What Bank of America Balance Transfers Actually Do
Bank of America offers balance transfer options on some of its credit cards, meaning you can move debt from another card to a BofA card, usually at a lower interest rate for a set period. The bank doesn't pay off your old card directly — you initiate the transfer through your BofA account, and the funds go to your old card issuer to settle that balance. You then owe Bank of America instead of your original lender.
The real benefit is the introductory APR period — typically 0% for a set number of months if you meet the card's requirements. After that period ends, the regular APR kicks in. Most people use this window to pay down the principal without interest charges eating into each payment.
Bank of America charges a balance transfer fee upfront, usually 3% to 5% of the amount transferred. This fee is added to your new balance on the BofA card, so it increases what you owe from day one. You pay this fee whether or not you finish paying off the balance during the 0% period.
Key Takeaways
- Bank of America balance transfer cards charge a fee of 3% to 5% of the transferred amount, added to your balance when ready.
- The 0% introductory APR period lasts a specific number of months — check your card's terms, as this varies by card and offer.
- You must initiate the transfer yourself through your BofA account; the bank does not contact your old lender on your behalf.
- Any balance remaining after the 0% period ends will accrue interest at the card's regular APR, which can be 15% to 25% or higher.
- Balance transfers do not lower your total debt — they only change which lender you owe and temporarily reduce the interest rate.
Which Bank of America Cards Offer Balance Transfers
Not every BofA credit card includes a balance transfer option. The cards most commonly marketed for this purpose include the BofA Cash Rewards card and the BofA Travel Rewards card, though the specific terms and introductory periods change. You can check your own card's terms in your online account or by calling the number on the back of your card.
If you don't yet have a BofA card, you can review the terms of different cards on the Bank of America website before opening an account. The introductory APR period and the fee percentage are listed in the card's terms and conditions. Some cards offer longer 0% periods than others — the difference between 6 months and 18 months can be significant if you're carrying a large balance.
New cardholders sometimes have different offers than existing customers. If you already bank with BofA, log into your account to see what balance transfer offers are available to you specifically.
How to Start a Balance Transfer
Once you have a BofA card with a balance transfer option, log into your online account or call the customer service number on the back of your card. You'll need the account number of the card you want to transfer from, the amount you want to move, and the name and address of that card's issuer.
Bank of America will ask you to confirm the transfer amount and will show you the fee that will be charged. The fee is calculated as a percentage of the amount transferred — if you move $5,000 and the fee is 4%, you'll owe $5,200 on your new BofA card. You approve the transfer, and BofA sends the payment to your old card issuer.
The transfer typically takes 5 to 14 business days to complete. 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 be paid off, and the full amount (including the fee) will appear on your BofA statement.
The Math: When a Balance Transfer Makes Sense
A balance transfer only saves you money if you pay down the principal faster than you would have on your original card. The fee eats into those savings, so the math has to work in your favor.
Here's a concrete example: You owe $3,000 on a card charging 20% APR. If you pay $200 per month, you'll pay roughly $800 in interest before the balance is gone. If you transfer that $3,000 to a BofA card with a 4% fee and a 12-month 0% period, you'll owe $3,120 upfront. If you pay $260 per month for 12 months, you'll pay off the entire balance with zero interest charges — saving you roughly $540 compared to staying on the original card.
But if you transfer the balance and then stop paying it down aggressively, the 0% period will end and you'll owe interest on whatever remains. If $1,500 is still unpaid when the 0% period expires, that remaining balance will start accruing interest at the card's regular APR — potentially 18% to 25%. At that point, you've paid the transfer fee for a benefit you didn't fully use.
What Happens When the 0% Period Ends
The introductory APR is temporary. When the period ends — whether that's 6 months or 18 months — any remaining balance will be charged interest at the card's regular APR. This rate is usually between 15% and 25%, depending on your creditworthiness and the specific card.
Bank of America will notify you before the 0% period ends, typically 30 to 60 days in advance. At that point, you have a few options: pay off the remaining balance before the important date, transfer the balance to another card with a 0% offer, or accept that the remaining balance will accrue interest going forward.
Many people underestimate how much they still owe when the period is about to end. If you transferred $5,000 and have only paid down $1,500, you still owe $3,500 plus the original fee. That remaining amount will start accruing interest when ready after the promotional period closes.
Risks and Traps to Watch For
The biggest trap is treating a balance transfer as a way to reduce debt rather than as a tool to buy time. The transfer doesn't lower what you owe — it only changes the lender and temporarily stops interest from accruing. If you don't use that time to pay down the principal, you'll end up in the same position when the 0% period ends, except you've paid a fee.
Another common mistake is opening a new BofA card for the balance transfer and then continuing to use your old cards. If you rack up new debt on those old cards while paying down the transferred balance, you're not actually reducing your total debt — you're just moving it around. The balance transfer only works if you stop using the old card and focus on paying down what you transferred.
Late payments are also dangerous. If you miss a payment on your BofA card, the bank may end the 0% promotional period early and charge you the regular APR on the entire balance when ready. This is called penalty APR, and it can jump to 29% or higher. Even one late payment can trigger it, so set up automatic payments or calendar reminders to avoid this.
Alternatives to Bank of America Balance Transfers
Other banks and credit card issuers also offer balance transfer cards, sometimes with longer 0% periods or lower fees than BofA. Discover, Chase, and American Express all have cards with balance transfer options. If you don't have a BofA account or if another card's terms are better for your situation, it's worth comparing.
A personal loan is another option. If you can borrow at a fixed rate lower than your current card's APR, a personal loan lets you pay off the credit card debt in full and then repay the loan over a set term. The advantage is a predictable monthly payment and no risk of the interest rate jumping after a promotional period. The disadvantage is that you'll pay interest from day one, unlike a 0% balance transfer.
If you're struggling with multiple debts, a nonprofit credit counselor can help you evaluate whether a balance transfer, a personal loan, or a debt management plan makes the most sense for your situation. The National Foundation for Credit Counseling (NFCC) offers free or low-cost consultations.
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. The balance must come from a card issued by a different bank or lender.
What if I can't pay off the balance before the 0% period ends?
Any remaining balance will be charged the card's regular APR once the promotional period expires. You can try to transfer the remaining balance to another card with a 0% offer, but you'll pay another transfer fee. If you can't transfer again, you'll owe interest on whatever remains.
Does a balance transfer hurt my credit score?
A balance transfer can temporarily lower your score because it's a new credit inquiry and a new account. However, it may also lower your credit utilization ratio if you pay down the transferred balance, which can help your score over time. The net effect depends on your overall credit profile.
Can I use a balance transfer to move money to my bank account?
No. A balance transfer only works between credit cards. The funds go to your old card issuer to pay off that balance, not to your checking or savings account. If you need cash, you would need a personal loan or a cash advance, both of which have different terms and fees.
What if Bank of America denies my balance transfer request?
BofA may deny a transfer if the amount exceeds your credit limit, if your account is too new, or if there are other account issues. If denied, you can call customer service to ask why and whether you can try again later. You can also explore balance transfer options with other lenders.