How To Do a Balance Transfer With Bank of America

Bank of America investment bank and loan Branch. Bank of America is also known as BofA or BAC. stock photo
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Bank of America offers seven balance transfer credit card offers with exciting promotions. Approved applicants enjoy 0% APRs on balance transfers for anywhere from 18 to 21 months, depending on the offer they apply for. After the promotional period, the APR will change to the variable rate of the particular card.

Zero interest can lead to significant savings. On the other hand, those who have never transferred a balance from one credit card to another may find the process a little confusing. Here’s a guide to help.

What Is a Bank of America Balance Transfer?

A balance transfer is an act of transferring debt owed on one credit card to another credit card with better repayment terms. Balance transfer credit cards typically come with 0% promotional APRs for up to 21 months, allowing cardholders to generate considerable savings by paying off their credit card debt within the promotional period.

Bank of America’s balance transfer credit cards come with 0% promotional interest rates for periods ranging from 18 to 21 months — again, after that promotional period, the APR will be the variable rate in the card’s terms. However, like all balance transfer cards, they also come with transfer fees that new applicants should be aware of. 

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Bank of America Cards for Balance Transfers

These Bank of America credit cards offer promotional APR periods, making them good candidates for balance transfers.

  • Bank of America® Customized Cash Rewards
  • Bank of America® Unlimited Cash Rewards
  • BankAmericard®
  • Bank of America® Customized Cash Rewards for Students
  • Bank of America® Unlimited Cash Rewards for Students
  • BankAmericard® for Students
  • Susan G. Komen® Customized Cash Rewards credit card

How To Do a Balance Transfer to a New Bank of America Card

One option borrowers have for transferring balances to Bank of America is to open a new credit card account with the company. Borrowers who want to apply for a new Bank of America credit card to transfer balances should follow these steps.

Balance Transfers With New Cards

  1. Search for the best offer. Bank of America has seven credit cards that provide promotional interest rates for balance transfers. Each card has its own rewards scheme, rules and promotional periods, so applicants must compare their options before deciding which one to apply for. 
  2. Ask for a balance transfer on the application. When you find the card you want, click apply. During the application, you’ll see a step asking about balance transfers. Fill out the required fields to tell Bank of America which balances to pay off with your new card.
  3. Wait for the transfer. If Bank of America approves the credit card application, it will transfer the customer-requested balances. All that’s left to do now is wait. Some transfers may happen in a matter of days, but most take about two weeks.
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How To Do a Balance Transfer to an Existing Bank of America Credit Card

The other way to transfer a balance to Bank of America is for existing Bank of America members to transfer their outside balances to their existing Bank of America credit cards. Those who already have a Bank of America credit card they’d like to transfer balances to should follow these steps.

Balance Transfers With Existing Cards

  1. Log in online. It’s easy to transfer balances online with Bank of America credit cards. 
  2. Click “Transfers.” Once logged into their accounts, cardholders should click the “Transfers” link to start the balance transfer process.
  3. Review the offer. Bank of America will show you your account’s current balance transfer offer. If you’re happy with the terms, proceed to the next step.
  4. Enter transfer information. Enter the information for the balances you’d like to transfer and submit your balance transfer request.
  5. Wait for the transfer. Bank of America should complete your balance transfer in about two weeks.

Those not interested in processing their balance transfers on their own can also call 800-732-9194 to get assistance from customer support. When the representative answers the phone, cardholders should inform them they want a balance transfer. 

What Happens After a Cardholder Requests a Balance Transfer?

The lender reviews the application when a cardholder requests a balance transfer from Bank of America. If Bank of America approves the balance transfer, it sends payment to the lenders of the other credit cards that balances are being transferred from. Once the bank has paid off the balance with the old lender, Bank of America applies the total to the new credit card. The whole process can take up to two weeks. 

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Why Would You Want to Transfer Balances to Bank of America?

There are several reasons to consider transferring a credit card balance to Bank of America. The promotional interest rates ranging from 18 to 21 months are likely the primary reason cardholders can save a lot of money on interest charges, but that’s not the only reason to consider working with the lender. 

Most Bank of America balance transfer credit cards come with cash back rewards along with the promotional interest rates. Cardholders typically earn anywhere from 1.5% to 3% back on purchases made with their Bank of America credit cards. 

Things To Know Before You Transfer Balances

You should know a few crucial things before you transfer balances to a Bank of America credit card. These include:

  • Bank of America may require the cardholder to pay a balance transfer fee between 3% and 5% of the transaction. 
  • The minimum payment isn’t likely enough to pay the credit card off by the end of the promotional period. Cardholders should divide their total promotional balance by the months in the promotional period to determine how much money to pay monthly to pay the debt off with no interest.
  • Balances remaining at the end of the promotional period are subject to the credit card’s standard interest rate.  
  • Cardholders must continue paying their former credit card lender until the balance transfer is complete. If they fail to do so, they may be subject to late payment fees and damage to their credit reports.  

Final Take

Using a Bank of America balance transfer credit card can help pay down debt faster. Cardholders who want to take advantage of promotional interest rates associated with newly approved credit cards must process their balance transfers within 60 days of opening the account.  


  • Can I transfer a Bank of America balance to another Bank of America card?
    • No, you cannot transfer your balance between two Bank of America credit cards. If you need to transfer a balance off a Bank of America card, your best option is to use a card offered by a different institution.
  • How long does a balance transfer take with Bank of America?
    • Balance transfers with Bank of America typically take about two weeks, but may be faster when you're opening a new card.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Joshua Rodriguez is a personal finance and investing writer with more than 10 years of experience. He is the founder of CNA Finance. His work has been featured on U.S. News & World Report, Money Talks News and several other mainstream outlets. 
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