What to know When Balancing Transfer for Bank of America

Having a lot of credit card debt? Looking for how this burden can just pass away from you? Bank of America credit card can take care of that. Transferring this debt to a Bank of America credit card that offers zero percent interest can give you a chance to be free again.

What to know When Balancing Transfer for Bank of America

Balance transfer with a Bank of America credit card can save you money. If you already have a card, the process just takes a few minutes.

Bank of America has several cards that offer a low introductory APR for balance transfers. Deciding which Bank of America card to transfer from, might be challenging too; I will help you decide which Bank of America card to use. I will be highlighting most with 0% introductory APR for balance transfers just for you.

On this page;

How to Transfer a Balance to a Bank of America Credit Card

Completing a balance transfer doesn’t take long at all, particularly if you already have a Bank of America card. Even if you don’t carry one, you can still complete the process fairly quickly. Let’s look at what you have to do.

Apply for a Bank of America Credit Card

If you don’t already have a Bank of America card, you’ll want to head to their website to begin the application process. It won’t take you long to sign up and be notified whether you’ve been accepted.

All the other steps we’re going to outline can only be completed once you have approval from Bank of America because you’ll need your card before you can transfer any balances.

Gather Your Balance Transfer Information

Before applying for your balance transfer, you’ll need a few things first. Look at the credit limit on your new card – this is the amount you’ll have to work with. But if your credit limit is $5,000, that doesn’t mean you can do a $5,000 balance transfer. You’ll need to leave room for balance transfer fees, which can vary depending upon the type of card you get.

If you have more than one credit card and you don’t have enough available credit on your new card to transfer the amount you owe, make sure you transfer the card with the highest interest rate first. That can help save you the most money.

Before you call for the balance transfer or fill it out online, you’ll need to have your account number as well as the balance amount you wish to transfer.

Contact Bank of America to Initiate Your Balance Transfer

If you wish to do a balance transfer online, you’ll have to sign up for an online account. After you log in with your personal information, you’ll see a section that will allow you to do balance transfers.

Finally, another option you have for doing a balance transfer is to wait for the occasional blank checks Bank of America will mail you. These will allow you to write and send a check to your other credit cards – that payment will be then marked as a balance transfer.

Complete Your Balance Transfer

Balance transfers can take a week or even two weeks to complete. If you’re close to your payment due date, make sure you keep paying on that card. You don’t want to assume it’s paid off when it actually isn’t. That could lead to late payment fees and dings on your credit score.

So keep making those payments on your old card until you can confirm the balance transfer went through without a hitch.

How to Transfer a Balance From a Bank of America Credit Card

These steps will be the same ones you would take to transfer a balance to your Bank of America card, but you’ll be using a different credit card. Here’s what you’ll do:

  • Identify a 0% or low-interest APR card to use
  • Have your card number and the amount you want to be transferred handy
  • Call them to transfer your balance from your Bank of America card
  • Keep making payments on your Bank of America card until you can confirm the transfer went through

Bank of America Balance Transfer Options

Bank of America Balance Transfer Options

Like I said before, they are a lot of America Credit Card available for you. These are listed few best for you;

Bank of America® Cash Rewards Credit Card

  • Balance transfer fee: $10 or 3 percent of the amount of each transfer, whichever is greater.
  • 0 percent promotional period: 15 billing cycles (for balance transfers made within the first 60 days).
  • Regular variable APR: 15.74 – 25.74 percent.
  • Worth noting: $200 online cash rewards sign-up offer if you charge $1,000 within first 90 days of account opening. 3 percent cash back on gas (or your choice of one of five other popular categories), 2 percent back on purchases at grocery stores and wholesale clubs and 1 percent back on all other purchases. You will only earn cash back on the first $2,500 worth of grocery, wholesale club and gas station purchases each quarter.

BankAmericard® Credit Card

  • Balance transfer fee: $10 or 3 percent of the amount of each transfer, whichever is greater.
  • 0 percent promotional period: 18 billing cycles for balance transfers made in the first 60 days.
  • Regular variable APR: 14.74 – 24.74 percent.
  • Worth noting: The BankAmericard is not a rewards card, but it does offer 0 percent interest for new purchases during the first 18 billing cycles. It also charges no annual fee and does not charge a penalty APR for those who pay their bills late.

Allegiant World Mastercard

  • Balance transfer fee: $10 or 3 percent of the amount of each transfer, whichever figure is greater.
  • 0 percent promotional period: 12 billing cycles.
  • Regular variable APR: 16.74 – 24.74 percent.
  • Worth noting: 15,000 bonus points if you charge $1,000 or more in purchases within the first 90 days of opening your account. 3 points for every dollar spent on Allegiant purchases, 2 points for every dining purchase and 1 point for all other charges. This card charges a $59 annual fee.

Bank of America Cash Rewards for Students

  • Balance transfer fee: 3 percent or $10, whichever figure is greater.
  • 0 percent promotional period: 15 billing cycles.
  • Regular variable APR: 15.74 – 25.74 percent.
  • Worth noting: 1 percent cash back on all purchases, 2 percent at grocery stores and wholesale clubs and 3 percent on gas. You will only earn cash back on the first $2,500 in combined grocery, wholesale club and gas purchases each quarter. Earn a 10 percent customer bonus each time you redeem your cash back into a Bank of America checking or savings account.

BankAmericard for Students

  • Balance transfer fee: No fee if you make your balance transfer within the first 60 days of opening your account. Fees on transfers made after this period will be $10 or 3 percent of the amount transferred, whichever figure is higher.
  • 0 percent introductory offer: 15 billing statements.
  • Regular variable APR: 14.74 – 24.74 percent.
  • Worth noting: This is a basic card that students can use to build a credit history. It charges no annual fee.

What You Should Know Before Applying

What You Should Know Before Applying

Before applying these are what you should know;

  • You can only qualify for a zero-percent balance transfer offer if you transfer your debt within 60 days of opening your new Bank of America credit card account.
  • You can’t transfer a balance from one Bank of America credit card to another one.
  • Bank of America will look at your credit to determine if you qualify for a balance transfer.
  • Don’t stop making payments on your old credit card until your Bank of America balance transfer closes. A Bank of America balance transfer could take up to 14 days to close.
  • Your balance transfer amount will be limited by the credit limit on your new card.

Summary

Now that you’ve completed your balance transfer, take advantage of the low APR to start paying down that balance so you can take some serious steps toward debt freedom. Your financial situation can be better if you can manage to reduce your high-interest debt.

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