What Bank of America offers on balance transfers
Bank of America offers several credit cards with balance transfer features, but the terms change based on which card you get and when you explore. The most common option is a 0% introductory rate on balance transfers for a set period — typically 6, 12, or 18 months depending on the card and current promotions. After that period ends, a standard variable rate kicks in.
The catch is the balance transfer fee. Bank of America charges either 3% or 5% of the amount you transfer, depending on the card. That fee is added to your balance when ready, so if you transfer $5,000 at 3%, you owe $5,150 from day one. There is no way around this fee — it applies to everyone.
You do not earn rewards on the transferred balance itself, though you may earn cash back or points on new purchases you make with the card. The introductory rate applies only to the transferred balance, not to new charges, which accrue interest at the regular purchase rate right away.
Key Takeaways
- Bank of America balance transfer cards charge a one-time fee of 3% to 5% of the amount transferred, added to your balance when ready.
- The 0% introductory rate lasts 6 to 18 months depending on the card, after which a variable interest rate applies to any remaining balance.
- You must transfer the balance within a specific window — usually 60 days from account opening — or you lose the promotional rate.
- New purchases made after you open the card are charged the regular purchase rate, not the introductory rate, so the card works best if you transfer and then stop using it.
Which Bank of America cards offer balance transfers
Bank of America's balance transfer options appear on several cards, but availability and terms shift. The bank does not always advertise a dedicated balance transfer card; instead, the feature appears on cash back cards, travel cards, and other products. You can see current offers on Bank of America's website by filtering for "balance transfer" in the card search tool.
The specific introductory period and fee depend on which card you choose and what promotion is running at the time you explore. A card offering 0% for 18 months might have a 5% transfer fee, while another offering 0% for 12 months might charge 3%. There is no single "best" card — it depends on how much you need to transfer, how long you need the 0% period, and whether you plan to use the card for other purchases.
Before you explore, check the card's terms document (called the Schumer Box) on the product page. It lists the transfer fee, the length of the introductory period, and the regular APR that applies after the promotion ends. This document is the same one the bank must show you by law, so it is the most reliable source.
How to transfer a balance to a Bank of America card
Once your Bank of America card arrives and is activated, you have a limited window — usually 60 days — to request the balance transfer. After that, you lose the promotional rate. You can request the transfer online through your Bank of America account, by phone, or by mail.
You will need the account number and balance of the card or loan you are transferring from. Bank of America will contact that creditor directly to arrange the payment. The transfer typically takes 5 to 10 business days, though it can take longer if the other creditor processes slowly. During this time, keep making minimum payments on the old account to avoid late fees.
Once the transfer posts, your old creditor will show a zero balance (or the remaining balance if you only transferred part of it). Your Bank of America statement will show the transferred amount plus the transfer fee. From that point forward, any payment you make to Bank of America goes toward the transferred balance first, then toward new purchases.
The real cost of a balance transfer
The fee is the biggest cost, but it is not the only one. If you do not pay off the transferred balance before the introductory period ends, you will owe interest on whatever remains. That interest rate is usually 16% to 25%, depending on your credit score and the card.
Here is a concrete example: you transfer $3,000 at 3% fee, so you owe $3,090. The card offers 0% for 12 months. If you pay $260 per month, you will pay off the balance before interest kicks in. But if you only pay $200 per month, you will still owe about $1,500 when month 13 arrives. At 20% APR, that $1,500 will cost you roughly $300 in interest over the next year if you keep making $200 payments.
The transfer also affects your credit score in two ways. Your credit utilization — the percentage of your available credit you are using — jumps when ready when the balance posts. This can lower your score by 10 to 50 points. The score usually recovers as you pay down the balance. Opening a new card also triggers a hard inquiry, which can lower your score by a few points for a few months.
When a balance transfer makes sense
A balance transfer works best if you have high-interest debt you can pay off within the introductory period. If you are carrying $4,000 on a credit card at 22% APR and you can pay $350 per month, a balance transfer saves you money. The 3% to 5% fee costs $120 to $200 upfront, but you avoid paying roughly $400 in interest over the next year.
It also makes sense if you need breathing room — a few months where you are not accruing interest while you reorganize your finances or increase your income. The 0% period gives you time to focus on paying down the principal without interest working against you.
A balance transfer does not make sense if you cannot commit to paying off the balance before the rate expires, or if you plan to keep using the card for new purchases. New charges are not covered by the 0% rate, so you end up carrying two balances at different rates, which is harder to manage. It also does not make sense if the card has an annual fee that outweighs the interest you would save.
Alternatives to Bank of America balance transfers
Other banks offer balance transfer cards with different terms. Some charge lower fees (as low as 0% for a limited time), while others offer longer 0% periods. Discover, Chase, and Citi all have balance transfer products worth comparing. The best choice depends on your specific balance, how fast you can pay it down, and which terms align with your timeline.
If you have very high debt or cannot pay it off in the promotional period, a balance transfer may not solve the problem. In that case, a debt consolidation loan from a bank or credit union, a debt management plan through a nonprofit credit counselor, or a conversation with a bankruptcy attorney might be more realistic options. A credit counselor can review your full situation and help you decide whether a balance transfer is the right move.
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 their cards to another. You can only transfer balances from other banks or credit card issuers. If you want to move debt within Bank of America, you would need to pay it down or explore other options.
What happens if I do not pay off the balance before the 0% period ends?
Any remaining balance will start accruing interest at the card's regular APR, which is typically 16% to 25%. The interest is calculated daily and added to your balance each month. You will owe interest on the full remaining balance, not just new charges.
Does the balance transfer fee count toward my credit limit?
Yes. If you transfer $3,000 and pay a 3% fee, that $3,090 total counts against your available credit. Your credit utilization ratio increases when ready, which can lower your credit score temporarily.
Can I transfer a balance if I have bad credit?
Bank of America balance transfer cards typically require fair to good credit — usually a score of 670 or higher. If your score is lower, you may not be approved. You can check your score for free through various services before explore to get a sense of your chances.
What if the other creditor does not process the transfer?
This is rare, but it can happen if the other creditor has technical issues or disputes the transfer request. Contact Bank of America when ready if the transfer does not post within 10 business days. They can investigate and may be able to resubmit the request or offer other options.