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:
BankAmericard® credit card: Intro APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days. 3% (min $10) balance transfer fee. 12.99% - 22.99% Variable regular APR.
U.S. Pride Credit Card: 0% for 15 months intro APR on balance transfers. 3% (min $10) balance transfer fee. 13.99% - 23.99% (V) regular APR.
So, there are a few very good Bank of America balance transfer deals. Keep in mind, however, that you will need good or excellent credit to qualify for these cards, and you need to be a student to get the limited version.
The best Bank of America balance transfer offer is the BankAmericard credit card, which has a introductory APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days and a 3% (min $10) transfer free.
Several other Bank of America credit cards offer 0% balance transfer APRs for Not Offered. But they also charge 3% (min $10) balance transfer fees. While the Bank of America® Premium Rewards® credit card allows balance transfers, there’s no intro APR and it charges a 3% (min $10) transfer fee.
The same Bank of America balance transfer offer also is available to students with limited credit or better.
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.
Balance transfers are likely to affect your credit score, though not directly. While balance transfers themselves aren’t reflected on credit reports, and thus aren’t directly used to calculate credit scores, balance transfers can change your financial picture in ways that could alter your credit score temporarily.
You can use WalletHub’s … read full answerfree credit score simulator to forecast how a balance transfer might affect your credit score in particular. You can also learn more about how balance transfers affect credit scores in general below.
Here’s how balance transfers affect your credit score:
High credit utilization rate:
It’s best to use less than 30% of a credit card’s credit limit. However, a balance transfer can wind up consuming much more than that, which isn’t great for your credit score.
When you apply for a balance transfer card, the issuer will pull a copy of your credit report. Known as a hard inquiry, this will lower your credit score slightly, but only temporarily.
Average age of accounts:
A new balance transfer card will reduce the average age of your credit card accounts, which could knock a few points off your credit score.
Future credit score increase:
Your credit score should recover with time. Making payments on time is crucial to maximizing your credit score after a balance transfer, however, as is avoiding serious debt in the future.
To stay on top of your credit throughout every stage of a balance transfer, sign up for a free WalletHub account. You’ll get daily credit score updates, 24/7 credit monitoring, and personalized credit improvement advice.
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 18 billing cycles for any balance transfers made 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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