What Bank of America offers for balance transfers
Bank of America offers balance transfer options through several of its credit cards, most commonly the BankAmericard Credit Card and the Bank of America Cash Rewards Credit Card. Both cards allow you to move debt from another card to your Bank of America account, usually with an introductory period where you pay reduced or zero interest on that transferred balance.
The introductory rate period varies depending on which card you choose and when you open the account. During this window, you only pay interest on new purchases you make — not on the transferred balance. After the introductory period ends, a standard interest rate applies to any remaining balance.
Bank of America charges a balance transfer fee, typically between 3% and 5% of the amount you transfer. This fee is added to your balance when ready, so if you transfer $5,000 with a 3% fee, you owe $5,150. The fee is not waived during the introductory period — you pay it upfront.
Key Takeaways
- Bank of America balance transfer cards charge a one-time fee of 3% to 5% of the amount transferred, added to your balance right away.
- The introductory interest rate period lasts a set number of months and applies only to the transferred balance, not new purchases.
- You must open a new Bank of America credit card to use this feature — you cannot transfer debt into an existing card.
- The introductory period gives you a window to pay down the transferred balance before the regular interest rate kicks in.
- You can transfer from any credit card issuer, including other Bank of America cards, as long as the receiving card is new.
How to request a balance transfer with Bank of America
You start by opening a new Bank of America credit card that offers balance transfer terms. You can do this online at bankofamerica.com, by phone at 1-800-933-6262, or in person at a Bank of America branch. During the process, you will be asked whether you want to transfer a balance.
If you choose to transfer, you provide the name of the card issuer you are transferring from, your account number with that issuer, and the amount you want to move. Bank of America then contacts that issuer directly to request the transfer. The process usually takes 7 to 21 days, though it can be faster if both issuers process requests quickly.
You continue making payments on your old card until the transfer completes. Once the balance appears on your Bank of America account, you can stop paying the old card — but do not close it when ready. Closing a card can hurt your credit score, and you may need it if the transfer does not go through as expected.
Understanding the introductory period and what happens after
The introductory period is the number of months during which you pay zero interest (or a reduced rate) on your transferred balance. Bank of America's introductory periods vary: some cards offer 6 months, others 12 months or longer. Check the specific card's terms before you explore, because the length of this period affects how much you actually save.
During the introductory period, your monthly payment goes toward reducing the transferred balance. If you pay $200 per month on a $5,000 transfer over 12 months, you will owe roughly $4,600 when the introductory period ends (minus the interest you would have paid). Once the introductory period expires, the regular interest rate applies to whatever balance remains.
This is why the length of the introductory period matters: a longer window gives you more time to pay down the balance before interest kicks in. If you cannot pay off the entire transfer during the introductory period, you will owe interest on the remaining balance at the card's standard rate, which is typically 15% to 25% depending on your creditworthiness.
When a Bank of America balance transfer makes financial sense
A balance transfer works best when you have a clear plan to pay off the debt during the introductory period. If you owe $3,000 on a card charging 20% interest, and you can pay $300 per month, a 12-month introductory period gives you enough time to finish paying before interest applies. Without the transfer, you would pay roughly $1,800 in interest over the same period.
A balance transfer also makes sense if you are consolidating multiple cards into one account. Instead of juggling payments across three or four cards, you move all the balances to one Bank of America card and focus on a single monthly payment. This reduces the chance you will miss a payment and trigger a penalty.
A balance transfer does not make sense if you plan to keep carrying a balance after the introductory period ends. The upfront fee (3% to 5%) plus the regular interest rate afterward can cost more than staying with your current card. It also does not help if you cannot commit to a payment plan — the introductory rate is only a pause, not a permanent solution.
The balance transfer fee and how it affects your total cost
The balance transfer fee is a percentage of the amount you move, charged once when the transfer posts to your account. If you transfer $4,000 at a 3% fee, you when ready owe $4,120. If the fee is 5%, you owe $4,200. This fee is not optional and cannot be waived, even if you have a good relationship with Bank of America.
To decide whether the fee is worth paying, compare it to the interest you would pay on your current card during the introductory period. If you owe $4,000 at 18% interest and can pay $400 per month, you would pay roughly $360 in interest over 10 months on your current card. A 3% balance transfer fee ($120) plus zero interest during a 12-month introductory period costs you $120 total — a savings of $240. The math changes if the introductory period is shorter or if your current card's interest rate is lower.
Credit score impact and what to expect
Opening a new Bank of America credit card triggers a hard inquiry on your credit report, which typically lowers your score by a few points for a few months. The inquiry itself is temporary, but the new account stays on your report and affects your credit mix and average account age.
Transferring a balance also changes your credit utilization — the percentage of your available credit you are using. If you transfer $5,000 to a new card with a $10,000 limit, your utilization on that card is 50%. High utilization can lower your score, but the effect is usually temporary. Once you pay down the balance, your utilization drops and your score recovers.
Closing your old card after the transfer completes can hurt your score more than the transfer itself. Closing a card reduces your total available credit and removes an account from your history. If you want to minimize damage, keep the old card open but unused for at least six months after the transfer finishes.
Alternatives to Bank of America balance transfers
Other major card issuers offer balance transfer cards with similar terms. Chase, Capital One, Citi, and American Express all have cards with introductory periods and balance transfer fees. Compare the introductory period length, the fee percentage, and the regular interest rate across cards before deciding. A card with a longer introductory period but a higher fee might still save you money if you can pay aggressively during that window.
A personal loan from a bank or credit union is another option. Personal loans typically charge a fixed interest rate and have a set repayment term (usually 2 to 7 years). If you owe $5,000 across multiple cards and can borrow a personal loan at 10% for 3 years, you might pay less total interest than with a balance transfer card, depending on the card's fee and introductory period. Personal loans also simplify your payments into one monthly bill.
A debt management plan through a nonprofit credit counselor is a third option. A counselor negotiates with your creditors to lower your interest rates and consolidate your payments into one monthly amount to the counselor, who distributes it to your creditors. This does not require a new credit card or loan, but it does require you to close your credit cards and can affect your credit score.
Frequently Asked Questions
Can I transfer a balance from another Bank of America card?
Yes, but only to a newly opened Bank of America card. You cannot transfer a balance into a card you already own. If you want to move debt from one Bank of America card to another, you must open a new card first, then request the transfer during the process process.
What happens if I cannot pay off the balance during the introductory period?
The regular interest rate applies to whatever balance remains after the introductory period ends. If you owe $2,000 when the period expires and the card's standard rate is 18%, you will owe interest on that $2,000 going forward. You can still pay it down, but interest accrues monthly until the balance reaches zero.
Does Bank of America charge interest on the balance transfer fee itself?
The fee is added to your balance and treated like any other debt on the card. During the introductory period, you pay zero interest on the fee. After the introductory period ends, interest applies to the fee along with any remaining transferred balance.
How long does a balance transfer take to show up on my Bank of America account?
Most transfers post within 7 to 21 days. You can check the status online through your Bank of America account or by calling customer service. During this time, continue paying your old card to avoid late fees or missed payments.
Can I make new purchases on a balance transfer card during the introductory period?
Yes, but new purchases are not covered by the introductory rate. Interest on new purchases begins accruing when ready at the card's standard rate, even during the introductory period. To maximize your savings, avoid new purchases until you have paid off the transferred balance.