What Bank of America Balance Transfer Cards Offer
Bank of America offers balance transfer options through several of its credit cards, most commonly the BankAmericard Cash Rewards card and the Bank of America Travel Rewards card. These cards let you move debt from another card to your Bank of America account, usually at a lower interest rate for a set period. The bank does not charge a balance transfer fee on either of these cards, which saves you money compared to cards that charge 3% to 5% of the amount transferred.
The introductory rate period varies depending on which card you choose and when you open it. During this period, you pay little to no interest on the transferred balance. After the introductory period ends, the regular purchase and balance transfer rate applies. The exact terms change based on current promotions, so the rate and length of the offer available to you depends on when you explore.
Key Takeaways
- Bank of America's main balance transfer cards charge no balance transfer fee, which means you keep more of your money compared to competitors.
- The introductory rate period lasts a set number of months, after which the regular APR applies to any remaining balance.
- You can transfer balances from other cards, but the transfer must be requested when you open the account or shortly after.
- The card you choose affects which introductory rate and length of period you receive, so comparing the current offers matters.
- You will need to provide your other card details to complete the transfer, and the process typically takes one to two billing cycles.
Which Bank of America Cards Offer Balance Transfers
The BankAmericard Cash Rewards card is Bank of America's primary balance transfer option. It offers no annual fee and no balance transfer fee. The card also earns 1% cash back on all purchases, which can help offset interest costs on new spending while you pay down the transferred balance.
The Bank of America Travel Rewards card is the second option. It also has no annual fee and no balance transfer fee. This card earns 1.5 points per dollar on all purchases, which you can redeem toward travel or statement credits. The introductory rate period and regular APR may differ from the Cash Rewards card, so check the current offer before deciding.
Bank of America occasionally offers balance transfer promotions on other cards in its lineup, but these two are the standard options. The terms of each offer change throughout the year, so the introductory period length available to you now may not be the same as what someone else receives in three months.
How to Request a Balance Transfer
You can request a balance transfer when you open the account or within a set window after opening (usually 60 days, though this varies). To start the transfer, you will need the account number and card number of the card you want to pay off, the cardholder name on that account, and the amount you want to transfer.
You can request the transfer through the Bank of America website, mobile app, or by calling the customer service number on the back of your new card. The bank will contact your other card issuer to move the balance. The transfer does not happen when ready — it typically takes one to two billing cycles for the money to appear on your Bank of America card and for the other card to show a zero balance.
During this waiting period, continue making at least the minimum payment on your old card to avoid late fees. Once the transfer posts, you can stop paying that card and focus on the Bank of America account instead.
Understanding the Introductory Period and What Happens After
The introductory period is the number of months during which you pay a reduced or zero interest rate on the transferred balance. Bank of America's current offers typically range from 6 to 21 months, depending on the card and the promotion running at the time you open the account. During this period, your monthly payment goes almost entirely toward reducing the principal balance rather than paying interest.
Once the introductory period ends, the regular balance transfer APR kicks in. This rate is not a promotional rate — it is the standard rate Bank of America charges for balance transfers on that card. The regular APR varies based on your creditworthiness and current market conditions, but it is typically in the range of 15% to 25%. Any remaining balance will accrue interest at this rate.
To avoid paying interest after the introductory period, you should aim to pay off the entire transferred balance before the promotional period ends. If you cannot, you will owe interest on whatever remains. Some people transfer the remaining balance to another 0% card to extend the interest-free period, though this requires opening a new account and may affect your credit score.
Balance Transfer Limits and How Much You Can Move
Bank of America does not publicly state a maximum balance transfer amount, but the limit is typically tied to your credit limit on the new card. You cannot transfer more than your available credit, and the bank may set the balance transfer limit lower than your total credit limit.
You can transfer balances from multiple cards if you want, as long as the total does not exceed your credit limit. For example, if your new card has a $5,000 credit limit, you could transfer $3,000 from one card and $2,000 from another. Each transfer counts toward your total available credit, so plan accordingly.
The bank may also limit how much you can transfer based on your income and existing debt. If you are denied for a balance transfer amount, you can request a smaller transfer or contact customer service to discuss your options.
Fees and Costs to Know About
Bank of America charges no balance transfer fee on its main balance transfer cards, which is a significant advantage. However, you will still owe interest on the transferred balance once the introductory period ends, unless you pay it off completely before that date.
The card itself has no annual fee, so there is no yearly cost for holding it. If you use the card for new purchases, those purchases will accrue interest at the regular purchase APR if you do not pay the full statement balance by the due date. The purchase APR is separate from the balance transfer APR, so new charges may have a different interest rate than your transferred balance.
If you miss a payment, Bank of America may charge a late fee and could raise your APR as a penalty. Staying current on your payments protects both your introductory rate and your credit score.
How Balance Transfers Affect Your Credit
Opening a new credit card triggers a hard inquiry on your credit report, which may lower your score by a few points temporarily. This inquiry stays on your report for about a year but has less impact over time.
A balance transfer can also affect your credit utilization ratio — the percentage of your available credit that you are using. If you transfer a large balance to your new Bank of America card, your utilization on that card will be high, which can lower your score. However, if the transfer reduces your utilization on your old cards (because you are paying them down), your overall utilization may improve, which could help your score.
Making on-time payments on your Bank of America card will build positive payment history and help your credit recover. The temporary dip from opening the account usually bounces back within a few months if you manage the card responsibly.
Frequently Asked Questions
Can I transfer a balance from a Bank of America card to another Bank of America card?
No. Bank of America does not allow you to transfer a balance between its own cards. You can only transfer balances from cards issued by other banks or credit card companies. If you have debt on an existing Bank of America card, you would need to pay it down with cash or income rather than using a balance transfer.
What happens if I do not pay off the balance before the introductory period ends?
Any remaining balance will start accruing interest at the regular balance transfer APR. You will owe interest on that balance going forward until it is paid off. To avoid this, aim to pay off the entire transferred amount before the promotional period expires. If you cannot, you may be able to transfer the remaining balance to another 0% card, though this requires opening a new account.
How long does a balance transfer take to show up on my Bank of America account?
Balance transfers typically take one to two billing cycles to post, though some may take up to three weeks. During this time, you should continue making minimum payments on your old card to avoid late fees. Once the transfer appears on your Bank of America account, you can stop paying the old card.
Can I make new purchases on the card while I have a balance transfer pending?
Yes. You can use your new Bank of America card for purchases right away, even while the balance transfer is processing. Keep in mind that new purchases will accrue interest at the regular purchase APR if you do not pay the full statement balance by the due date. The purchase rate is separate from the balance transfer promotional rate.
What is the difference between the BankAmericard Cash Rewards and the Travel Rewards card for balance transfers?
Both cards offer no balance transfer fee and no annual fee. The main difference is the rewards structure: Cash Rewards earns 1% cash back on all purchases, while Travel Rewards earns 1.5 points per dollar that you can redeem for travel or statement credits. The introductory balance transfer rates and periods may also differ between the two cards, so compare the current offers before choosing.