Bank of America balance transfer credit cards

How to do a balance transfer with Bank of America

Here’s how to initiate a balance transfer with Bank of America if you’re applying for a card with the issuer.

1. Choose a Bank of America card and look at its details.
   Compare Bank of America credit cards in the table above — simply enter your credit range. Be sure to check for such information as the intro APR, annual fee and balance transfer fee. If you need more guidance on your final choice, check out our guide to Bank of America credit cards.
2. Submit an application.
   As you complete the application, you can request up to three balance transfers. You’ll need the account number of your existing credit card, the provider you want to transfer from and the amount you want to transfer. You can make a transfer later if you’d like.
3. If you’re approved, wait for your balance transfer to post.
   Keep paying your current creditors to avoid late fees and hits to your credit score until your balance transfer has posted.
4. Keep track of your balance transfer details.
   If you’re approved for the card, Bank of America will send your terms and conditions. Check the card’s intro APR and verify when it ends. Also, note your card’s ongoing APR. Consider making a schedule to pay off your transfer within your intro APR period.

How long will it take to complete a balance transfer with Bank of America?

Bank of America recommends waiting at least two weeks for balance transfers to be processed.

What are the benefits of a balance transfer with Bank of America?

Among the major providers, Bank of America is often overlooked for balance transfers. However, it offers a few advantages:

• No annual fee for any balance transfer card.
  This can help you pay less for your balance transfer.

• Most balance transfer cards have rewards.
  Bank of America has several cards with balance transfer intro APRs, and the same rewards structure as the Bank of America® Customized Cash Rewards.

  A notable exception is the BankAmericard® Credit Card, which offers a strong intro APR but no rewards.

• No balance transfer fee offer.
  With the BankAmericard® Credit Card, you’ll pay $0 in balance transfer fees for the first 60 days your account is open (after that, $10 or 3% of each transaction, whichever is greater).

  Relatively few cards waive balance transfer fees, so give Bank of America a closer look if you want a lower-cost transfer.

What are the drawbacks of a balance transfer with Bank of America?

Consider these downsides before applying for a Bank of America balance transfer.

• The maximum intro APR is 15 months.
  You’ll find this intro APR only with the BankAmericard® Credit Card and BankAmericard® Credit Card for Students. The bank’s other balance transfer cards offer intro APRs of 12 months long.

  With other providers, you may find intro APRs of 18 months to 21 months.

• Higher minimum balance transfer fee.
  With many other providers, the minimum balance transfer fee is $5. Bank of America charges a minimum of $10 or a percentage of the transfer for ongoing balance transfer fees.

• Penalty APR.
  If you make a late payment, Bank of America may assess a 29.99% variable APR to all of your balances. Many other providers don’t have penalty APRs.

A top alternative for a balance transfer
Citi® Diamond Preferred® Card

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• 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 13.74% - 23.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
• There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
• Get free access to your FICO® Score online.
• With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
• Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
• The standard variable APR for Citi Flex Plan is 13.74% - 23.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi’s discretion.

What debts are eligible for a balance transfer with Bank of America?

Can I transfer balances to another Bank of America card?

Unfortunately, you can’t transfer balances from any Bank of America account — including credit cards and loans.

This isn’t exclusive to Bank of America; most providers don’t allow balance transfers for their own products.

Eligibility requirements

The eligibility requirements are:

• At least 18 years old, 21 in Puerto Rico.
• A valid Social Security number or taxpayer ID.

What do I need to apply?

Here’s the information you’ll need for an application.

• Full name
• Residential address
• Primary phone number and email address
• Citizenship status and country of residence
• Date of birth
• Employment status, total annual income, source of income and monthly housing payment
• Optional: Balance transfer details. credit card institution, requested transfer amount and account number

I got the card. Now what?

• Confirm your balance transfer is complete. It may be several business days before your transfer posts. Consider calling Bank of America to verify it’s complete.
• Make timely payments. Late payments may void your intro APR, so consider setting up automatic payments.
• Contact customer support. Call the number on the back of your card if you have questions about your account. You can also call 800-732-9194 or tweet the bank @BankofAmerica.

Bottom line

For a Bank of America balance transfer, there are two major cards to consider: the Bank of America® Customized Cash Rewards — on which many other BofA cards are modeled — and the BankAmericard® Credit Card.

If you’re not sure a Bank of America card is best for your balance transfer, consider balance transfer cards from Chase and other providers.

Frequently asked questions

Why don’t banks usually allow balance transfers from their own products?
Banks often use balance transfer promotions to lure customers from other providers.

For example, your provider may have offered you a sweet intro APR. While that was great for you, it means your provider missed out on a lot of interest you might have otherwise paid. Since you’re a customer now, your provider doesn’t have to offer a balance transfer promotion.

What if I don’t pay off my balance transfer before my intro APR expires?
You’re allowed to carry a balance as your intro APR expires. However, your balance will start accruing interest at the ongoing rate.

How do I make a balance transfer after I’ve submitted my application?
Call the number on the back of your card and speak to a representative. You can transfer some noncredit card debt, such as personal loans from non-BofA providers.