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

How balance transfers work on a Bank of America card

A balance transfer moves debt from one credit card to another — usually to a Bank of America card with a lower interest rate or an introductory 0% APR period. You request the transfer through your Bank of America account, provide the details of the card you're paying off, and Bank of America sends the money directly to that creditor. The transferred balance then appears on your Bank of America statement as a separate line item, often with its own interest rate and payment terms.

The process itself takes 7 to 21 days from request to completion, though the clock starts when Bank of America receives your request, not when you submit it online. During that time, you should keep making minimum payments on the old card to avoid late fees — the balance transfer doesn't close the original account or stop interest from accruing there until the transfer actually posts.

Bank of America charges a balance transfer fee, typically 3% to 5% of the amount transferred, added to your new balance. This fee is not optional and cannot be waived, so factor it into whether the transfer makes financial sense for your situation.

Key Takeaways

• Balance transfers take 7 to 21 days to complete, so continue paying your old card during that time to avoid late fees.
• Bank of America charges a one-time fee of 3% to 5% of the transferred amount, which gets added to your new balance on the Bank of America card.
• You can request a balance transfer through your Bank of America online account, by phone, or in person at a branch.
• The transferred balance may have a different interest rate and payment important date than your regular purchases on the same card.

Where to request a balance transfer

Log into your Bank of America online account and look for "Transfers" or "Balance Transfer" in the main menu — the exact label varies by card type. If you don't see it, call the customer service number on the back of your Bank of America card. You can also visit a Bank of America branch in person, though phone or online is faster because the representative can complete the request while you're on the call or in the session.

When you call, have your old card number ready and know the current balance you want to transfer. The representative will ask for the creditor's name, your account number with that creditor, and the transfer amount. They'll also confirm the fee and show you the introductory rate (if any) that applies to the transferred balance.

What information you'll need to provide

Bank of America will ask for the name of the creditor you're paying off — for example, "Chase" or "Capital One" — and your account number with that creditor. You do not need to provide the creditor's mailing address; Bank of America has that information on file. You will need to specify the exact dollar amount you want transferred, which can be less than your full balance if you want to leave some debt on the old card.

Have your Bank of America card number handy so the representative can confirm which account the transfer is going to. If you're transferring to a card you just opened, the representative may need to verify that the account is active and in good standing before processing the request.

How the transferred balance appears on your statement

The transferred balance shows up as a separate line item on your Bank of America statement, distinct from regular purchases. It will have its own interest rate — often 0% for an introductory period, then a standard rate after that period ends — and may have its own payment due date. The balance transfer fee (3% to 5% of the amount transferred) is added to the transferred balance, not charged separately.

If your Bank of America card has a promotional 0% APR on balance transfers, that rate applies only to the transferred amount, not to new purchases you make on the card. Payments you make go toward the transferred balance first (or are split according to Bank of America's payment allocation rules), so understand which portion of your payment reduces which balance before you start paying.

Timing: when the transfer completes and when interest starts

The transfer typically completes within 7 to 21 business days. During that window, the money is in transit from Bank of America to your old creditor. Interest on the transferred balance usually does not start accruing until the transfer posts to your Bank of America account, but the promotional 0% period (if you have one) may start counting down from the day you request the transfer, not from the day it completes. Ask the representative to clarify this when you request the transfer.

Your old creditor will receive the payment and reduce your balance with them. However, that account remains open unless you or the creditor closes it. Closing it when ready after the transfer can hurt your credit score because it reduces your available credit, so most people leave the old account open but unused.

Common mistakes to avoid

Do not assume the transfer is complete until you see it on your Bank of America statement. Many people request a transfer and then stop paying the old card, only to be hit with a late fee when the transfer takes longer than expected. Keep making at least the minimum payment on the old card until the balance shows as zero.

Do not transfer more than you can pay off during the promotional period. If you have a 0% APR for 12 months and transfer $5,000, calculate whether you can pay at least $417 per month. If not, you'll owe interest on the remaining balance after the promotional period ends, often at a rate higher than your original card.

Do not make new purchases on the Bank of America card while the transfer is pending. New purchases may post before the transferred balance does, and the payment allocation rules may mean your payments go toward the new purchase first, leaving the transferred balance to accrue interest.

What happens if the transfer is denied

Bank of America may deny a balance transfer request if your credit limit on the new card is too low to accommodate the transfer amount, if your account is too new, or if there are fraud concerns. If denied, you'll receive a reason in writing or over the phone. You can request a transfer again after addressing the issue — for example, by requesting a credit limit increase if that was the reason.

Some creditors also refuse to accept balance transfers from certain sources. This is rare but can happen. If your old creditor refuses the transfer, Bank of America will notify you and the money will not leave your Bank of America account.

Frequently Asked Questions

Can I transfer a balance from multiple cards to one Bank of America card?

Yes. You can request multiple balance transfers to the same Bank of America card in separate requests. Each transfer has its own fee and may have its own promotional rate, depending on your card's terms. However, the total of all transfers cannot exceed your credit limit on the Bank of America card.

Does a balance transfer hurt my credit score?

A balance transfer typically causes a small, temporary dip in your credit score because Bank of America runs a hard inquiry and opens a new account (or uses an existing one). However, over time, moving debt to a card with a lower interest rate and paying it down can improve your score. Closing the old card after the transfer can hurt your score more than the transfer itself.

What if I can't pay off the balance before the promotional period ends?

The remaining balance will be charged the standard interest rate for that card, which is usually higher than your original card's rate. You can request another balance transfer to a different card with a promotional rate, though you'll pay another transfer fee. Some people do this repeatedly, though it requires good credit and discipline to avoid accumulating more debt.

Can I transfer a balance from a Bank of America card to another Bank of America card?

No. Bank of America does not allow balance transfers between its own cards. You can only transfer a balance from another creditor's card to your Bank of America card.

How long does the 0% APR promotional period last?

The length varies by card and by current offer. Common promotional periods are 6, 12, or 18 months. Check your card's terms or ask the representative when you request the transfer. The promotional period usually starts from the date you request the transfer, not from the date it completes, so the clock is already running.