Transferring a credit card's balance to a Bank of America credit card requires that you submit a balance transfer request. Whether or not Bank of America approves your request depends on various factors. Given the average APR of 14.39% across MoneyGeek's data set of over 2,200 credit cards, transferring a balance to a Bank of America 0% APR credit card might lead to significant savings for readers who are carrying a balance. But if Bank of America denies your request, you still have other options. Show
MoneyGeek’s Takeaways  Bank of America provides intro 0% balance transfer APR offers through several of its cards. The duration of Bank of America balance transfer APR offers ranges from 15 to 18 months. Carrying out a Bank of America balance transfer requires that you pay a 3% balance transfer fee. How Does a Bank of America Balance Transfer Work?The first thing you need to do to carry out a balance transfer is select a suitable Bank of America balance transfer card. Bear in mind that the credit limit of your new card will impact the amount you may transfer. You also need to specify which cards you wish to transfer balances from. Bank of America's balance transfer offers require that you initiate your transfers within a stipulated time frame, so make sure you do so before the deadline. Once you apply, the process might take two to four business days to complete, although it may take up to 14 business days for new cards. If Bank of America approves your request, it sends the approved payment directly to your creditor(s). Know How Much You OweYou need to know how much you currently owe on the card you wish to transfer the balance to, as this will affect the amount you may transfer. Bank of America does not let you transfer an amount greater than your available credit limit. You also need to account for the balance transfer fee, which will add to your overall balance transfer amount. If the amount of your balance transfer request is more than your card's available credit limit, Bank of America might send full or partial payments to your creditors in the order provided by you. Choose a Balance Transfer Credit CardChoosing a Bank of America balance transfer credit card requires paying attention to various aspects. For example, do you want your new card to come with an intro 0% APR offer or a low ongoing APR?
Request a Balance TransferIrrespective of whether you wish to transfer a balance to a new or existing Bank of America credit card, you may begin the process online. If you plan to get a new card, you may provide your balance transfer details during the application process. If you have an existing Bank of America card, you’ll need to log in to the bank’s online banking platform. In both cases, you’ll need to provide the card number of the card you wish to transfer the balance from and the amount you wish to transfer. Submitting a balance transfer request over the phone is also an option for existing Bank of America cardholders. In this case, you need to call the number on the back of your card. >>More: How Long Does a Balance Transfer Take?MONEYGEEK EXPERT TIP Pay attention to your creditworthiness and payment history before applying for a balance transfer, as Bank of America considers these factors when reviewing your application. Prepare a Payment ScheduleIf you plan to use a 15- or 18-month interest-free credit card from Bank of America, it may be helpful to create a payment schedule. Your payment plan should ensure that you pay off the entire transferred balance before the end of the promotional period. Any outstanding balance starts accruing interest at the card’s regular APR after the intro period ends. Even if you’re unable to pay off the entire balance during the promo period, you should aim to pay off a significant portion of it to make the most of the 0% APR offer. MONEYGEEK EXPERT TIP Take into account the fee you need to pay to transfer a balance. For example, if you plan to transfer $5,000 to a card with a 3% balance transfer fee, the total amount would be $5,150. >>More: How to Transfer a Credit Card Balance to Another CardBank of America’s Best Balance Transfer Credit CardsBank of America balance transfer cards come with other benefits. Most of these cards offer cash back as well as spend-based welcome bonuses. None of these cards charge annual fees.
Bank of America Customized Cash Rewards CardThis card's 0% APR offer stays in place for the first 15 billing cycles. It offers up to 3% cash back on bonus categories. You can earn a $200 online cash rewards bonus if you spend $1,000 on purchases within the first 90 days. Bank of America Unlimited Cash Rewards CardThe Unlimited Cash Rewards Card comes with a 0% APR offer for the first 15 billing cycles. You can earn 1.5% cash back across all categories. Spending $1,000 on purchases within 90 days from account opening comes with a $200 online cash rewards bonus. BankAmericardThe duration of this card's 0% APR offer extends to 18 billing cycles. You stand to earn a $100 statement credit by spending $1,000 on purchases in the first 90 days. This card does not offer cash back. Bank of America Customized Cash Rewards for StudentsThis Bank of America credit card for students lets you earn up to 3% cash back on select categories. Spending $1,000 on purchases in the first 90 days earns you a $200 cash rewards bonus. This card's 0% APR offer is valid for 15 billing cycles. Bank of America Unlimited Cash Rewards for StudentsThe Unlimited Cash Rewards Card for Students offers 1.5% cash back on all purchases. It offers a $200 cash rewards bonus if you spend $1,000 on purchases within the first 90 days. Its 0% APR offer extends to 15 months. BankAmericard for StudentsLike the regular BankAmericard, its variant for students comes with a 0% APR offer for the first 18 billing cycles. It lets you earn a $100 statement credit if you spend $1,000 on purchases within the first 90 days. Susan G. Komen Customized Cash RewardsUsing this card helps you contribute to Susan G. Komen through Bank of America's Pink Ribbon Banking program. It comes with a 0% APR offer for the first 15 billing cycles. You may earn up to 3% cash back through category-based spending. This card also offers a $200 online cash rewards bonus to cardholders who spend $1,000 on purchases in the first 90 days. How Much You Can Save With a Balance TransferHow much money you may save through a balance transfer depends on multiple factors, including the amount you plan to transfer, the APR of the new card, the length of a promo APR offer and how long you take to repay your debt.
MONEYGEEK EXPERT TIP Although balance transfer cards charge a 3% to 5% fee, the interest savings is often well worth it. The longer your 0% APR lasts, the lower the effective annual interest rate that you're paying. Ideally, you'll find a low balance transfer fee and a long-term promotional rate. — Lee Huffman, credit card expert at BaldThoughts.com What to Know Before Requesting a Balance Transfer With Bank of AmericaWhile you might benefit from using a Bank of America credit card with an intro balance transfer offer, knowing what the process entails is in your best interest. It can help you avoid surprises down the road.
Following a few simple steps when going through with a balance transfer can help you succeed in paying off your credit card debt.
Pros and Cons of Doing a Balance TransferWhile using Bank of America interest-free balance transfer credit cards might work in your favor, you also need to be aware of the potential drawbacks. Key Takeaways Pros
Cons
What if My Balance Transfer Request Is Denied?If Bank of America denies your balance transfer request, you still have other options. For instance, you may consider getting a personal loan to consolidate all or part of your credit card debt. While getting a cash advance might be possible, it’s typically not recommended. Getting on a debt management plan might work well for people facing financial hardship.
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include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available. Can I transfer money from my credit card to my bank account Bank of America?A Direct Deposit Cash Advance from your credit card allows you to deposit cash from your personal credit card in to your personal checking account with Bank of America or another bank. You can use the cash to pay for any kind of planned or unplanned expense.
Can I transfer credit card balance to checking?No, you cannot do a balance transfer to a checking account from your credit card. A credit card balance is a debt that you owe. A checking account balance is an asset that you own.
Can I balance transfer from Bank of America to Bank of America?Bank of America does not allow balance transfers from other Bank of America credit accounts. If you're transferring a balance to a credit card with an introductory APR on balance transfers, try to pay off the balance before the introductory rate expires.
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Bank of america credit card balance transfer to checking account
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