What Bank of America offers for balance transfers
Bank of America offers the BankAmericard credit card, which includes a balance transfer feature. The card comes with an introductory period on balance transfers — typically 0% APR for a set number of months — followed by a standard variable APR. There is a balance transfer fee, usually 3% of the amount transferred, with a minimum fee that varies.
The card is a standard rewards card outside the balance transfer window. It earns cash back on purchases, though the rate depends on the category. Once the introductory period ends, any remaining balance reverts to the card's regular APR, which is not fixed and changes based on your creditworthiness and market conditions.
Bank of America also issues other cards with balance transfer options, including the BankAmericard Better Balance Transfer Intro card, which is designed specifically for people moving debt. The terms — the length of the 0% period, the fee structure, and the ongoing rewards — differ between cards and change periodically.
Key Takeaways
- Bank of America's balance transfer cards charge a fee (usually 3%) to move debt from another card, but offer 0% APR for a limited introductory period.
- The length of the interest-free period and the exact fee percentage vary by card and by the time you open the account — you must check the current offer when you look.
- You need an existing balance on another card to transfer; you cannot use this feature to borrow new money.
- After the introductory period ends, any unpaid balance is charged the card's regular APR, which is variable and not set in advance.
- The card earns rewards on purchases, but the balance transfer itself does not earn cash back.
How the introductory period works
When you open a Bank of America balance transfer card, you have a window to move debt from another card at 0% APR. This window is typically 60 to 120 days from account opening, though the exact timeframe is stated in the offer. Any balance you transfer during this window will not accrue interest during the introductory period.
The introductory period itself lasts a set number of months — commonly 12 to 21 months depending on the card and the offer at the time you open it. During this time, you pay only the principal, not interest. Once the period ends, the remaining balance is charged the card's regular APR.
The key is that the 0% rate applies only to transferred balances, not to new purchases made on the card. New purchases are charged interest at the card's regular APR from the day you make them, unless the card also offers a 0% introductory period on purchases (some do, some do not).
Balance transfer fees and how they are charged
Bank of America charges a fee to move debt from another card. The fee is typically 3% of the amount transferred, with a minimum fee (often $5 to $10). This fee is added to your balance on the new card, so you pay interest on it once the introductory period ends — unless you pay it off during the 0% window.
The fee is charged at the time of transfer, not monthly. If you transfer $5,000, you owe roughly $150 in fees when ready, bringing your total balance to $5,150. This full amount is what you need to pay down during the introductory period to avoid interest charges.
Some balance transfer offers occasionally run with a lower fee (1% to 2%) or no fee at all, but these are less common and usually available only to customers with strong credit. Check the specific offer when you review the card terms.
Credit requirements and approval
Bank of America balance transfer cards are typically offered to people with good to excellent credit. The exact credit score threshold is not published, but most cardholders approved for these cards have scores of 670 or higher. If your score is lower, you may not be offered the card, or you may be offered less favorable terms.
Your credit report and income also matter. Bank of America will review your existing debt, payment history, and income to decide whether to approve you and what credit limit to assign. A higher credit limit gives you more room to transfer a larger balance.
You can check whether you are pre-may have access to for a Bank of America card without a hard inquiry on your credit report. The bank's website allows you to see offers you may be may be able to access for using a soft pull. A formal process triggers a hard inquiry, which temporarily lowers your credit score by a few points.
Comparing Bank of America to other balance transfer options
Other card issuers — Citi, Chase, Capital One, and others — also offer balance transfer cards. The introductory periods, fees, and rewards structures vary. Some cards offer longer 0% periods (up to 24 months), while others charge lower fees or offer higher cash back on purchases.
The best choice depends on how much you are transferring, how long you need to pay it off, and whether you plan to use the card for new purchases. If you need 18 months to pay off a $3,000 balance, a card with a 21-month 0% period and a 3% fee may be better than one with a 12-month period and a 1% fee, because you avoid interest charges entirely. If you need only 6 months, the lower fee matters more.
Bank of America's advantage is its branch network and customer service integration if you already bank there. The disadvantage is that its balance transfer terms are not always the most competitive. Comparing offers from three to five issuers takes 15 minutes and can save you hundreds in fees or interest.
What happens after the introductory period ends
When the 0% introductory period expires, any remaining balance on the transferred amount is charged the card's regular APR. This rate is variable, meaning it can change over time based on the prime rate and your creditworthiness. Bank of America does not publish the exact APR in advance; it is determined when your account is approved and can shift later.
If you have paid off the entire transferred balance by the end of the introductory period, no interest is charged. If you still owe money, interest accrues daily on the remaining balance at the regular APR. This is why paying down the balance during the 0% window is critical — every dollar you do not pay becomes subject to interest.
New purchases made on the card are charged interest at the regular APR from the day of purchase, regardless of the balance transfer introductory period. If the card offers a separate 0% period on purchases, that period runs independently and has its own end date.
How to use a balance transfer strategically
A balance transfer makes sense if you have high-interest debt on another card and a plan to pay it off within the introductory period. The math is straightforward: if you owe $5,000 at 18% APR on your current card, you are paying roughly $75 per month in interest alone. Moving that balance to a 0% card for 18 months saves you $1,350 in interest, even after paying the 3% transfer fee ($150).
The trap is treating the new card as a way to borrow more. If you transfer $5,000 and then charge another $3,000 in new purchases, you now owe $8,000 and the new purchases are accruing interest when ready. The introductory period does not help with those new charges.
Before opening the card, calculate the monthly payment you need to make to clear the balance before the 0% period ends. If you transfer $5,000 and have 18 months, you need to pay roughly $278 per month. If that is not realistic for your budget, a balance transfer may not solve your problem — it just delays it.
Frequently Asked Questions
Can I transfer a balance from another Bank of America card?
No. Bank of America does not allow you to transfer a balance from one of its own cards to another. You can only transfer balances from cards issued by other banks or credit card companies.
What if I do not pay off the balance before the 0% period ends?
The remaining balance is charged the card's regular APR starting the day after the introductory period ends. Interest accrues daily on the unpaid amount. You continue to make monthly payments, but a portion now goes to interest instead of principal.
Does the balance transfer fee count toward my credit limit?
Yes. If you are approved for a $6,000 credit limit and transfer $5,000, the 3% fee ($150) is added to your balance, bringing it to $5,150. Your available credit is now $850. The fee counts against your limit.
Can I transfer a balance if I am already a Bank of America customer?
Yes. Existing Bank of America customers can open a balance transfer card and transfer debt from other issuers. Your existing relationship with the bank does not change the approval process or the terms of the new card.
What if my credit score drops after I open the card?
Your introductory APR and balance transfer terms do not change. However, if you miss a payment or your credit score drops significantly, Bank of America may increase your APR on new purchases or future cards. The 0% introductory period on the transferred balance is locked in and cannot be revoked for credit score changes alone.