What Bank of America's 0% Balance Transfer Actually Covers
Bank of America offers a 0% introductory rate on balance transfers for certain cardholders, meaning you pay no interest on the amount you move from another card for a set period. The catch is that this rate applies only to the transferred balance itself — not to new purchases you make after the transfer, and not to cash advances. The 0% window typically lasts 6 to 21 months depending on which card you hold and current promotions, but you will pay the regular purchase rate on anything new you charge.
The offer is not automatic. You must request the balance transfer when you open the card or shortly after, and Bank of America will review your creditworthiness before approving it. If you are approved, the bank will send a check to your old creditor or transfer the funds electronically — you do not send the money yourself. You will also pay a balance transfer fee, usually 3% of the amount transferred, charged upfront and added to your balance.
Key Takeaways
- The 0% rate covers only the transferred balance, not new purchases or cash advances, which accrue interest when ready at the regular card rate.
- Bank of America charges a balance transfer fee of roughly 3% of the amount you move, added to your balance on day one.
- The 0% period lasts between 6 and 21 months depending on the specific card and current offer; after it ends, the regular purchase rate applies to any remaining balance.
- You must request the transfer within a set window (often 60 days of opening the account) or the offer expires.
- If you miss a payment during the 0% period, Bank of America may end the promotional rate and charge you the regular rate on the entire balance.
Which Bank of America Cards Offer 0% Balance Transfers
Not every Bank of America card comes with a 0% balance transfer offer. The offer is most common on their cash-back and rewards cards aimed at people with good to excellent credit — typically those with a credit score of 670 or higher. The specific cards and terms change seasonally, so the offer available today may differ from what is available in three months.
You can see current offers on Bank of America's website by searching for their credit card products, or by calling their customer service line. The offer details — including the length of the 0% period and the balance transfer fee — are stated clearly in the terms before you submit your process. If you already hold a Bank of America card, you may be able to request a balance transfer on that existing card, though the terms may differ from new cardmember offers.
How the Balance Transfer Fee Works and What It Costs
The balance transfer fee is a percentage of the amount you transfer, charged when ready and added to your card balance. Bank of America's fee is typically 3%, though it can vary. On a $5,000 transfer, that is $150 added to what you owe before you make a single payment.
This fee is separate from the 0% interest rate — you avoid interest charges during the promotional period, but you still pay the upfront fee. When calculating whether a balance transfer makes sense, factor in both the fee and how much interest you would pay on your current card if you did not transfer. If your current card charges 18% interest and you plan to pay off the balance in 12 months, the 3% transfer fee may still save you money. If you plan to carry the balance for only two months, the fee might not be worth it.
What Happens When the 0% Period Ends
When the introductory period expires, any remaining balance on the transferred amount will begin accruing interest at Bank of America's standard purchase rate for that card. The standard rate varies by cardholder and current market conditions, but typically ranges from 16% to 25% APR. This means if you transfer $5,000 and pay off only $2,000 during the 0% window, the remaining $3,000 will suddenly start charging interest.
For this reason, the goal of a balance transfer is to pay down the balance significantly — or completely — before the promotional period ends. If you cannot pay it off in time, you will be back to paying interest, though at least you had a window to reduce what you owe. Some people use the 0% period to make aggressive payments, then move any remaining balance to another 0% offer if they are approved for a second card.
What Disqualifies You or Ends the 0% Rate Early
Bank of America will end your 0% promotional rate if you miss a payment. Even one late payment can trigger what is called a "penalty APR," which means the regular purchase rate applies to your entire balance, not just new charges. This is why staying on top of payments during the promotional period is critical — you lose the entire benefit of the offer if you slip up.
Additionally, the 0% rate applies only to the transferred balance. If you make new purchases on the card, those charges accrue interest at the regular rate when ready. Some cardholders make the mistake of thinking the 0% covers everything on the card; it does not. To make the most of the offer, avoid new purchases until you have paid off the transferred balance or the promotional period is nearly over.
How to Request a Balance Transfer from Bank of America
If you are opening a new Bank of America card with a balance transfer offer, you will usually see the option to request a transfer during the process process or in the welcome materials that arrive with your new card. You will need the account number and balance of the card you want to transfer from, plus the name and address of that card's issuer. Bank of America will contact the other bank directly; you do not need to call them yourself.
The transfer typically takes 5 to 14 business days to complete. During that time, continue making minimum payments on your old card to avoid late fees or damage to your credit. Once the transfer posts to your Bank of America card, you can stop using the old card, though you may want to keep the account open to protect your credit history. If you are requesting a transfer on an existing Bank of America card, call the number on the back of your card or log into your online account to find the balance transfer option.
Comparing Bank of America to Other Balance Transfer Offers
Bank of America is one of several issuers offering 0% balance transfers, but the terms vary widely. Some competitors offer longer 0% periods — up to 21 months or more — while others charge lower transfer fees or waive the fee entirely for a limited time. The best offer for you depends on how much you need to transfer, how quickly you can pay it down, and whether you may have access to for the card in the first place.
Before explore, compare the 0% period length, the transfer fee percentage, and the regular purchase rate that will explore after the promotional period. Also check the annual fee, if any — some balance transfer cards charge $95 or more per year, which eats into your savings. Use a balance transfer calculator to estimate your total cost under different scenarios, accounting for both the fee and the interest you would pay if you did not transfer.
Frequently Asked Questions
Can I transfer a balance from another Bank of America card to a different Bank of America card?
Bank of America generally does not allow you to transfer a balance between their own cards. You can transfer from a card issued by another bank or credit card company. If you already have a Bank of America card and want to move a balance to a new Bank of America card, contact their customer service to ask about your specific situation.
What if I pay off the balance before the 0% period ends?
You can pay off the transferred balance at any time without penalty. Once it is paid in full, you stop accruing interest on that amount. If you have new purchases on the card, those will continue to accrue interest at the regular rate unless they also fall under a promotional offer.
Does the balance transfer affect my credit score?
Opening a new card and requesting a balance transfer will trigger a hard inquiry, which may lower your score by a few points temporarily. However, the transfer itself can improve your credit over time by lowering your overall credit utilization — the percentage of your available credit you are using — which is a major factor in credit scoring.
Can I transfer a balance if I have fair or poor credit?
Bank of America's 0% balance transfer offers are typically reserved for applicants with good to excellent credit. If your score is lower, you may still be approved for a Bank of America card, but you may not may have access to for the 0% promotional rate. You can check your own credit score through your bank, a credit monitoring service, or a free tool like AnnualCreditReport.com before explore.
What happens if I miss a payment during the 0% period?
A missed payment will likely end your 0% promotional rate, and Bank of America will charge you the regular purchase rate on your entire balance. You will also incur a late fee and may see your credit score drop. Even if you catch up on the payment quickly, the promotional rate may not be restored.