Bank of America balance transfer basics
Bank of America offers balance transfers on most of its credit cards, but the terms depend on which card you hold or are considering. The bank moves your debt from another card to your BofA card, usually at a lower interest rate for a set period — typically 6 to 21 months with no interest, depending on the card and your creditworthiness. You pay a one-time transfer fee, usually 3% of the amount transferred, charged to your new BofA card.
The transfer itself takes 7 to 10 business days. During that time, you keep making payments to your old card to avoid late fees. Once the transfer posts, your old card balance drops to zero, and the full amount appears on your BofA statement. After the promotional period ends, any remaining balance reverts to the card's standard purchase APR, which varies by card and your credit profile.
Key Takeaways
- Bank of America balance transfers carry a 3% fee on the amount moved and come with an interest-free period that ranges from 6 to 21 months depending on the card.
- You must have a Bank of America credit card already open, or you need to open one before requesting the transfer — you cannot transfer to a card you do not yet own.
- The transfer takes 7 to 10 business days to complete, so continue paying your old card during that window to avoid late charges.
- After the promotional period ends, any unpaid balance charges interest at the card's regular APR, so a payoff plan before that date matters more than the initial rate.
Which Bank of America cards offer balance transfers
Not every BofA card includes balance transfer terms. The cards most commonly used for transfers are the BofA Cash Rewards card, the BofA Travel Rewards card, and the BofA Premium Rewards card. Each has different promotional periods and fee structures. You can view the current terms for each card on Bank of America's website under the card details section, though the exact offer you receive depends on your credit score and history.
If you already hold a Bank of America card, you can request a transfer through your online account or by calling the number on the back of your card. If you do not yet have a BofA card, you will need to open one first. The balance transfer offer is typically available when ready after approval, though some cards require you to wait 30 days before initiating a transfer.
How to request a balance transfer from Bank of America
Log into your Bank of America online account and select the card you want to transfer the balance to. Look for the "Balance Transfers" or "Transfers" option in the account menu. You will enter the name of the creditor you are transferring from, the account number, and the amount you want to move. BofA will then contact that creditor to initiate the transfer on your behalf.
Alternatively, call the customer service number on the back of your card and speak to a representative who can process the transfer over the phone. They will ask for the same information: the creditor name, your account number with that creditor, and the transfer amount. You can transfer from any credit card, but you cannot transfer from a Bank of America card to another Bank of America card.
Before you request the transfer, gather your old card statement so you have the exact account number and creditor name. Confirm the promotional period and fee with the representative before finalizing the request. Once submitted, you will receive a confirmation number and an estimated completion date.
Understanding the transfer fee and interest-free period
The balance transfer fee is a one-time charge calculated as a percentage of the amount transferred. Bank of America typically charges 3%, though this can vary. A $5,000 transfer would cost $150 in fees, added to your BofA card balance when ready. This fee is not waived for any customer, so factor it into your decision about whether a transfer makes financial sense.
The interest-free period begins when the transfer posts to your account, not when you request it. During this window — which might be 6, 12, 18, or 21 months depending on your card — no interest accrues on the transferred balance. Any new purchases you make on the card after the transfer typically do not receive the same promotional rate; they charge interest at the card's regular purchase APR from day one. To avoid confusion, many people use a separate card for new purchases during the promotional period.
When the promotional period ends, the remaining balance converts to the card's standard APR. If you still owe $2,000 when the offer expires, that $2,000 will begin accruing interest at the regular rate. This is why having a payoff timeline before the period ends is critical to the strategy working in your favor.
What happens after the promotional period ends
Once the interest-free period expires, any unpaid balance on the transferred amount charges interest at the card's regular APR. This rate is not fixed and can change over time based on market conditions and your creditworthiness. Bank of America will notify you in writing before the promotional period ends, typically 30 to 60 days in advance, telling you the new APR that will explore.
If you have not paid off the balance by the end of the promotional period, you have a few options. You can continue paying down the balance at the new rate, request another balance transfer to a different card (if you are may be able to access), or explore other debt repayment strategies. Some people use the promotional period to aggressively pay down the principal, knowing that interest will kick in afterward.
Balance transfer limits and credit impact
Bank of America does not publish a specific maximum transfer amount, but your limit is typically tied to your credit limit on the card you are transferring to. If your card has a $10,000 limit, you cannot transfer more than that. The bank may also set an internal cap based on your creditworthiness and account history.
Requesting a balance transfer triggers a hard inquiry on your credit report, which can lower your credit score by a few points temporarily. The transfer itself also increases your credit utilization — the percentage of available credit you are using — which can further impact your score in the short term. However, if the transfer helps you pay down debt faster, your score typically recovers and improves over time as your utilization drops.
Comparing Bank of America to other balance transfer options
Other card issuers offer balance transfer promotions with different terms. Some cards offer longer interest-free periods (up to 24 months), while others charge lower transfer fees (as low as 0% for the first 60 days). Your choice depends on how much you owe, how quickly you can pay it down, and which card's terms align with your timeline.
If you do not may have access to for a Bank of America card or prefer not to open a new account, you might explore balance transfer cards from other issuers, a personal loan with a fixed rate, or a debt consolidation loan. Each has different costs and terms. The key is comparing the total cost — the transfer fee plus interest paid after the promotional period — across your options before deciding.
Frequently Asked Questions
Can I transfer a balance to a Bank of America card I just opened?
Most Bank of America cards allow balance transfers when ready after approval, though some require you to wait 30 days. Check your card's terms or call customer service to confirm. If there is a waiting period, you can request the transfer as soon as it expires.
What if my balance transfer is denied?
Denials usually happen because your credit limit is too low, your credit score does not meet the card's requirements, or you have recently opened too many accounts. Contact Bank of America to ask why the transfer was declined. You may be able to request a credit limit increase and try again, or you might need to explore other options.
Do I still owe my old credit card company while the transfer is processing?
Yes. The transfer takes 7 to 10 business days, so continue making payments to your old card during that time. Once the transfer completes and your old balance hits zero, you can stop paying that card. Missing a payment during the transfer window can result in late fees and credit score damage.
Can I transfer a balance from another Bank of America card?
No. Bank of America does not allow balance transfers between its own cards. You can only transfer from a credit card issued by a different bank or card company.
What if I cannot pay off the balance before the promotional period ends?
The remaining balance will begin accruing interest at the card's regular APR. You can continue paying it down at that rate, request another balance transfer to a different card if you may have access to, or explore a personal loan or debt consolidation option. Planning your payoff timeline before you transfer is the best way to avoid this situation.