The Bank of America balance transfer fee is 3% (min $10) of the amount transferred. One of the best Bank of America cards for balance transfers is the BankAmericard® credit card, as it offers an introductory balance transfer APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days (12.99% - 22.99% Variable, based on creditworthiness, thereafter).
Most Bank of America credit cards will allow you to transfer a balance. But some cards won’t offer an introductory rate, and will apply interest at their regular APR, while still charging a 3% (min $10) transfer fee. If you’re transferring a balance, be sure that your card has a low introductory APR. You should aim for a 0% introductory APR, but in any case, make sure that the card’s balance transfer APR is lower than that of your other creditor. Otherwise, you’re defeating the purpose.
Here are some of the best Bank of America balance transfer credit cards:
BankAmericard® credit card: 3% (min $10) balance transfer fee. Introductory APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days (12.99% - 22.99% Variable, based on creditworthiness, thereafter).
A balance transfer to a Bank of America credit card shouldn’t be a means to avoid late payments. A balance transfer takes, on average, about two weeks to process. If the payment due date on your current debt falls within that timeframe, you should still make payments on that balance before it transfers to the new card. If you’re not set on Bank of America as an issuer, you should also check out our editors’ picks for the best balance transfer credit cards.
Yes, Bank of America does charge a balance transfer fee on some of its credit cards. The Bank of America balance transfer fee is 3% (min $10) of the transferred amount for all Bank of America credit cards that allow balance transfers.
Balance Transfer Fees on Popular Bank of America Credit Cards
Bank of America credit card annual fees range from $0 to $95, depending on the card. Most Bank of America consumer credit cards have $0 annual fees. That goes the same for their business and student credit cards as well.
The best Bank of America credit card with a $0 annual fee is the … read full answerBank of America® Customized Cash Rewards credit card, which offers $200 for spending $1,000 in the first 90 days. It also earns 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. If you're more interested in avoiding interest, BankAmericard® credit card has a $0 annual fee and offers an introductory purchase APR of 0% for 18 billing cycles, coupled with an introductory balance transfer APR of 0% for 18 billing cycles for any balance transfers made in the first 60 days - each balance transfer fee is subject to a 3% (min $10) fee. Once the introductory periods are over, a regular APR of 12.99% - 22.99% Variable applies to any remaining balance.
If your Bank of America credit card has an annual fee, it's automatically charged to your account once a year on the statement following your card anniversary.
Here are the Bank of America credit cards with annual fees:
Sometimes an annual fee is necessary to get the card you want. If you pay an annual fee, make sure any benefits the card provides outweigh the cost of the annual fee. Find a card that earns the highest bonuses on your largest expenses, and the annual fee will likely pay for itself.
For example, Bank of America Premium Rewards credit card offers 50,000 points for spending $3,000 in the first 90 days. On top of that, it also earns 2 points per $1 spent on grocery store purchases (through 12/31/2021), 2 points per $1 on travel and dining, and 1.5 points per $1 on all other purchases. The initial bonus alone covers the card's $95 annual fee for several years.
Here’s how you can get a Bank of America credit limit increase:
If you're unsatisfied with your initial Bank of America credit card limit, you may get a higher one later on. Bank of America periodically reviews accounts for an automatic credit limit increase. These reviews typically occur after you've had the card for at least six months. Automatic increases are not guaranteed, however. How much of an increase you'd receive depends on your payment history, existing debt, and other factors.
You can also request a Bank of America credit limit increase through your online account or by calling the number on the back of your card. Your chances of getting a credit limit increase will be best if you've paid your credit card bills on time and in full during the last six months. It's also a good idea to update your income information, especially if it has increased since you first received your card. When you request a credit limit increase, Bank of America will pull a copy of your credit report. This will trigger a soft inquiry and won't affect your score.
Your Bank of America credit card approval odds are best if you have a credit score of 750 or higher. Most Bank of America credit cards require excellent credit for approval. You can also check for Bank of America pre-approval to get a better sense of your BofA credit card approval odds.… read full answer
In general, your chances of being approved for a Bank of America credit card depend on your credit standing, income and debt, as well as which card you apply for. Bank of America will also consider things like your employment status and how many credit accounts you have open. All applicants need to be at least 18 years old and U.S. residents. Non-resident aliens are eligible for certain credit card offers at local Bank of America financial centers.
Here's what you need for good Bank of America credit card approval odds:
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