Bank of America offers balance transfers on most of its rewards and cash-back cards, but not on all of them
Bank of America's balance transfer option is available on cards like the Bank of America Cash Rewards card, the Bank of America Travel Rewards card, and several others in their portfolio. However, not every Bank of America card accepts balance transfers — some cards marketed toward people rebuilding credit do not offer this feature. Before you start the process, check your specific card's terms or call the number on the back of your card to confirm it supports balance transfers.
Balance transfers typically come with an introductory period during which you pay a lower interest rate — often 0% for a set number of months. After that period ends, the standard purchase APR applies to any remaining balance. Bank of America charges a balance transfer fee, usually between 3% and 5% of the amount you transfer, though this varies by card and is charged upfront.
The transfer itself takes 7 to 21 business days to complete. During that time, you'll still owe your old creditor, so don't stop making payments to that card until you see the balance drop to zero.
Key Takeaways
- Not all Bank of America cards offer balance transfers, so you must confirm your specific card supports them before starting.
- Bank of America charges a one-time balance transfer fee of 3% to 5% of the amount transferred, added to your new balance.
- The transfer process takes 7 to 21 business days, and you must continue paying your old card until the balance reaches zero.
- The introductory 0% APR period varies by card and offer, so check your card's terms to know when regular interest rates kick in.
- You can initiate a transfer online through your Bank of America account, by phone, or by mail using a balance transfer check.
Check your card's balance transfer terms before you start
Log into your Bank of America online account or mobile app and look for your card's terms and conditions. You're looking for three pieces of information: whether your card offers balance transfers at all, what the introductory APR period is (how many months of 0% interest you get), and what the balance transfer fee is.
If you can't find this information online, call the customer service number on the back of your card. A representative can tell you your card's specific offer, including whether there are any limits on how much you can transfer. Some cards cap balance transfers at a percentage of your credit limit.
If your current card doesn't support balance transfers, you may be able to open a new Bank of America card that does. However, opening a new account will trigger a hard inquiry on your credit report and temporarily lower your credit score by a few points.
Gather the information you'll need from your old creditor
Before you initiate the transfer, have your old credit card or loan statement in front of you. You'll need the account number, the creditor's name, and the exact balance you want to transfer. You don't have to transfer your entire balance — you can transfer a portion if you prefer.
Some people transfer only part of their balance to take advantage of the 0% period on the highest-interest debt, then pay off lower-interest balances separately. This strategy works if you have the cash flow to manage multiple payments, but it requires tracking two accounts instead of one.
Have your Bank of America card number ready as well. This is the card you're transferring the balance to, not from.
Start the transfer through your Bank of America account online or by phone
Log into your Bank of America account and navigate to your credit card. Look for a link or menu option labeled "Balance Transfer" or "Manage Your Card." Click it and follow the prompts to enter the creditor's information and the amount you want to transfer.
Bank of America will show you a preview of the transfer fee before you confirm. This fee is added to your new balance on the Bank of America card, so if you transfer $5,000 with a 4% fee, you'll owe $5,200 on your new card.
If you prefer not to use the online portal, call the number on the back of your Bank of America card and ask to speak with a representative about a balance transfer. They can walk you through the process over the phone and answer questions about your specific situation.
Alternatively, Bank of America may mail you balance transfer checks that you can write to your old creditor. These checks work like a cash advance and carry the same fee and introductory rate as an online transfer. Mail the check to your old creditor and they'll credit your account within a few business days.
Monitor the transfer and keep paying your old card until it reaches zero
After you initiate the transfer, Bank of America will send you a confirmation with a reference number and an estimated completion date. The transfer typically posts within 7 to 21 business days, depending on how quickly your old creditor processes it.
During this waiting period, continue making at least the minimum payment on your old card. Your old creditor doesn't know you've initiated a transfer, and missing a payment will damage your credit score and may trigger late fees. Once the balance on your old card reaches zero, you can stop paying it, but don't close the account when ready — closing old accounts can hurt your credit score.
Log into your Bank of America account regularly to confirm the transfer has posted. Once it appears on your new card, you can focus your payments there.
Understand what happens when the introductory period ends
The 0% APR period is temporary. When it ends — whether that's 6 months, 12 months, or 18 months depending on your card — any remaining balance will start accruing interest at the card's standard purchase APR. This rate varies based on your creditworthiness and current market conditions, but it's typically between 15% and 25%.
If you have a large balance remaining when the introductory period ends, the interest charges can become substantial. For this reason, many people use the 0% period to pay down as much of the balance as possible, rather than just making minimum payments.
Create a payment plan before the transfer posts. Divide your transferred balance by the number of months in your introductory period to see how much you need to pay each month to eliminate the balance before interest kicks in. If that number is too high for your budget, consider transferring a smaller amount instead.
Know what to do if the transfer is declined or delayed
Bank of America may decline your balance transfer request if your credit limit is too low to accommodate the transfer amount, if your account is too new, or if you've had recent late payments. If your transfer is declined, you'll receive a notice explaining the reason.
If the transfer is delayed beyond 21 business days, contact Bank of America customer service. Delays sometimes happen when the old creditor is slow to process the payment, but customer service can investigate and push the transfer through if there's a problem on Bank of America's end.
If you're declined, you have a few options: wait a few months and try again after your credit improves, transfer a smaller amount, or explore balance transfer offers from other banks. Some competitors offer longer introductory periods or lower transfer fees, so it's worth comparing if Bank of America isn't the right fit.
Frequently Asked Questions
Can I transfer a balance from one Bank of America card to another Bank of America card?
No. Bank of America does not allow you to transfer a balance between your own accounts or from one of their cards to another of their cards. You can only transfer balances from other banks or credit card issuers.
What happens if I make a purchase on the card after I transfer a balance?
New purchases typically carry the regular purchase APR, not the introductory 0% rate. The 0% rate usually applies only to the transferred balance. This means interest on new purchases starts accruing when ready, so avoid using the card for new purchases during the introductory period if possible.
Can I transfer a balance from a loan or just from credit cards?
Bank of America balance transfers are typically limited to credit card balances. Personal loans, auto loans, and other types of debt usually cannot be transferred. Check your card's terms or call customer service to confirm what types of debt your specific card accepts.
How long does the balance transfer fee stay on my account?
The balance transfer fee is added to your balance when ready and is part of what you owe. It doesn't disappear — you pay it off as you pay down the transferred balance. If you pay off the entire transfer in full before the introductory period ends, you'll have paid the fee but avoided interest charges.
What's the difference between a balance transfer and a cash advance?
A balance transfer moves debt from another creditor to your Bank of America card and qualifies for the introductory 0% rate. A cash advance is when you withdraw cash from your card at an ATM, and it carries a higher fee and interest rate that starts when ready. Balance transfers are designed for moving existing debt; cash advances are not.