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Paying off credit card debt can seem like a daunting task, especially if that debt comes with a high interest rate. A smart way to get started on paying off your debt is to take advantage of a balance transfer credit card with a 0 percent introductory APR offer.
Many Bank of America credit cards come with introductory APR offers, and it’s easy to transfer a balance using one of these cards. This option allows you to pay off your credit card debt without paying interest for a set period of time, as long as you pay it off before the introductory APR offer expires. If you don’t pay it off in full by the due date, you’ll start paying a variable APR on your remaining balance.
Here’s what you need to know if you plan on using your Bank of America card for a balance transfer and how to complete the process.
What you need to know before transferring your balance to a Bank of America card
Transferring your balance to a Bank of America card with an introductory APR offer should be easy, but you’ll need to do some prep work before you get started. Follow these tips before you transfer your balance:
- Make sure you are forwarding from another publisher: You can’t transfer debt from one Bank of America credit card to another Bank of America credit card.
- Don’t forget to transfer the balance within the specified time period: For new Bank of America cardholders, you must transfer a balance within 60 days of account opening to take advantage of the introductory APR offer.
- Before you do a balance transfer, start thinking about your repayment plan. To avoid paying interest, you’ll need to pay off the balance before the introductory APR period ends. Once the introductory APR period ends, you’ll start paying the regular variable APR on any balance remaining on your card.
- Factor balance transfer fees into your repayment plan. There’s usually a balance transfer fee of 3 percent or 4 percent on each balance you transfer.
- Avoid transferring balances that you have disputed with the issuer as erroneous, fraudulent, or duplicate. If you transfer a disputed transaction, you will lose your right to certain disputes regarding that charge.
How to Transfer Balance to Bank of America Credit Card
The easiest way to complete a Bank of America balance transfer is online, but you can also do it over the phone. You can complete a balance transfer after you’ve been approved for a new eligible card, or if you already have a card with an introductory APR offer.
How to do an online balance transfer with your new card
- Complete an application for the balance transfer card you desire. If you’re already a Bank of America customer, you can log in to complete this step faster.
- Go to the “Additional Options” section and check the “Transfer balance to new credit card” box. If checked, the application will display input boxes for the name of the other card’s issuer, the amount to transfer, and the other card’s account number.
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- Complete these boxes and add additional balance transfers if necessary. Because we don’t yet know what the credit limit will be, it’s possible that Bank of America will only process the first balance transfer application you listed, or only a portion of it, if the total amount you apply for exceeds the credit limit on your new card. Deny your request Completely.
- Please submit your application along with the balance transfer request form. If Bank of America approves your balance transfer, and you have listed multiple transfers, the balances will be transferred as requested, beginning with the first transfer listed.
How to do a balance transfer online using your existing card
If you already have a Bank of America card, you can find out if you qualify for a special APR offer for a balance transfer. If you have an eligible card and want to transfer your balance, follow these steps:
- Please log in to your account. Once you are logged in, your credit card account will appear in the list.
- Click on your credit card account page and go to the “Promotional Offers” tab. This tab will show you available introductory APR offers.
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- Select “View Offer” and follow the instructions to complete your transfer. Enter the account number of the credit card you want to transfer the balance to, the amount of the balance you want to transfer, and the name of the credit card issuer.
- Submit a transfer request. If you have any other requests, you will need to go through this process again.
How to do a balance transfer over the phone
Once you’ve been approved for a balance transfer card, you can initiate a balance transfer over the phone by following these steps:
- Call the number on the back of the card. If you don’t have a card yet, call the company’s customer service line.
- Please speak to a representative about your requirements. You will probably be asked to verify your identity.
- Enter the balance transfer information and account details required to complete your request. Be sure to factor in balance transfer fees and credit limits when doing your calculations.
- Please wait until the balance transfer is processed. Before hanging up with the representative, you should also ask for a follow-up email regarding the call.
What happens when I submit a balance transfer request?
Most Bank of America balance transfers are completed within 2-4 days, but may take up to 14 days for new accounts, according to the issuer. You’ll know the transfer was successful when the transferred balance appears on your Bank of America credit card account.
Be sure to continue making payments on the credit card you transferred your balance to until the balance transfer is complete. If any payments become due during the transfer, make sure you pay promptly or you risk incurring late fees and penalty APRs.
Best Bank of America Cards for Balance Transfers
Conclusion
If you have high-interest debt, applying for a credit card that has a 0 percent introductory APR offer on balance transfers is a viable option for avoiding fees. Many Bank of America cards have introductory APR offers on balance transfers, allowing you to pay off your debt over time without accruing interest.
Before you apply, be sure to decide what you’re looking for in a card (such as a very long introductory APR period or a lower introductory APR offer with a cash back reward). The more you understand what you’re looking for in the best balance transfer credit card, the easier it will be to determine which card is best for you.
BofA Balance Transfer FAQs
*BankAmericard® credit card information has been collected independently by Bankrate.com. Card details have not been verified or approved by the card issuer. All Bank of America credit card information was last updated on August 26, 2024.
