What Bank of America offers for balance transfers
Bank of America offers balance transfer options through several of its credit cards, most commonly the BankAmericard Credit Card and the Bank of America Cash Rewards Credit Card. The key feature is an introductory APR period — a set number of months during which you pay little to no interest on the balance you transfer from another card. After that period ends, a regular APR kicks in.
The introductory rate and length vary depending on which card you choose and when you open it. Some cards offer 0% APR for a set period (the exact number of months changes based on current offers), while others may have a small percentage. Bank of America charges a balance transfer fee — typically 3% of the amount transferred, with a minimum fee of $10. This fee is added to your balance, so if you transfer $5,000 at 3%, you owe $5,150 to pay off.
You transfer the balance by providing Bank of America with your old card details during the process process or shortly after opening the account. Bank of America then pays off that balance on your behalf, and you begin making payments to them instead.
Key Takeaways
- Bank of America balance transfer cards charge a fee (usually 3% of the amount transferred) that gets added to what you owe.
- The introductory 0% APR period lasts a specific number of months, after which a regular APR applies to any remaining balance.
- You must request the balance transfer during or shortly after opening the account, and you provide your old card details to Bank of America.
- The math only works in your favor if you pay down the balance before the introductory period ends, because the regular APR can be 15% or higher.
How the introductory period and regular APR work together
The introductory APR period is the window where you pay no interest (or a very low rate) on the transferred balance. During this time, every dollar you pay goes toward reducing what you owe, not toward interest charges. If you transfer $5,000 and the intro period is 12 months, you have 12 months to pay down that $5,000 (plus the 3% fee) without interest piling up.
Once the introductory period ends, any remaining balance is subject to the card's regular APR. This rate is typically between 15% and 25%, depending on your credit score and current market rates. If you still owe $3,000 when the intro period ends, you will start paying interest on that $3,000 at the regular rate. This is why the strategy only works if you have a concrete plan to pay the balance down during the intro months.
Bank of America will send you statements showing your balance, the intro period end date, and what your APR will be after. Mark that end date on your calendar — missing it by even one month means interest starts accruing on whatever is left.
Comparing Bank of America cards and their balance transfer terms
Bank of America offers balance transfer options on multiple cards, and the terms differ. The BankAmericard Credit Card is designed specifically for balance transfers and typically has a longer introductory period than cards that offer balance transfers as a secondary feature. The Cash Rewards card also allows balance transfers but may have a shorter intro period because its main draw is cash back on purchases.
The introductory APR period, the regular APR after that, and the balance transfer fee can all vary. Some offers change monthly based on market conditions and your creditworthiness. Before you open an account, Bank of America will show you the specific terms you may have access to for — this is called a pre-qualification offer and it is binding if you proceed.
You can also call Bank of America at the number on the back of an existing card or visit a branch to ask about current balance transfer offers. The representative can tell you exactly what terms you would receive based on your credit profile.
The math: when a balance transfer makes sense
A balance transfer only saves you money if you pay down the balance faster than interest would accumulate on your old card. Here is a concrete example: suppose you owe $5,000 on a card charging 20% APR, and you can pay $500 per month. On your old card, you would pay roughly $2,600 in interest over the life of the debt. With a Bank of America balance transfer card charging 3% upfront ($150 fee) and 0% for 12 months, you would pay $150 in fees and $0 in interest during those 12 months — a savings of about $2,450.
But this only works if you actually pay $500 per month. If you transfer the balance and then make small payments, you will still owe money when the intro period ends, and the regular APR will kick in. The fee you paid upfront ($150) becomes a sunk cost, and you are now paying interest on top of it.
Before you transfer, calculate your monthly payment target. Divide the total amount you owe (including the 3% fee) by the number of months in the introductory period. If that number is more than you can realistically pay each month, a balance transfer may not be the right move.
How to request a balance transfer from Bank of America
If you are opening a new Bank of America credit card, you can request a balance transfer during the process process. The process will ask whether you want to transfer a balance, and if so, it will ask for the name of the card issuer, your account number on that card, and the amount you want to transfer. Bank of America will then contact that issuer and arrange the transfer.
If you have already opened the account, you can still request a balance transfer, usually within a set window (often 60 days from account opening, though this varies). You can do this through your online Bank of America account, by calling the number on the back of your new card, or by visiting a branch. Have your old card information ready.
The transfer itself typically takes 7 to 21 days. During this time, you should continue making minimum payments on your old card to avoid late fees. Once the transfer posts, your old card balance will drop (or close), and your Bank of America balance will reflect the transferred amount plus the 3% fee.
What happens after the introductory period ends
When the introductory APR period ends, the regular APR applies to any remaining balance on the card. If you have paid off the entire balance, you owe nothing and no interest accrues. If you still owe money, interest begins accruing when ready at the regular rate.
You can continue making payments on the card after the intro period ends, just as you would on any credit card. You can also transfer the remaining balance to another 0% balance transfer card if one is available to you — though you would pay another balance transfer fee. Some people use this strategy to extend the interest-free period, but each transfer fee adds to the total cost.
Bank of America will notify you before the introductory period ends, usually 30 to 60 days in advance. This notice will state the new APR and give you time to plan your next steps.
Common mistakes to avoid with balance transfers
The biggest mistake is treating the balance transfer as a fresh start and then running up new debt on the card. The introductory 0% APR applies only to the transferred balance, not to new purchases. If you transfer $5,000 and then charge $2,000 in new purchases, that $2,000 is subject to the regular APR when ready. You end up with two separate balances on one card, making it harder to track what you owe and when interest kicks in.
Another common error is missing the introductory period end date. If you think you have until the end of the month but the period actually ends mid-month, interest starts accruing on the day it ends, not at the end of the billing cycle. Set a phone reminder or calendar alert at least one week before the date.
A third mistake is making only minimum payments during the intro period. Minimum payments are designed to keep you in debt as long as possible. If you cannot commit to paying significantly more than the minimum each month, the balance transfer fee and eventual interest charges will outweigh any benefit.
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 one of their cards. You can only transfer balances from cards issued by other banks or credit card companies. If you have debt on multiple Bank of America cards, you would need to pay them down separately or transfer them to a card from a different issuer.
What if I can't pay off the balance before the intro period ends?
You will owe interest on whatever remains at the regular APR. You can still pay it down after the intro period ends, but interest will accrue each month. Some people transfer the remaining balance to another 0% card to buy more time, though this means paying another balance transfer fee and starting the clock over.
Does the balance transfer fee get charged upfront or added to my balance?
The fee is added to your balance. If you transfer $5,000 at 3%, you owe $5,150 total. This amount is subject to the 0% introductory APR, so you are not paying interest on the fee itself during the intro period — but you do need to pay it back.
Can I use a balance transfer card for new purchases?
Yes, but new purchases are charged the regular APR when ready, not the introductory rate. The 0% APR applies only to the transferred balance. If you need to make purchases, it is usually better to use a different card or pay cash to avoid mixing balances.
How does a balance transfer affect my credit score?
Opening a new card triggers a hard inquiry, which can lower your score slightly. Transferring a balance may also lower your score temporarily if it increases your overall credit utilization. However, paying down the transferred balance over time will improve your score, and the inquiry's impact fades after a few months.