Bank of america business credit card balance transfer

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Balance transfers allow cardholders to move debt incurring a high interest rate to a new credit card account with little to no interest—usually during a promotional period. Balance transfers also help cardholders consolidate debt, reducing the number of bills due each month.

Before completing a balance transfer, always read the terms and conditions for the new credit card. Calculate how much interest will be saved (or not) by the time a promotional period ends. If there isn’t a clear financial benefit to transferring a balance, it’s most likely not worth the effort.

Read More: Balance Transfer Calculator: How Much Can You Save With A Balance Transfer?

The Best Bank of America Balance Transfer APR Offers

As one of the largest credit card issuers in the U.S., Bank of America has a few different credit card options that offer introductory APRs for balance transfers. After the promotional period ends, a standard variable APR will be applied to the remaining balance. The exact APR will depend on the cardholder’s credit history.

Bank of America also sends offers to current customers advertising balance transfer offers. Be sure to keep an eye out for one if you already have a Bank of America card.

In order to qualify for a 0% introductory APR offer, balance transfers generally must be completed within a specified amount of time. Make sure you don’t miss out on your transfer window if you’re considering transferring a balance.

Bank of America® Customized Cash Rewards credit card

• Introductory balance transfer APR offer: 0% intro APR for 18 billing cycles on balance transfers made within the first 60 days
• Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
• Standard variable APR: 16.99% - 26.99% Variable APR on purchases and balance transfers
• Other perks: $0 annual fee, a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening and earn 3% cash back in the eligible category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.

Bank of America® Unlimited Cash Rewards credit card

• Introductory balance transfer APR offer: 0% introductory APR for 18 billing cycles for any balance transfers made in the first 60 days
• Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
• Standard variable APR: 16.99% - 26.99% Variable APR on purchases and balance transfers
• Other perks: $0 annual fee, a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening and earn 1.5% unlimited cash back on all purchases.

BankAmericard® credit card

• Introductory balance transfer APR offer: 0% Introductory APR for 21 billing cycles for any balance transfers made in the first 60 days
• Balance transfer fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
• Standard variable APR: 14.99% - 24.99% Variable APR on purchases and balance transfers
• Other perks: $0 annual fee

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Bank of America Student Cards

Each credit card mentioned above also has a student card alternative that usually offers watered-down rewards and some of the same offers—including the 0% introductory APR. Student cards typically have fewer credit history requirements, so younger cardholders can start building a healthy line of credit.

How To Do a Balance Transfer With Bank of America

Balance transfers can be set up online during the application process or completed on a current cardholder’s online account.

For New Credit Card Applicants

1. Fill out a card application online to get the best possible offer.
2. Request a balance transfer in the card application.
3. Provide any relevant information about the other account, like the name of the creditor and/or account number.
4. Once the application is approved, keep an eye out for the balance transfer to show up in your account.

For Current Bank of America Cardholders

1. Log in to the online account and select “Transfers.”
2. Select “For credit card balance transfers.”
3. Examine the balance transfer offer provided by Bank of America according to your card’s terms.
4. Accept the offer by providing any requested information about the other account, like the name of the creditor, account number and amount to be transferred.
5. If needed, call the number on the back of the card to speak to someone directly.

Things To Know About Balance Transfers With Bank of America

Bank of America has enticing options for balance transfers, but those considering applying for or using a balance transfer card should keep these things in mind when shopping around for the best balance transfer offer:

• Your card may charge a balance transfer fee for new cardholders, while other cards may not. You want to make sure that the savings you will achieve from completing the balance transfer will be greater than the balance transfer fee before proceeding.
• Bank of America’s variable APR is applied to the unpaid balance after the introductory period. This is fairly standard among balance transfer credit cards, but there may be better options for those seeking a lower than average interest rate.
• The minimum payment calculated by Bank of America may not be enough to pay off the balance by the end of the intro period. To determine whether a balance can be paid off before the variable APR is applied, calculate a separate minimum monthly payment by dividing the total balance by the number of months in the intro period.
• A balance transfer may take up to two weeks to be completed. Keep paying the former creditor until the balance is reflected in the Bank of America account.
• Current Bank of America cardholders cannot transfer a balance between or among Bank of America credit cards.

Bottom Line

While balance transfers can be extremely useful for paying off debt or consolidating bills, it’s important to do some research beforehand. Always read a new card’s terms and conditions before applying. Make some calculations on how much should be paid every month and what the balance transfer fee will cost. When taking advantage of a 0% APR introductory period, try to pay off the balance by the end of the period in order to avoid paying any interest. If that’s not possible, seek out a credit card that offers lower than average interest rates (or lower than the current lender’s rate).

Read More: How To Do a Balance Transfer

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