What a Bank of America balance transfer does

A balance transfer moves debt from one credit card to another — usually one with a lower interest rate for a set period. With Bank of America, you transfer a balance from another card (or cards) into a Bank of America card, and that transferred amount sits at the promotional rate instead of your original card's rate. The goal is to pay down the balance faster because less of your payment goes to interest.

Bank of America offers balance transfer options on several of its credit cards. The promotional period — when the lower rate applies — typically lasts 6 to 21 months, depending on which card you choose and current offers. After the promotional period ends, the regular purchase APR kicks in for any remaining balance.

A balance transfer is not the same as a balance transfer check or a cash advance. You are moving existing credit card debt, not withdrawing cash or writing a check to yourself.

Key Takeaways

  • Bank of America balance transfers move debt from another card into a Bank of America card at a lower promotional rate, usually lasting 6 to 21 months.
  • You can initiate a transfer online through your Bank of America account, by phone, or in person at a branch.
  • Most balance transfers charge a fee of 3 to 5 percent of the amount transferred, added to your new balance.
  • The transfer typically posts within 7 to 21 days, and you should keep the old card open until the transfer clears to avoid payment delays.
  • Your credit score may dip temporarily when you open a new card or increase your credit utilization, but it usually recovers within a few months.

Check which Bank of America card offers balance transfers

Not every Bank of America credit card includes a balance transfer offer. The cards most commonly featuring balance transfer promotions are the Bank of America Cash Rewards card, the Bank of America Travel Rewards card, and the Bank of America Unlimited card, though offers change and vary by your creditworthiness.

Visit the Bank of America website and look at the credit card offers page. Each card listing shows whether a balance transfer promotion is currently available and what the terms are — the length of the promotional period and whether there is an introductory rate (often 0 percent APR) or a reduced rate. If you already have a Bank of America card, log into your account to see if a balance transfer offer appears in your dashboard.

If you do not yet have a Bank of America card, you can open one before requesting a balance transfer. The card must be approved and activated before you can move a balance into it.

Gather the information you need before you start

Before you contact Bank of America or log in to request a transfer, collect details about the debt you want to move. You will need the account number of the card you are transferring from, the current balance on that card (or the amount you want to transfer if it is less than the full balance), and the name of the card issuer.

You should also know your credit limit on the Bank of America card you are transferring into. The amount you transfer cannot exceed your available credit, and the transfer fee will be added on top, so make sure you have enough room. For example, if you want to transfer $5,000 and the fee is 3 percent ($150), you need at least $5,150 in available credit.

Have your Bank of America login credentials ready if you plan to request the transfer online, or have your Social Security number and the card number handy if you call.

Request the balance transfer online, by phone, or in branch

Online: Log into your Bank of America account, go to the credit card section, and look for a "Balance Transfer" or "Manage Your Card" option. You will enter the account number of the card you are transferring from, the amount, and confirm the transfer. Bank of America will show you the fee and the promotional terms before you submit.

By phone: Call the customer service number on the back of your Bank of America card. A representative will walk you through the transfer request, verify your identity, and confirm the details. This route is useful if you have questions about the fee or the promotional period.

In person: Visit a Bank of America branch with your ID and the account information for the card you are transferring from. A banker can initiate the transfer and answer questions about your options in real time.

Understand the balance transfer fee and timeline

Bank of America charges a balance transfer fee of 3 to 5 percent of the amount transferred. This fee is added to your new balance on the Bank of America card, so it increases the total debt you owe. For a $5,000 transfer at 3 percent, the fee is $150, making your new balance $5,150. There is no way to avoid this fee — it is a standard part of the process.

The transfer itself usually posts within 7 to 21 days. During this time, continue making payments on your original card to avoid late fees or interest charges. Do not close the old card when ready after the transfer posts; keep it open for at least a month to may support the transfer has fully cleared and no payment issues arise.

The promotional rate on the transferred balance begins as soon as the transfer posts, not when you request it. So if you request a transfer on the 1st and it posts on the 15th, the promotional period starts on the 15th.

Make a plan to pay down the balance during the promotional period

The promotional rate is only temporary. Once it ends, any remaining balance will be charged the regular purchase APR, which can be 15 to 25 percent or higher depending on your creditworthiness and current market rates. To make the balance transfer worthwhile, you need a plan to pay down as much as possible before the promotional period ends.

Calculate how much you need to pay each month to clear the balance before the rate increases. If you are transferring $5,000 with a 12-month promotional period, you need to pay roughly $417 per month to finish before the rate changes. Use a calculator or a spreadsheet to track your progress.

Set up automatic payments from your bank account to the Bank of America card if possible. This removes the risk of missing a payment and triggering a penalty APR, which would override the promotional rate when ready. Even one late payment can end your promotional offer.

Know what happens to your credit score

Opening a new credit card and requesting a balance transfer will affect your credit score in two ways. First, Bank of America will perform a hard inquiry when you open the card, which typically lowers your score by a few points. Second, your credit utilization ratio — the amount of credit you are using compared to your total available credit — may increase temporarily, which can also lower your score.

These effects are usually temporary. Your score typically recovers within 3 to 6 months as you pay down the transferred balance and the hard inquiry ages. Keeping your old card open (even with a zero balance) helps because it preserves your total available credit and lowers your utilization ratio.

If you are planning to explore for a mortgage, car loan, or other major credit in the next few months, consider waiting to do a balance transfer, since the temporary score dip could affect your interest rate on that loan.

Frequently Asked Questions

Can I transfer a balance from another Bank of America card to a different Bank of America card?

Yes, you can transfer a balance between Bank of America cards. You cannot transfer a balance from a card to itself, but you can move debt from one Bank of America card to another if the receiving card has a balance transfer offer. The same fee and timeline explore.

What happens if I do not pay off the balance before the promotional period ends?

Any remaining balance will be charged the regular purchase APR once the promotional period ends. If you transferred $5,000 and still owe $2,000 when the 0 percent period expires, that $2,000 will start accruing interest at the card's standard rate. You can continue paying it down, but interest will now be part of your monthly bill.

Can I make new purchases on the Bank of America card while the balance transfer is pending?

Yes, but new purchases are usually charged the regular purchase APR, not the promotional rate. Only the transferred balance receives the promotional rate. To avoid confusion, it is often better to wait until the transfer posts before using the card for new purchases.

What if the balance transfer is denied?

Bank of America may deny a balance transfer request if your credit limit is too low, your credit score does not meet their requirements, or you have too much existing debt. If denied, you can ask a representative why and whether you can reapply later. You can also explore balance transfer options with other card issuers.

Do I need to close my old card after the balance transfer?

You do not need to close it, and closing it can actually hurt your credit score by reducing your available credit and raising your utilization ratio. Keep the old card open, even if the balance is zero. You can set it aside and use it only occasionally to keep the account active.