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September 5, 2017

Bank of America Balance Transfer Offers

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Here are the current Bank of America balance transfer offers. Whether you're transferring a balance to or from a BofA card, know these vital tips.

Deal: BankAmericard offers a $0 introductory balance transfer fee for transfers made within the first 60 days of opening your account. After that, the balance transfer fee is 3% ($10 minimum). This card has a 0% intro APR for 15 months on purchases and balance transfers (made within 60 days of opening your account). After that, a variable APR of 14.99% - 24.99%. There is no annual fee.

Find: Credit Cards with No Balance Transfer Fees

Are you looking to transfer your current credit card debt to a new Bank of America card? Or maybe you have debt with Bank of America and you want to offload it to an entirely new bank?

Here is what you need to know about BofA balance transfers.

Stick around to the end. You'll find the top Bank of America balance transfer promotions for November 2018.

But watch out. There are a few quirks you need to know if you want to make a successful credit card balance transfer.

Read on before you apply for your next credit card.

To Bank of America

Do You Have an Existing Balance from Another Bank?

If you're weighed down by credit card debt, a balance transfer is a smart way to get a break on interest rates. The trick is to move your debt to a card with a promotional 0% APR for balance transfers. This will give you a period of time to pay off that debt without accumulating more interest.

Related: What is a balance transfer?

Bank of America offers a couple of cards with a promotional APR period for balance transfers. If you're considering this, here are a few guidelines to keep in mind.

What kind of credit score do I need for a Bank of America balance transfer card? Generally, you need good - excellent credit. Most cardholders have a credit score of 680+.

  • Only some credit cards offer a promotional rate. Most Bank of America cards will let you transfer a balance over, but not all of them have a promotional APR. The whole point of transferring a balance is to score a lower interest rate than whatever you're getting now.

    How to do a balance transfer with Bank of America:

    • Open a new Bank of America credit card, such as BankAmericard.
    • Transfer your balance within 60 days of account opening to take advantage of intro offers.
    • Maximum cannot exceed your credit limit (including fees and interest charges).

  • You'll pay a fee for the transfer. Most banks charge a fee to move over your balance. Bank of America usually has a transfer fee of 3% of the balance you're transferring (or $10 minimum).

    Did you know: BankAmericard offers a $0 introductory balance transfer fee for transfers made within the first 60 days of opening your account. After that, the balance transfer fee is 3% ($10 minimum). This card has a 0% intro APR for 15 months on purchases and balance transfers (made within 60 days of opening your account). After that, a variable APR of 14.99% - 24.99%. There is no annual fee.

  • The clock is ticking on transfers. For Bank of America cards with a 0% introductory APR offer, you usually have 60 days from date of account opening to complete the transfer in order to get the intro rate.

  • The promotional rate has an expiration date. For Bank of America cards, the intro APR length will generally start applying from the date of account opening. Pay careful attention to when the intro APR ends and aim to pay off your balance in full by the time it expires.

  • You can only transfer a certain amount. You can submit up to 3 balance transfers. And the total transfer amount (including any transfer fees) cannot be greater than your credit limit.

  • You could lose your introductory rate. If you miss a payment after you transfer a balance, some Bank of America cards could end your intro APR and apply the penalty APR. If you're not careful, this could make it more expensive in the long run. Always pay at least the minimum payment due, preferably more.

Tip: Did you already make a balance transfer? To get your Bank of America balance transfer status, you can monitor your account in Online Banking. It generally takes up to 10 days to complete the transfer. Continue to make payments on your other cards until the transfer is complete.

Bank of America Offers with No Annual Fees

Below are the top Bank of America cards with a promotional 0% APR offer for balance transfers. All have no annual fee.

  • BankAmericard offers a $0 introductory balance transfer fee for transfers made within the first 60 days of opening your account. After that, the balance transfer fee is 3% ($10 minimum). This card has a 0% intro APR for 15 months on purchases and balance transfers (made within 60 days of opening your account). After that, a variable APR of 14.99% - 24.99%. There is no annual fee. This card also does not apply a penalty APR for late payments.

  • Bank of America Cash Rewards offers $200 online cash rewards bonus if you spend at least $500 on purchases within the first 90 days of opening your account. This card earns 1% cash back on all purchases, 2% cash back at grocery stores and wholesale clubs, and 3% on gas (up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter). There is no annual fee.

To Another Bank

© Fe Ilya (CC BY-SA 2.0) via Flickr

Do You Have an Existing Balance from Bank of America?

There's also a lot to consider if you're transferring a balance from Bank of America to another bank. Read the fine print - if you don't pay attention to the details, the smart move you thought you were making can backfire.

  • 0% APR promotions may not always mean free. Most banks charge a balance transfer fee of 3% or 5%. This means for a $5,000 balance, you're looking at a balance transfer fee of $150 or $250. If you've got a lot of debt you want to move around, you need to know what it's going to cost up front. Instead, look for a credit card with no balance transfer fees.

  • Review the card's regular interest rate. Ideally, when you're transferring a balance, the goal is to pay it off before the 0% credit card promotional period ends so you're not stuck paying interest. If you're not sure you'll be able to clear the debt by the time your offer expires, find out the rate after the promo period and be realistic about how much it will hurt.

    Tip: See our list of low interest rate cards.

  • Don't bank on earning rewards from a transfer. Rewards cards generally pay out points, miles, or cash back on new purchases only. If you're transferring over several thousand dollars to a new rewards card, you're not likely to earn any rewards for it.

  • Time transfers carefully Schedule the transfer well ahead of the due date on your current card. Check your balance transfer status. Make sure you continue making payments on your old card until you get confirmation that the balance has been completely transferred. If you don't, you could end up with a late fee and the late payment could show up on your credit. Stop making new purchases on the old card once the transfer's been initiated.

  • Check the APR on purchases. If you're planning to use the new card to cover your expenses, look for one that extends the promotional 0% interest rate to purchases as well.

    Note: Sometimes, a card only has a promotional APR rate for balance transfers and NOT for new purchases. If this is the case, and you do tend to carry a balance, we advise that you avoid using that credit card for new purchases.

    Typically, you have a grace period on purchases where no interest accrues. But promotional interest rate offers may cause you to lose that grace period if you do not pay the entire statement balance (including the amount subject to the introductory APR) by the payment due date. If you plan to carry a balance, check the credit card issuer's terms to find out about the effects of the promotional APR offers on the grace period for new purchases.

Best Balance Transfer Promotions to Other Banks

If you need to transfer a balance to another bank, check out these balance transfer promotions. These cards have a long intro APR period for balance transfers and no annual fees.

  • HSBC Gold
    Apply for HSBC Gold Mastercard credit card
    HSBC Gold offers a 0% Intro APR on purchases and balance transfers for the first 18 months from Account opening. Then a variable APR of 12.99%, 16.99% or 20.99% will apply. There is no penalty APR, no foreign transaction fees and no annual fee. Apply Now | Rates & Fees

  • Barclaycard Ring
    Apply for Barclaycard Ring Mastercard
    Barclaycard Ring offers 0% intro APR for 15 months on balance transfers made within 45 days of account opening. After that, a variable 13.99% APR will apply. There is a balance transfer fee for Balance Transfers that post to the account within 45 days of account opening: Either $5 or 2% of the amount of each transfer, whichever is greater. Balance Transfers that post to the account after 45 days of account opening: $0

    There is no annual fee and no foreign transaction fees. Apply Now | Rates & Fees

  • Chase Freedom Unlimited
    Apply for Chase Freedom Unlimited
    Chase Freedom Unlimited lets you earn a $150 bonus after you spend $500 on purchases in your first 3 months from account opening. You earn unlimited 1.5% cash back on every purchase. There is also a 0% intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. The balance transfer fee is 5% of the amount transferred, $5 minimum. The cash back rewards will not expire as long as your card account remains open. There is no annual fee.

Bottom Line

Bank of America has a couple of decent balance transfer offers comparable to what other banks offer. Transferring a balance can be a great move for your debt, but only if you're careful. Make sure you carefully read the fine print and are fully aware of any fees. Once you make the transfer, keep up with your payments and aim to pay it off in full before the intro APR period ends.

Terms and limitations apply.

How to Choose a Balance Transfer Credit Card

Here are three factors to keep in mind when choosing the right balance transfer credit card for your wallet ...

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the BankAmericard® credit card and Bank of America® Cash Rewards credit card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Chase Freedom Unlimited
Apply for Chase Freedom Unlimited
At Chase's Secure Site
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 5% of the amount transferred, $5 minimum
  • Unlimited 1.5% cash back on every purchase - it's automatic
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
  • Go to issuer's official application, terms, and details
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 15 months
0% for 15 months
16.99% - 25.74% Variable
$0

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About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.