Balance transfers can be a great way to finally rid yourself of debt, especially if you find a card with a 0% intro APR offer. By simply transferring a balance from a high interest credit card to a card offering a low or 0% intro period, you can save a good amount of money on interest fees and benefit from more time to pay off your balance. The key is to pay off those transferred balances before the intro period ends.
Bank of America has a solid promotional balance transfer option on the table at this time: the BankAmericard® credit card. There’s a 0% Intro APR for 18 billing cycles for balance transfers made in the first 60 days (after, 14.99% - 24.99% Variable APR) with a great intro $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is either $10 or 3% of the amount of each transaction, whichever is greater. Other BofA cards allow you to complete a balance transfer, but they may charge a fee of up to 3% per transfer or $10, whichever is greater. This offer is one of the best BT offers out there, but some cards offer longer intro periods. Check out our full list here.
- Regular Purchase APR
- 14.99% - 24.99% Variable APR
- Intro Purchase APR
- 0% Introductory APR on purchases for 18 billing cycles
- Intro BT APR
- 0% Intro APR for 18 billing cycles for balance transfers made in the first 60 days
- Annual fee
- Balance Transfer Fee
- Either $10 or 3% of the amount of each transaction, whichever is greater.
If you decide to complete a balance transfer with Bank of America, this guide provides a step-by-step guide on how to make it happen. We’ll also offer best practices for completing a balance transfer.
Complete your transfer online
1. Login to your account and click on “Transfers,” then select “For credit card balance transfers.”
2. You should see a balance transfer offer (since this card is old, there are no current offers). Verify the terms of the offer and select it.
3. Complete the form. Fill in the credit card account number for the card with the debt and the amount you want to transfer. Add your phone number, then read the terms and conditions and submit the transfer request.
Complete your transfer by phone
If you rather complete a transfer over the phone, simply call the number on the back of your card to speak to a representative. Have the following information ready:
- Name on the account with the debt
- Amount to be transferred
Bank of America balance transfer rules
- Request your balance transfer as soon as possible. Bank of America requires balance transfers to be completed within 60 days from account opening to take advantage of intro offers.
- Review the terms of your balance transfer offer to verify they’re correct. Make sure you receive the offer you expected and note when the intro period ends.
- Continue to make payments toward your balance until the balance transfer posts to your account. This may take up to 14 days.
- Pay each bill on time since late payments may cause Bank of America to cancel the offer.
- Keep spending to a minimum so you don’t rack up more debt. Your goal should be to pay off your balance, otherwise excessive spending can lead you to fall into more debt.
Some of the above offers and/or promotions may have since changed, expired, or are no longer available.
Featured Accounts from our PartnersAD
Use cash back to pay down debt faster. Earn 2% cash back on purchases and enjoy ultra-long 0% intro interest on Balance Transfers.
0% Intro APR for 18 Months on Balance Transfers, then 13.99% -24.99% (v).
Get $150 sign-up bonus and unlimited 1.5% cash back on every purchase. 0% Intro APR for 15 Months after that 14.74% - 24.74% (V).