Bank of America's balance transfer cards and how they work

Bank of America offers balance transfer options through several of its credit cards, most commonly the BankAmericard Credit Card and cards in its rewards lineup. When you open one of these cards, you can transfer an existing balance from another card to your new Bank of America account. The card issuer pays off your old debt directly, and you then owe that amount to Bank of America instead—usually at a lower interest rate for a set period.

The mechanics are straightforward: you request the transfer during process or shortly after your account opens, provide the details of the card you're transferring from, and Bank of America handles the payment to your old issuer. The transferred balance appears on your new Bank of America statement, separate from any new purchases you make.

What makes this useful is the introductory rate period—typically 0% APR for a set number of months (commonly 6 to 21 months, depending on the card and current offers). During this window, interest does not accrue on the transferred balance, which means your payments go entirely toward reducing what you owe rather than paying interest charges.

Key Takeaways

  • Bank of America charges a balance transfer fee (usually 3% to 5% of the amount transferred) that is added to your new balance when ready.
  • The introductory 0% APR period lasts anywhere from 6 to 21 months depending on which card you choose and current promotions.
  • You must request the transfer during or shortly after opening your account; you cannot transfer a balance months later.
  • After the introductory period ends, the regular purchase APR applies to any remaining balance, which can range from 16% to 28% depending on your creditworthiness.
  • Payments you make go toward the transferred balance first, then toward new purchases, so prioritize paying down the transfer before the promotional rate expires.

Balance transfer fees and what they cost you

Bank of America charges a balance transfer fee on every transfer you make. This fee is typically 3% to 5% of the amount you transfer and is added to your balance when ready. If you transfer $5,000 at a 3% fee, you owe $5,150 from day one. This fee is not waived for any customer and is not negotiable.

The fee is worth paying only if the interest you save during the 0% period exceeds what you pay in fees. For example, if you transfer $5,000 at 3% ($150 fee) and your old card charged 20% APR, you would have paid roughly $833 in interest over 12 months on that old card. Paying $150 in fees to avoid $833 in interest is a net savings of $683. However, if you transfer $5,000 for just three months before the promotional rate ends, you might save only $250 in interest—making the $150 fee less worthwhile.

Always calculate the math for your specific situation before requesting the transfer. Bank of America's website and statements will show you the exact fee amount before you confirm the transfer.

How to request a balance transfer from Bank of America

You can request a balance transfer in two ways: during the credit card process process or after your new account is open.

During process: When you explore for a Bank of America balance transfer card online, you will see a section asking whether you want to transfer a balance. Select yes, then enter the details of the card you're transferring from—the card number, the amount you want to transfer, and the issuer's name. Bank of America will show you the transfer fee before you submit your process. Once approved, the transfer typically processes within 7 to 10 business days.

After account opening: If you did not request a transfer during process, you can do so within a limited window after your account opens (usually 30 to 60 days, depending on the card). Log into your Bank of America online account, go to the card's details, and look for a "Transfer Balance" or "Manage Your Account" option. You will enter the same information as above. Transfers requested after account opening may take 10 to 14 business days to complete.

Do not wait too long to request the transfer. Once the window closes, you cannot transfer a balance to that card. If you miss the important date, you would need to open a new Bank of America card to transfer a balance, which means a new process and a new hard inquiry on your credit report.

Introductory rates and what happens when they end

Bank of America's introductory 0% APR periods vary by card and by the time you explore. The BankAmericard typically offers 0% for 6 to 12 months on transfers; other cards may offer longer periods of 15 to 21 months. Check the specific card's terms before you explore, because the rate period is set at the time of approval and does not change.

The promotional period applies only to the transferred balance, not to new purchases. If you make new purchases on the card after your transfer posts, those purchases accrue interest at the regular purchase APR when ready (there is usually a separate introductory period for new purchases, but it is different from the transfer rate). This is why it is important to avoid using the card for new spending while you are paying down the transfer.

When the 0% period expires, the regular APR kicks in on any remaining balance. This rate depends on your creditworthiness and current market conditions, but Bank of America's rates typically range from 16% to 28%. If you still owe $2,000 when the promotional period ends, you will start paying interest on that $2,000 at the regular rate. This is why paying down the transfer aggressively during the 0% window is critical—every dollar you pay reduces what you owe when the higher rate begins.

Payment strategy to pay off the transfer before the rate expires

The goal is to pay off the entire transferred balance before the introductory period ends. To do this, divide the total amount (including the transfer fee) by the number of months in your promotional period. If you transferred $5,150 (including the 3% fee) and have 12 months at 0%, you need to pay at least $429 per month to reach zero by the time the rate expires.

Bank of America applies your payments to balances in this order: transferred balance first, then new purchases, then fees. This means if you make new purchases, your payment goes toward the transfer before those new charges, which is what you want. However, the best strategy is to make no new purchases at all while the transfer is active. Every dollar you spend on new purchases is a dollar you are not paying toward the transfer.

Set up automatic payments from your bank account to your Bank of America card for at least the amount you calculated above. Automatic payments reduce the risk of missing a due date, which would trigger a late fee and potentially end your 0% promotional rate early. Some cards allow the issuer to cancel the promotional rate if you pay late, so treat this like a non-negotiable bill.

Check your statement each month to confirm the balance is decreasing. If you are not on track to pay it off by the end of the promotional period, increase your monthly payment. The closer you get to zero before the rate expires, the less interest you will pay afterward.

When a balance transfer makes sense and when it does not

A balance transfer to Bank of America makes sense if you currently carry a balance on a high-interest card and can pay it down significantly during the 0% period. The math works best when the interest you save exceeds the transfer fee and when you have a realistic plan to pay off the balance before the promotional rate ends.

A balance transfer does not make sense if you cannot commit to paying down the balance during the 0% window. If you transfer $5,000 but only pay $1,000 during the promotional period, you will owe $4,000 at a high regular APR when the rate expires. You will end up paying more interest than you would have on your original card, plus you paid the transfer fee on top of that.

A balance transfer also does not make sense if you have no high-interest debt to transfer. Opening a new card just to get a rewards rate or a sign-up bonus is a separate decision from a balance transfer. If you are considering a Bank of America card for rewards, that is a different evaluation than whether a balance transfer is worth the fee.

Finally, a balance transfer may not be the best option if you are struggling to make minimum payments on your current card. A balance transfer does not reduce what you owe—it just moves it to a different card and gives you a temporary break on interest. If you cannot afford to pay down the balance, you may need to explore other options like credit counseling or a debt management plan.

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. The same fees and promotional rates explore. This is useful if you want to move a balance from an older card to a newer one with a longer 0% period or better rewards on new purchases.

What if my balance transfer is denied?

Bank of America may deny a transfer request if the amount exceeds your credit limit, if the card you are transferring from is closed or inactive, or if there is a problem with the account information you provided. If your transfer is denied, contact Bank of America customer service to find out the specific reason. You may be able to request a smaller transfer amount or correct the account details and try again.

Does a balance transfer hurt my credit score?

A balance transfer involves a hard inquiry and a new account, both of which can temporarily lower your credit score by a few points. However, if the transfer reduces your overall credit utilization (the percentage of available credit you are using), your score may recover and improve within a few months. The long-term benefit of paying off high-interest debt usually outweighs the short-term score dip.

Can I transfer a balance after I have already opened the card?

Yes, but only within a limited window—usually 30 to 60 days after your account opens. After that window closes, you cannot transfer a balance to that card. If you miss the important date, you would need to open a new Bank of America card to do another transfer.

What happens if I do not pay off the balance before the 0% period ends?

The regular purchase APR applies to any remaining balance. You will start paying interest on that amount at a rate typically between 16% and 28%. This is why it is important to calculate whether you can realistically pay off the transfer during the promotional period before you request it.