What Bank of America Offers for Balance Transfers
Bank of America runs balance transfer offers on several of its credit cards, but the specific card, interest rate, and promotional period change throughout the year. The bank does not advertise a single "balance transfer card" — instead, different cards in their lineup (such as cards in the BankAmericard or travel rewards families) occasionally include a 0% introductory APR period on transferred balances. You need to check the current offer on the specific card you are considering, because the terms vary by card and by when you open the account.
The mechanics work the same way across all their cards: you open the card, request a balance transfer from another lender, and Bank of America sends the payment directly to that lender. You then owe Bank of America the transferred amount, charged at 0% for the promotional period. After that period ends, the regular APR kicks in. Most balance transfer offers also charge a one-time fee — typically 3% to 5% of the amount transferred — added to your balance on day one.
Key Takeaways
- Bank of America balance transfer offers appear on multiple cards in their lineup, not a single dedicated card, and the terms change regularly.
- A balance transfer fee of 3% to 5% is charged upfront and added to your balance, so the true cost includes both the fee and any interest after the promotional period ends.
- The 0% promotional period typically lasts 6 to 21 months depending on the card and the offer at the time you open the account, and you must request the transfer within a set window (often 60 days).
- You can transfer balances from any lender — credit cards, personal loans, medical debt — as long as the receiving card has available credit and the transfer does not exceed your credit limit.
- Your credit score will drop slightly when you open a new card and when the transfer increases your credit utilization, but the long-term benefit of paying down debt usually outweighs the short-term dip.
How to Find Current Bank of America Balance Transfer Offers
Bank of America publishes the terms for each card on its website under the card's details page. You will see the promotional APR period listed as "0% intro APR for [X] months on balance transfers," along with the balance transfer fee percentage. The catch is that the offer you see online may not be the offer you receive — your actual terms depend on your credit score, credit history, and the bank's current risk assessment.
Before you open an account, read the fine print for the transfer window. Most cards require you to request the balance transfer within 60 days of opening the account. If you miss that window, you cannot transfer a balance on that card. Also check whether there is a limit on how much you can transfer — some cards cap transfers at your credit limit, while others allow transfers up to a percentage of your limit.
Balance Transfer Fees and the Real Cost
The balance transfer fee is not optional. Bank of America charges 3% to 5% of the amount you transfer, and this fee is added to your balance when ready. If you transfer $5,000 at a 3% fee, you owe $5,150 from day one. That $150 is part of your balance and will accrue interest after the promotional period ends if you have not paid it off.
To decide whether a balance transfer makes sense, calculate the total cost. If you are transferring $5,000 at 3% fee ($150) and the promotional period is 12 months, you need to pay down the balance by at least $150 per month to break even. If your current card charges 20% APR, you are paying roughly $83 per month in interest alone on that $5,000 — so the balance transfer saves you money if you can pay more than $150 per month during the promotional period. If you cannot, the fee may not be worth it.
Promotional Period Length and What Happens After
Bank of America's promotional periods range from 6 to 21 months depending on the card and the current offer. A longer promotional period gives you more time to pay down the balance without interest, but it also means the bank is offering that term to attract customers — which usually means the card's regular APR (the rate after the promotion ends) is higher than average.
Mark your calendar for the month the promotional period ends. On that date, any remaining balance will start accruing interest at the card's regular APR, which typically ranges from 16% to 25% depending on your creditworthiness. If you have a $2,000 balance remaining when the promotion ends, you will owe roughly $27 to $42 per month in interest alone. Many people open a balance transfer card, pay down part of the balance, and then forget about the remaining amount — only to be hit with interest charges months later.
When a Bank of America Balance Transfer Makes Sense
A balance transfer works best when you have a concrete plan to pay off the transferred balance before the promotional period ends. If you are carrying $8,000 on a credit card at 22% APR and you can pay $700 per month, a 12-month 0% balance transfer saves you roughly $1,100 in interest. The 3% fee ($240) is still much cheaper than the interest you would pay.
A balance transfer also makes sense if you are consolidating multiple high-interest debts onto one card. Instead of juggling three cards at 20%+ APR, you move all three balances to one Bank of America card at 0% for the promotional period. You then have one payment to track and one important date to work toward.
A balance transfer does not make sense if you cannot commit to paying down the balance during the promotional period, or if you plan to keep using the card for new purchases. New purchases typically accrue interest when ready at the regular APR, separate from the transferred balance. If you transfer $5,000 and then spend $1,000 on the card, you now have two balances with different interest rates — the transferred balance at 0% and the new purchases at 20%+.
How Your Credit Score Is Affected
Opening a new Bank of America card will cause a small, temporary drop in your credit score — typically 5 to 10 points. This happens because the bank runs a hard inquiry on your credit report. The score usually recovers within a few months as long as you make on-time payments.
The balance transfer itself may also lower your score in the short term because it increases your credit utilization ratio — the percentage of your available credit that you are using. If you have a $10,000 credit limit and transfer $5,000, your utilization jumps to 50%. Credit scores favor utilization below 30%, so a high transfer can temporarily hurt your score. However, as you pay down the transferred balance, your utilization drops and your score recovers.
The long-term effect on your credit is usually positive. Paying off high-interest debt faster improves your credit mix and payment history, both of which boost your score over time. The short-term dip is worth it if you use the promotional period to actually pay down the debt.
Alternatives to Bank of America Balance Transfers
Other banks offer balance transfer cards with similar or sometimes better terms. Chase, Capital One, and Citi all run balance transfer promotions on various cards. Some offers include longer promotional periods (up to 21 months) or lower balance transfer fees (as low as 0% for the first 60 days). Compare the specific offer on the Bank of America card you are considering against offers from other banks before you decide.
If you do not want to open a new credit card, you can also take out a personal loan to pay off the credit card debt. Personal loans typically charge 8% to 36% APR depending on your credit score, which is higher than a 0% promotional period but lower than most credit card APRs. Personal loans also have a fixed payoff date, which forces you to stick to a payment schedule. The tradeoff is that you cannot pause payments or reduce your payment amount if your situation changes.
Frequently Asked Questions
Can I transfer a balance from another Bank of America card to a Bank of America balance transfer card?
No. Bank of America does not allow you to transfer a balance between its own cards. You can only transfer balances from other lenders — other banks' credit cards, personal loans, medical debt, or other third-party accounts. If you want to consolidate multiple Bank of America cards, you would need to use a personal loan or a balance transfer card from a different bank.
What happens if I do not pay off the balance before the promotional period ends?
The remaining balance will start accruing interest at the card's regular APR on the first day after the promotional period ends. There is no grace period. If you have $2,000 remaining and the APR is 20%, you will owe roughly $33 per month in interest. You can continue making payments, but interest will accrue on any unpaid balance.
Can I make new purchases on the card while paying off the transferred balance?
Yes, but new purchases are charged at the regular APR when ready — they do not get the 0% promotional rate. The 0% rate applies only to the transferred balance. If you want to avoid interest on new purchases, do not use the card for anything other than paying down the transferred balance during the promotional period.
How long does a balance transfer take to show up on my Bank of America account?
Bank of America typically processes balance transfers within 7 to 10 business days, though it can take up to 21 days depending on the other lender. During this time, you still owe the original lender — do not stop making payments to your old card until you see the transfer complete on your Bank of America account and the old card shows a zero balance.
Will the balance transfer affect my ability to get other credit?
Opening a new card and increasing your credit utilization will cause a temporary dip in your credit score, which may affect your ability to get approved for other credit in the short term. However, if you use the balance transfer to pay down debt and make on-time payments, your score will improve over the next few months. Most lenders look at your score over time, not a single snapshot.