Bank of America balance transfers: how to do it, the best deals

It can be difficult to pay off credit card debt when that debt has a high interest rate attached to it. If you do not pay it off in full before the card expires, you will be charged interest on the remaining balance. And with a credit card interest rate of 20% or higher, that remaining debt can sometimes grow faster than you can pay it off.

That’s where transferring your debt to a Bank of America credit card, which offers a 0% introductory annual interest rate, can help, giving you time to pay off your debt without worrying about it growing.

Just make sure you pay off your debt before the initial rate disappears. Bank of America gives you 15 to 18 months to pay off your debt, in most cases and depending on the specific card, before the variable APR kicks in.

If you’re ready to take advantage of the zero interest rate offer, here’s everything you need to know about transferring your balance to a Bank of America credit card.

How to make a balance transfer with Bank of America

You can transfer your existing balance to a Bank of America credit card if you already have a Bank of America card or are applying for a new one. Keep in mind, however, that you may not qualify for the introductory 0% annual interest rate if you are transferring your debt to a Bank of America card you already own.

If you are applying for a new Bank of America credit card:

• Start a new online credit card application for a Bank of America credit card that allows balance transfers.
• Explore the balance transfer offer. Determine if the offer is long enough for you to pay off your debt in full. Typically, Bank of America introductory offers last 15 to 18 months on an annualized basis.
• As you complete the application, Bank of America will give you the option to transfer the balance from your existing card. Select this option.
• Provide basic information about the credit card from which you want to transfer existing debt and how much of its balance you want to transfer.

If you already have a Bank of America credit card:

• Sign in to your account.
• Select the “Transfers” option.
• Then select the option “To transfer credit card balance”..
• As soon as Bank of America raises your balance transfer offer, fill out the online form. You will need to provide information about the debt you want to transfer and the credit card you want to transfer it from.
• Make sure the transfer offer has a starting rate of 0% per annum.. If this is not the case, a balance transfer may not make financial sense unless the interest rate on your Bank of America card is significantly lower.

What You Should Know About Bank of America Balance Transfer Before Applying

While a balance transfer can help you pay off your credit card debt, there are some limitations.

• You cannot transfer your credit card balance from one Bank of America credit card to another.. You can only transfer debt from a card issued by another financial institution.
• You must transfer your existing balance within 60 days. opening a new Bank of America credit card account to qualify for 0% APR.
• Bank of America will pull your loan to determine if you are eligible for both a new card and a balance transfer.
• The amount you can transfer depends on the credit limit on your new credit card.. Because of this, you may not be able to transfer all of your existing balance.
• Continue making payments with your old credit card until your balance is closed. This varies, but Bank of America says it can take up to 14 days for a balance transfer.

How to improve your chances of getting a balance transfer approved

Banks are not required to approve your balance transfer request, but there are steps you can take to improve your chances of qualifying.

• The better your credit, the better your chances of qualifying. Banks and financial institutions will consider your credit score when deciding whether to approve your balance transfer request. A higher credit score also helps when the initial 0% interest rate expires. Generally, you can qualify for a lower APR variable if you have a higher score.
• Pay off your debt. Financial institutions also pay attention to your debt-to-income ratio, which measures how much of your gross monthly income your monthly debt consumes. Banks vary, but most want your total monthly debt to eat up no more than 36% of your gross monthly income. If your debt-to-income ratio is much higher than this, you may have to pay off some of the debt before you can qualify for a transfer of the balance.
• Stay on top of your payments. Paying your monthly bills on time is one way to maintain a stable credit score. A single late payment (30 or more days past due) on some bills can cause your credit score to drop by 100 points or more.

Best Bank of America Balance Transfer Deals

Bank of America Cash Rewards Personal Credit Card

• Balance Transfer Fee: $10 or 3% of each transfer, whichever is greater
• 0% introductory annual: 0% for 15 billing cycles on balance transfers (made within the first 60 days)
• Regular variable APR: 13.99% to 23.99%

With the Bank of America® Customized Cash Rewards Credit Card, you’ll receive a $200 online cash bonus if you withdraw $1,000 within the first 90 days of account opening. In terms of rewards, you will receive 3% cashback on purchases in the category of your choice (including gasoline, online stores, restaurants, travel, pharmacies or home goods), 2% back at grocery stores and wholesale clubs, and 1% on all purchases . other purchases. Please note that you will only receive cashback on the first $2,500 at grocery stores, wholesale clubs, and selective purchases each quarter (then 1% refunded).

Bank of America Unlimited Cash Rewards

• Balance Transfer Fee: $10 or 3% of each transfer, whichever is greater
• 0% introductory annual: 0% for 15 billing cycles on balance transfers (made within the first 60 days)
• Regular variable APR: 13.99% to 23.99%

If you spend $1,000 on purchases within the first 90 days, you’ll receive a $200 bonus in online cash rewards with your Bank of America® Unlimited Cash Rewards credit card. And as a flat rate bonus card, you’ll also get unlimited 1.5% cashback on everything you buy.

BankAmericard credit card

• Balance Transfer Fee: $10 or 3% of each transfer, whichever is greater
• 0% introductory annual: 0% for 18 billing cycles on balance transfers (made within the first 60 days)
• Regular variable APR: 12.99% to 22.99%

The BankAmericard® Credit Card is not a premium card, but it does offer 0% initial annual income for the first 18 billing cycles (on balance transfers made within the first 60 days). It also does not charge an annual fee or charge a yearly penalty to those who may be paying their bills late. You will also receive a $100 credit if you make purchases of at least $1,000 within the first 90 days of opening an account.

Frequently Asked Questions About Bank of America Balance Transfers

What types of balances can I transfer through Bank of America?

You can transfer debt only from a card of another bank or financial institution. You cannot transfer debt from one Bank of America credit card to another.

How much debt can I transfer through Bank of America?

The amount you can transfer depends on the credit limit on your Bank of America card. If you owe $4,000 on another card and your Bank of America credit limit is $3,000, you won’t be able to transfer the full amount.

Does Bank of America charge a balance transfer fee?

Bank of America charges a $10 balance transfer fee or 3% of the total transfer amount, whichever is higher. For example, if you transfer $2,000, you will pay a fee of $60.

How do I check the status of my Bank of America balance transfer request?

You can check the progress of your balance transfer request by logging into your Bank of America online account or by opening the bank’s mobile banking app. Go to the “Information and Services” tab and select the “Balance Transfer and Direct Deposit History” link.

Dan Rafter has covered personal finance for over 15 years in publications ranging from The Washington Post and Chicago Tribune to Wise Bread, HSH.com and MoneyRates.com. His work has also been published online by Motley Fool, Fox Business, Huffington Post, Christian Science Monitor and Time.