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Bank of America balance transfer credit cards
Pay no annual fee and earn rewards with some of these cards.
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Try Bank of America’s balance transfer credit cards if you’re looking for a strong intro APR period and cashback rewards. But watch out for balance transfer fees on some cards.
Compare Bank of America balance transfer credit cards
Bank of America intro APRs are typically 12 months long, but the BankAmericard® Credit Card offers a 15-month intro APR period.
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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® Cash Rewards credit card.
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). This makes the card competitive with Chase Slate® credit card’s transfer-fee offer.
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.
What debts are eligible for a balance transfer with Bank of America?
You can transfer debt from …
- Non-Bank of America credit cards.
- Personal loans.
- Personal lines of credit.
You can’t transfer debt from …
- Bank of America credit cards.
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
- 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
How to apply for a balance transfer with Bank of America
- Choose a Bank of America card and look at its details.
Be sure to check for such information as the intro APR, annual fee and balance transfer fee. - 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 by calling the number on the back of your card. - 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. - Keep track of your balance transfer details.
If you’re approved for the card, Bank of America sends 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?
Balance transfers typically post within two to four business days. For new accounts, it may take up to 14 days for a transfer to post.
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® Cash Rewards credit card — 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 cards from other providers like Chase and Barclaycard.
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