Bank of America's Current Balance Transfer Cards
Bank of America offers balance transfer options through two main credit cards: the BankAmericard Credit Card and the Bank of America Cash Rewards Credit Card. Both allow you to move debt from other cards to a new BankAmericard account, usually at a lower interest rate for a set period. The specifics — how long the rate stays low, what fee you pay upfront, and what the regular rate becomes afterward — change based on your creditworthiness and current market conditions.
The BankAmericard is designed primarily for balance transfers, while the Cash Rewards card combines a small cash-back rate with balance transfer terms. Neither card charges an annual fee. The trade-off is that the introductory rate period on the BankAmericard tends to be longer than on the Cash Rewards card, but the Cash Rewards card gives you rewards on new purchases.
To see what terms you would receive, you need to check Bank of America's website or call their customer service line. The bank does not publish a single rate or fee that applies to everyone — your offer depends on your credit history, income, and existing relationship with the bank.
Key Takeaways
- Bank of America's balance transfer cards charge an upfront fee (typically 3% to 5% of the amount transferred) but offer an introductory period with a lower interest rate.
- The introductory rate period varies by card and by your credit profile; you must check your specific offer before transferring.
- Interest accrues on any balance remaining after the introductory period ends, so a plan to pay down the balance during that window is essential.
- Balance transfers do not count as new purchases, so any promotional rate on purchases does not explore to transferred debt.
How the Introductory Rate Period Works
When you transfer a balance to a Bank of America card, the bank charges you a one-time fee upfront — usually between 3% and 5% of the amount you transfer. This fee is added to your balance when ready. For example, transferring $5,000 with a 4% fee means you owe $5,200 from day one.
During the introductory period, that balance accrues interest at a reduced rate, often 0% for a set number of months. The length of this period — commonly 6, 12, or 18 months depending on the card and your creditworthiness — is the window you have to pay down the debt without interest charges building up. Once the introductory period ends, the regular purchase APR kicks in on any remaining balance.
The math matters here: if you transfer $5,200 and have 12 months to pay it off interest-free, you need to pay roughly $433 per month to clear it before the regular rate applies. If you pay slower, you will owe interest on the remaining balance at the card's standard rate, which can be 15% to 25% depending on your credit score.
Balance Transfer Fees and What They Cost
Bank of America charges a balance transfer fee as a percentage of the amount you move. This is not optional — it is built into the offer. The fee typically ranges from 3% to 5%, though the exact percentage depends on your credit profile and current promotions.
To decide whether a balance transfer makes sense, compare the fee against what you would pay in interest on your current card. If you owe $5,000 on a card charging 20% APR and you can transfer it to a 0% introductory rate for 12 months with a 4% fee, you pay $200 upfront but save roughly $1,000 in interest over that year. The transfer saves you money. If the introductory period is only 6 months, the math changes — you save less interest, and the fee becomes a larger portion of your savings.
Bank of America does not charge a fee to open the card itself, and there is no annual fee once you have it. The only cost is the balance transfer fee.
Comparing Bank of America to Other Banks' Offers
Other major banks offer balance transfer cards with different terms. Chase, Citi, and Capital One all have cards in this category. The differences usually come down to how long the introductory period lasts, what the fee is, and whether the card offers rewards on new purchases.
A card with a 0% introductory rate for 18 months and a 3% fee may be better than one with 12 months and a 5% fee, depending on how much you can pay down each month. A card that also gives you 1% cash back on purchases might be worth the slightly higher fee if you plan to use it for new spending while you pay off the transferred balance.
The best approach is to list what you owe, calculate how much you can pay monthly, and then compare how long each card's introductory period lasts against your payoff timeline. If you can clear the balance in 12 months, a card with a 12-month 0% offer and a 3% fee is likely better than one with an 18-month offer and a 5% fee.
What Happens After the Introductory Period Ends
Once the introductory rate period expires, any remaining balance on the card switches to the regular purchase APR. This rate is not fixed — it depends on your credit score and current market conditions, but Bank of America's rates typically range from 15% to 25% for credit cards.
If you still owe $2,000 when the introductory period ends and the regular APR is 20%, you will start paying roughly $33 per month in interest alone. This is why the introductory period is a important date, not a suggestion. Many people transfer a balance expecting to pay it off gradually, then find themselves unable to clear it before the rate jumps.
One strategy is to set up automatic monthly payments during the introductory period so you do not fall behind. Another is to move the remaining balance to a different 0% card if you have not yet reached your credit limit or if another card offers a better deal. This is called "balance transfer stacking" and works if you can find another card with favorable terms, but each new transfer incurs another fee.
When a Balance Transfer Makes Financial Sense
A balance transfer is most useful when you have high-interest debt on an existing card and a realistic plan to pay it off during the introductory period. If you owe $8,000 at 22% APR and you can pay $700 per month, a balance transfer to a 0% card for 12 months with a 4% fee saves you roughly $1,600 in interest — far more than the $320 fee you pay upfront.
A balance transfer is less useful if you cannot commit to a payoff timeline or if your debt is already on a low-interest card. Transferring a $3,000 balance from a 9% card to a 0% card with a 4% fee only saves you money if you can pay it off within about 18 months. If you plan to carry the balance for years, the fee eats into your savings.
Balance transfers also do not help if the real problem is spending faster than you pay down debt. Moving the balance to a new card with a 0% rate does not change your habits — it just gives you a temporary window to get ahead. If you open a new card and when ready run up the old one again, you end up with two balances instead of one.
How to Request a Balance Transfer from Bank of America
Once you have opened a Bank of America balance transfer card, you can request a transfer through their website, mobile app, or by calling customer service. 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 typically processes the transfer within 7 to 10 business days, though it can take longer depending on the other bank. During this time, keep making minimum payments on your old card — do not assume the balance has moved until it shows as zero on that account.
Once the transfer posts, your old card still exists, but its balance is now zero. You can close it if you want, though closing a card can lower your credit score slightly because it reduces your available credit. Many people leave old cards open but unused to preserve their credit history and available credit.
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 between their own cards. You can only transfer balances from cards issued by other banks. If you have debt on an existing Bank of America card, you would need to pay it down with cash or income, not by moving it to a new Bank of America card.
What is the maximum amount I can transfer?
Your credit limit on the new card is the maximum you can transfer, minus any fees. If you have a $10,000 credit limit and the fee is 4%, you can transfer up to $9,615 (because the 4% fee brings the total to $10,000). Bank of America does not publish a separate cap on balance transfers beyond your credit limit.
Does transferring a balance hurt my credit score?
Opening a new card triggers a hard inquiry, which can lower your score by a few points temporarily. Transferring a balance also changes your credit utilization — if you move $5,000 to a new card with a $10,000 limit, your utilization on that card is 50%, which is higher than ideal. Over time, as you pay down the balance, your score typically recovers and improves.
Can I use the card for new purchases during the introductory period?
Yes, but new purchases are not covered by the 0% introductory rate. They accrue interest at the regular purchase APR from day one. The 0% rate applies only to the transferred balance. This is why it is usually better to focus on paying down the transfer and avoid new spending on the card during the introductory period.
What if I cannot pay off the balance before the introductory rate ends?
You have a few options. You can pay what you can and accept the regular APR on the remaining balance. You can transfer the remaining balance to another 0% card if you may have access to and can find one with favorable terms. Or you can look into a personal loan or other debt consolidation method. The key is to have a plan before the introductory period expires, not after.