choosing a card with a 0% introductory APR offer can really save on interest while paying off your debt.

How to Balance Transfer to a New Bank of America Card

1
Compare cards
Compare Bank of America cards and apply for one that aligns with your financial goals. Generally, you’ll want a card with a 0% intro APR period and no annual fee.
2
Initiate a transfer
After approval, initiate a balance transfer by providing details from your old credit card, like the card number, issuer and the amount you wish to transfer.

How to Balance Transfer With an Existing Bank of America Card

1
Log In
Log in to your Bank of America account.
2
Navigate to transfers
Navigate to “Transfers” and select the option for a balance transfer.
3
Enter information
Enter the required information, such as the credit card issuer's name, account number and the amount you want to transfer. Once everything is completed, submit your request.

Next Steps After Submitting a Balance Transfer Request With Bank of America

Once you've submitted your balance transfer request with Bank of America, the processing time typically ranges from two to four days. However, it may extend up to 14 days for new accounts.

It’s a good idea to continue making payments on your old card until the transfer is confirmed to avoid late fees and penalty APRs. You'll know the transfer is complete when the balance shows up on your Bank of America credit card account.

How to Check the Status of Your Bank of America Balance Transfer

If you want to check the status of your balance transfer, log in to your Bank of America account. Navigate to the relevant section where you initiated the transfer. In this part, you'll find updates on the progress of your transfer.

For any inquiries or assistance, you can contact Bank of America customer service at (800) 732-9194.

Terms and Conditions for Bank of America Balance Transfers

Understanding the specifics of your balance transfer can help you navigate the process smoothly and potentially save on interest. Here's what you need to know before initiating a transfer to a Bank of America credit card:

Processing Time

Expect most balance transfers to be completed within two to four days. If you have a new account, you may have to wait up to 14 days.

Balance Transfer Amount

You can’t transfer more than your available credit.

Number of Transfers

You’re allowed to submit up to three balance transfers per online session.

Introductory Period

You must complete your balance transfer within 60 days of account opening to benefit from any introductory APR offers.

Balance Transfer Fee

A fee of 3% to 4% of the transfer amount is typically charged per transfer. Factor this cost when deciding if a balance transfer is the right move for you.

Regular APR

After the introductory period, the APR will be between 16.24% and 28.24% (variable).

Transfer Restrictions

Transfers between Bank of America cards are not permitted.

Credit Score

A good to excellent credit score is typically necessary for Bank of America balance transfer cards.

Best Bank of America Balance Transfer Credit Cards

When searching for a balance transfer card, consider the length of the 0% intro APR period, balance transfer fees and annual fees. A longer 0% intro APR period allows more time to pay down your balance without interest, and lower fees can make the transfer more cost-effective.

BankAmericard® Credit Card

MoneyGeek Rating

4.4/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Rate

N/A

APR

15.74% - 25.74% variable

Annual Fee

Recommended Credit

670-850 (good to excellent)

We recommend the BankAmericard® credit card to people who are looking for no-annual-fee cards with intro APR offers. This card comes with a 0% APR offer on purchases and balance transfers for the first 18 billing cycles. However, you need to carry out your balance transfer within the first 60 days, and you need to pay a balance transfer fee. Using this card outside of the U.S. might not be a good idea because it comes with foreign transaction fees.
PROS
- No annual fee
- 0% APR on purchases and balance transfers for 21 billing cycles
CONS
- Balance transfer fees
- Foreign transaction fees
- No rewards program
- $0 annual fee.
- 0% purchase and balance transfer APR for the first 18 billing cycles, then a variable APR between 16.24% and 26.24%.
- No penalty APR.
- Balance transfer fee of $10 or 3%, whichever is greater.
- Foreign transaction fee of 3% (5% for overseas cash advances).
- FICO Score for free.

Bank of America® Customized Cash Rewards Card

Meanwhile, the Bank of America® Customized Cash Rewards offers a 0% intro APR for 15 billing cycles on balance transfers. It also provides 3% cash back on your chosen category, 2% cash back at grocery stores and wholesale clubs (up to $2,500 per quarter) and 1% cash back on all purchases. Customized Cash Rewards is a strong option if you’re looking to get cash back from your everyday purchases to help pay off your debt.

Bank of America® Customized Cash Rewards Credit Card

MoneyGeek Rating

3.6/ of 5

Rates & Fees

REVIEW & APPLY

On Issuer's Site

Rewards Rate

Earn 3% cash back in the category of your choice (...

APR

18.74% - 28.74% variable

Annual Fee

Recommended Credit

670–850 (Good to Excellent)

The Bank of America® Customized Cash Rewards Credit Card stands out for its flexibility and reward potential, especially appealing to consumers who value customized cash back options. It offers a significant new cardholder bonus and the ability to earn higher cash back in various everyday categories. Preferred members enjoy additional rewards, enhancing the card's value. The card's introductory 0% APR is another great perk for those who want to consolidate existing credit card debt. Overall, this card is ideal for savvy spenders who can maximize the card’s benefits.
PROS
- No annual fee
- Attractive new cardholder bonus
- High cash back in customizable categories
- Extra rewards for preferred members
- Introductory 0% APR offer
CONS
- Requires high credit score
- Complex rewards structure
- Limits on high-yield cash back
- Relatively high regular APR
Introductory Offers
- Earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days.
Rewards
- Earn 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined purchases each quarter), and 1% on all other purchases.
- Bank of America Preferred Rewards members can earn 25%-75% more cash back on every purchase.
APRS, Fees, and Penalties
- Enjoy 0% Intro APR for 15 billing cycles on purchases and balance transfers made in the first 60 days. After that, a variable APR of 18.74% - 28.74% applies.
- A 3% Intro balance transfer fee applies for the first 60 days; after that, the fee is 4%.
Perks & Benefits
- No annual fee and cash rewards don’t expire as long as your account remains open.
- Use contactless cards for secure and convenient transactions.

FAQ: Balance Transfers with Bank of America

We respond to some frequently asked questions about balance transfers with Bank of America to provide you with the knowledge to manage your balance transfers effectively.

How long does a Bank of America balance transfer take?

Most balance transfers with Bank of America are completed within two to four days. However, for new accounts, it might take up to 14 days.

Is there a limit to how much I can transfer with Bank of America?

Yes, your transfer amount cannot exceed your total credit available. You can also submit up to three balance transfers in each online session.

What happens if I don't transfer a balance within the first 60 days of opening my Bank of America account?

To take advantage of intro APR offers on balance transfers, you must complete the transfer within the first 60 days of account opening. If you do a balance transfer after that, the card’s regular APR will apply.

How can I choose the best Bank of America balance transfer card for my needs?

Consider the card’s intro APR period, balance transfer fee and annual fee. The best balance transfer card for you will depend on your unique financial situation.

If You’re Looking for More

A balance transfer with Bank of America could be a savvy financial strategy to reduce debt and save on interest. Yet, it's not a one-size-fits-all solution. Before proceeding with a balance transfer, consider the fees and the potential impact on your credit score.

Whether or not a balance transfer is the right move for you depends on your ability to clear the balance within the 0% intro period.

About Doug Milnes, CFA

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

Read Full Bio »

sources

Bank of America. "Credit Card Account Management FAQs." Accessed October 29, 2024.
Bank of America. "Credit Card Customer Service." Accessed October 29, 2024.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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How to Do a Balance Transfer With Bank of America

How to Do a Bank of America Balance Transfer

How to Balance Transfer to a New Bank of America Card

Compare cards

Initiate a transfer

How to Balance Transfer With an Existing Bank of America Card

Log In

Navigate to transfers

Enter information