Bank of America balance transfer offers allow you to shift several types of debt. Options include auto loans, student loans, mortgages, small business loans and payday loans. You just can’t transfer debt between BofA products.
Balance transfers take at least 14 days to complete. Initiate your transfer as soon as possible because the intro APR period starts as soon as you open your account. When the intro period ends, any remaining balance will accrue interest at the card’s regular APR.
Today’s Bank of America balance transfer offers:
Bank of America® Cash Rewards credit card
U.S. Pride Credit Card
Bank of America® Cash Rewards Credit Card for Students
AAA Credit Card
World Wildlife Fund Credit Card
So, there are two good Bank of America balance transfer deals: the Bank of America® Cash Rewards credit card and the Bank of America® Cash Rewards Credit Card for Students. Keep in mind, however, that you will need excellent credit to qualify for the BofA Cash Rewards, and you need to be a student to get the limited-credit version.
The best Bank of America balance transfer offer is the BankAmericard Credit Card, which has a introductory APR of 0% for 15 billing cycles for any balance transfers made in the first 60 days on balance transfers and sometimes offers a special $0 transfer free for the first 60 days your account is open. The same Bank of America balance transfer offer also is available to students with limited credit or better.
Several other Bank of America credit cards offer 0% balance transfer APRs for 12 months. But they also charge 3% balance transfer fees. While Bank of America Travel Rewards and Premier Rewards credit cards do allow balance transfers, there’s no intro APR and they charge a 3% transfer fee. Needless to say, they didn’t make the list.
You can't get any better than the BankAmericard credit card. 0% introductory APR for 15 months and no annual fee.
BankAmericard offers a $0 introductory balance transfer fee for transfers made within the first 60 days of opening your account, which makes it on par with the Chase Slate, considered the best balance transfer credit card.
A balance transfer does not affect your credit score directly. Balance transfers aren’t flagged on your credit reports, and credit scoring companies don’t specifically factor them into their evaluation criteria. However, a balance transfer can lead to changes in your financial profile that will affect your credit score.
For example, a balance transfer can lead to a high … read full answercredit utilization rate. Generally, you’ll want to use up less than 30% of a card’s credit limit. A balance transfer can wind up consuming much more than that, which isn’t great for your credit score.
In the best-case scenario, you’ll transfer your balance to a card with a credit limit much higher than the amount you need to transfer as well as pay off the original credit account in full. Then, the transferred balance won’t max out your new card, and you’ll be able to bring your old card’s utilization to zero.
Making payments on time is a crucial part of both maintaining a good credit score and using a balance transfer to your credit score’s advantage. Paying off the balance that you transfer and avoiding unnecessary debt in the future will also positively affect your credit score.
Each credit card company has its own policies about the types of debt that you can transfer to its credit cards. All major credit card companies allow you to transfer a balance from another issuer’s credit card but not one of their own. Some issuers also allow you transfer other types of debt, such as a balance from an auto loan, student loan, payday loan, mortgage, etc.… read full answer
For example, you can only transfer credit card debt to a Chase credit card. But nine major issuers – including Bank of America, Barclaycard and Citi – allow you to transfer any type of consumer debt, according to WalletHub research.
Types of Balances You Can Transfer to a Credit Card:
Credit card from a different bank or credit union – All major balance transfer credit cards.
Auto loan, personal loan, mortgage, student loan, etc. – Some balance transfer credit cards.
Credit card from the same bank or credit union – No credit card companies.
The one restriction that all major credit card companies have in common is that you can’t transfer a balance between two cards from the same issuer. Allowing the practice wouldn’t make much sense for the credit card companies. They wouldn’t get any new business out of the transaction. Rather, they’d just be allowing existing customers to refinance their credit card debt.
Finally, it’s worth noting that just because you can transfer a certain type of debt doesn’t mean you should. It’s best to transfer only what you can afford to repay during a card’s 0% intro period. Balance transfer credit cards tend to have high regular APRs, and another 0% transfer card won’t always be there to bail you out.
So, no matter what type of balance you transfer, make sure to use a balance transfer calculator to plan your payments and confirm you’re getting a good deal.
The BankAmericard balance transfer APR is 0% for 15 billing cycles for any balance transfers made in the first 60 days on any balances transferred in the first 60 days. After that, the regular APR of 12.99% - 22.99% Variable will apply. BankAmericard also charges a 3% (min $10) fee on all balance transfers.
When you transfer a balance, you’re moving debt from another credit account to the Bank of America card. The purpose is to save on interest charges every month, so make sure you pay off the entire balance before the 0% rate expires. Any remaining balance will incur interest charges at the regular APR. Also, balance transfers take around two weeks to process, so to avoid any late fees, continue to make payments on any transferred account balances until they post to your new card.
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