How to Transfer a Balance to a Bank of America Card

Quick answer

• Identify a Bank of America card that offers balance transfers and check its terms.
• Gather information on your current credit card balances and interest rates.
• Compare the Bank of America card’s transfer fee, introductory APR, and ongoing APR.
• Initiate the balance transfer request online, by phone, or by mail.
• Monitor your accounts to ensure the transfer is completed and your old accounts are paid off.
• Aim to pay off the transferred balance before the introductory APR expires.

Who this is for

• Individuals looking to consolidate debt from multiple credit cards onto a single card.
• People seeking to save money on interest by taking advantage of a lower introductory APR.
• Consumers who have a good credit history and are likely to be approved for a new credit card.

What to check first (before you act)

Your Goal and Timeline

What do you hope to achieve by transferring your balance? Is it to pay off debt faster, simplify payments, or save money on interest? Your timeline for paying off the debt will influence which card and offer is best. For example, if you have a short timeline, a card with a longer introductory 0% APR period is more beneficial.

Current Cash Flow

Assess your current income and expenses to determine how much extra you can realistically put towards your debt each month. A balance transfer can be a great tool, but it won’t eliminate debt on its own. You need a plan to pay down the transferred amount.

Emergency Fund or Safety Buffer

Before taking on a new credit card, ensure you have an emergency fund in place. This fund should cover 3-6 months of essential living expenses. This prevents you from needing to use credit for unexpected costs, which could derail your debt repayment plan.

Debt and Interest Rates

List all the credit cards you are considering transferring. Note the current balance on each and, most importantly, their Annual Percentage Rates (APRs). This will help you calculate potential savings and compare offers.

Credit Impact

Understand that applying for a new credit card can temporarily impact your credit score. However, successfully managing and paying down debt on the new card can improve your credit over time. Check your credit report for accuracy before applying.

Step-by-step (simple workflow)

1. Research Bank of America Balance Transfer Offers

• What to do: Visit the Bank of America website or check your mail for credit card offers that specifically mention balance transfers. Look for cards with introductory 0% APR periods on balance transfers.
• What “good” looks like: You’ve identified a card with a competitive introductory APR for balance transfers and a reasonable transfer fee.
• Common mistake and how to avoid it: Assuming all Bank of America cards offer balance transfers. Avoid this by carefully reading the card’s benefits and terms and conditions.

2. Review Card Terms and Conditions

• What to do: Carefully read the fine print for the chosen card. Pay close attention to the balance transfer fee, the length of the introductory 0% APR period, and the ongoing APR after the introductory period ends. Also, note any limitations on the amount you can transfer.
• What “good” looks like: You understand all fees, the duration of the promotional rate, and what happens if you don’t pay off the balance in time.
• Common mistake and how to avoid it: Only looking at the 0% APR. Avoid this by understanding the full picture, including fees and post-introductory rates, which can significantly impact your total cost.

3. Gather Your Current Credit Card Information

• What to do: Have your existing credit card account numbers, balances, and mailing addresses ready. You’ll need this information to complete the balance transfer request.
• What “good” looks like: You have an organized list of all the debts you intend to transfer.
• Common mistake and how to avoid it: Guessing your balances or missing account details. Avoid this by having your latest statements handy.

4. Determine Your Transfer Amount

• What to do: Decide how much of your existing debt you want to transfer. Consider the credit limit on the new card and the balance transfer fee.
• What “good” looks like: You’ve chosen a transfer amount that maximizes your savings while staying within the new card’s limits.
• Common mistake and how to avoid it: Trying to transfer more than the new card’s credit limit allows, or not factoring in the transfer fee. Avoid this by calculating the maximum transferable amount, including the fee, beforehand.

5. Initiate the Balance Transfer Request

• What to do: You can typically do this online through your Bank of America account, by calling the customer service number on the card application, or by mail using a balance transfer form.
• What “good” looks like: You’ve successfully submitted all required information for the transfer.
• Common mistake and how to avoid it: Making a mistake on the application form. Double-check all entered information for accuracy before submitting.

6. Monitor the Transfer Process

• What to do: Keep an eye on your new Bank of America card statement and your old credit card statements. The transfer can take a few days to a couple of weeks to complete.
• What “good” looks like: You see the transferred balance reflected on your new card and the corresponding payment on your old card.
• Common mistake and how to avoid it: Assuming the transfer is automatic and forgetting about it. Avoid this by actively tracking its progress.

7. Pay Your Old Accounts

• What to do: Ensure your old credit card accounts are paid in full by the payment due dates, even if you’ve initiated a transfer. Sometimes, the transfer payment may not immediately reflect on your old statement.
• What “good” looks like: Your old accounts show a zero balance or are clearly marked as paid off.
• Common mistake and how to avoid it: Stopping payments on old cards before the transfer is confirmed. This can lead to late fees and damage your credit.

8. Create a Repayment Plan

• What to do: Develop a strategy to pay off the transferred balance before the introductory 0% APR period ends. Divide the total transferred amount (including fees) by the number of months in the introductory period to determine your minimum monthly payment.
• What “good” looks like: You have a clear monthly payment target that will clear the debt within the promotional period.
• Common mistake and how to avoid it: Only making the minimum payment on the new card. This will likely mean you don’t pay off the balance before the higher APR kicks in.

9. Make On-Time Payments

• What to do: Consistently make your planned payments by the due date each month.
• What “good” looks like: You’re on track to pay off the debt within your desired timeframe.
• Common mistake and how to avoid it: Missing payments, which can incur late fees and revert your APR to the standard rate.

10. Avoid New Purchases on the New Card (Initially)

• What to do: To stay focused on debt repayment, consider not using the new card for new purchases until the transferred balance is paid off.
• What “good” looks like: Your focus remains solely on eliminating the transferred debt.
• Common mistake and how to avoid it: Running up new charges on the balance transfer card. This can counteract your debt reduction efforts and lead to more debt.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Not checking the balance transfer fee	You pay more than anticipated, reducing your potential savings.	Always verify the balance transfer fee percentage and calculate the total cost before proceeding.
Ignoring the ongoing APR	If you don’t pay off the balance before the intro period ends, you’ll be charged a high interest rate.	Understand the regular APR and have a plan to pay off the debt before the promotional period expires.
Transferring balances from promotional offers	You might miss out on a better introductory rate if your old card also has a promotional rate that is ending.	Compare the current APRs and remaining promotional periods of all your cards.
Not paying old cards immediately	You could incur late fees and interest charges on your old accounts, negating the benefits of the transfer.	Ensure your old accounts are paid off promptly once the transfer is confirmed.
Exceeding the new card’s credit limit	This can result in over-limit fees and a negative impact on your credit score.	Only transfer amounts that fit comfortably within the new card’s credit limit, accounting for the transfer fee.
Using the new card for new purchases	This can lead to accumulating more debt and make it harder to pay off the transferred balance.	Treat the balance transfer card as a debt repayment tool, not a general spending card, until the balance is cleared.
Forgetting to close old accounts	If old accounts are still open, they can still accrue interest on any remaining small balances or be susceptible to fraud.	Once confirmed paid off, consider closing old accounts to simplify your financial life and reduce the risk of future debt.
Not having a clear repayment plan	You may end up paying interest for a longer period than intended, costing you more money.	Create a realistic monthly payment schedule to pay off the transferred balance before the introductory APR expires.
Applying for too many cards at once	Multiple hard inquiries can temporarily lower your credit score.	Only apply for cards you are serious about and that meet your specific financial goals.
Not understanding grace periods	Some cards have specific rules about grace periods on new purchases when a balance transfer is present.	Review the cardholder agreement for details on how new purchases are treated, especially if you plan to make any.

Decision rules (simple if/then)

• If your primary goal is to reduce interest payments, then prioritize cards with a 0% introductory APR on balance transfers because this directly lowers the cost of carrying debt.
• If you have a significant amount of debt, then ensure the new card’s credit limit is sufficient to accommodate the transfer amount plus the fee, because otherwise, you’ll need multiple transfers or a different strategy.
• If the balance transfer fee is high, then calculate if the potential interest savings outweigh the fee, because a high fee can sometimes negate the benefit of a promotional APR.
• If your credit score is excellent, then you are more likely to be approved for cards with the best balance transfer offers, because lenders favor applicants with a proven history of responsible credit management.
• If you have multiple high-interest credit cards, then consolidating them onto one card with a lower APR can simplify your payment schedule and reduce overall interest paid, because managing one payment is easier than many.
• If you plan to pay off the debt within the introductory period, then focus on the length of the 0% APR offer, because a longer period gives you more time to pay without accruing interest.
• If you are unsure about your ability to pay off the balance before the introductory period ends, then consider the ongoing APR of the card, because you’ll want a reasonable rate if you carry a balance.
• If your existing cards have very low APRs already, then a balance transfer might not be beneficial, because the savings may not justify the transfer fee and the potential credit score impact.
• If you are targeting a specific debt payoff date, then divide your total debt by the number of months remaining in the introductory period to determine your required monthly payment, because this sets a concrete financial goal.
• If you are tempted to use the new card for everyday spending, then resist the urge until the transferred balance is paid off, because new purchases will likely accrue interest at the standard APR and hinder your debt reduction progress.
• If your credit score is fair or poor, then focus on improving it before applying for a balance transfer, because approval may be difficult and the terms offered might not be favorable.
• If you don’t have a solid emergency fund, then build one before transferring balances, because unexpected expenses can derail your debt repayment plan and lead to more borrowing.

FAQ

What is a balance transfer fee?

A balance transfer fee is a charge applied by the credit card issuer when you move a balance from one card to another. It’s typically a percentage of the amount transferred.

How long does a balance transfer take?

Balance transfers can take anywhere from a few business days to two weeks to process. It’s important to continue making payments on your old cards until the transfer is fully reflected.

Can I transfer any amount?

You can typically transfer up to your new card’s credit limit, minus the balance transfer fee. Check the specific terms of your Bank of America card for any transfer limits.

What happens if I don’t pay off the balance before the introductory period ends?

If you have a remaining balance after the introductory 0% APR period expires, you will be charged interest at the card’s standard APR. This rate is often higher than what you might have been paying.

Does a balance transfer affect my credit score?

Applying for a new card results in a hard inquiry, which can temporarily lower your score. However, managing the new account responsibly and paying down debt can ultimately improve your credit.

Can I transfer a balance from a Bank of America card to another Bank of America card?

Generally, you cannot transfer a balance between two accounts issued by the same bank. Balance transfers are typically between different financial institutions.

What if my balance transfer request is denied?

If your request is denied, Bank of America will usually provide a reason. You may need to address credit issues or consider other debt management options.

Is a balance transfer a good way to consolidate debt?

Yes, it can be an excellent way to consolidate debt and save money on interest, especially if you can pay off the balance during the introductory 0% APR period.

What this page does NOT cover (and where to go next)

• Specific credit card product details: This page provides general guidance. For exact terms, fees, and APRs, always refer to the official Bank of America credit card pages or contact them directly.
• Negotiating balance transfer terms: While some banks may offer specific deals, this guide focuses on standard balance transfer processes.
• Debt settlement or credit counseling services: If you are struggling with overwhelming debt, consider seeking advice from a non-profit credit counseling agency.
• International balance transfers: This guide is focused on balance transfers within the United States.