Bank of America Balance Transfers: How Do They Work?

You can request a Bank of America balance transfer while filling out a new credit card application or through your online account if you’re an existing cardholder.
Last updated Dec. 2, 2022 | By Ben Walker, CEPF | Edited By Melinda Sineriz
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A balance transfer is typically moving a balance from one credit card account to another. You might do a balance transfer if your new credit card has a better interest rate, which could help you save money on interest charges.

Bank of America balance transfer credit cards include the BankAmericard® credit card, Bank of America® Customized Cash Rewards credit card, and other options. You also have a few Bank of America student credit cards with balance transfer offers.

See how Bank of America balance transfers work with these cards and learn about the fees that are involved.

In this article

Does Bank of America do balance transfers?

Bank of America accepts balance transfers and also allows you to transfer a balance from an existing Bank of America credit card to another financial institution, such as Chase, Citi, or American Express. You can’t, however, do a balance transfer between two Bank of America credit cards.

How much is Bank of America’s balance transfer fee?

The Bank of America balance transfer fee may vary depending on the credit card. These are the current balance transfer fees associated with the Bank of America balance transfer credit cards:

  • BankAmericard® credit card: $10 or 3%, whichever is greater
  • Bank of America® Customized Cash Rewards credit card: $10 or 3%, whichever is greater
  • Bank of America® Unlimited Cash Rewards credit card: $10 or 3% of the amount of each transaction, whichever is greater
  • Susan G. Komen® Customized Cash Rewards Visa® credit card from Bank of America: $10 or 3%, whichever is greater
  • BankAmericard® Credit Card for Students: $10 or 3%, whichever is greater
  • Bank of America®️ Customized Cash Rewards Credit Card for Students: $10 or 3%, whichever is greater
  • Bank of America® Unlimited Cash Rewards Credit Card for Students: $10 or 3%, whichever is greater

In general, balance transfer fees aren’t typically higher than 5%, but it depends on the credit card and credit card issuer. Bank of America credit cards often have balance transfer fees of 3% or a flat $10, and you’re charged the greater of the two amounts.

For example, applying this balance transfer fee to a balance transfer of $5,000 would mean you’d pay $150 ($5,000 x 0.03 = $150) or $10. In this case, $150 is the greater amount, so that’s what you would pay.

The only time you wouldn’t use the 3% fee over the $10 fee would be if you were transferring a balance of about $333 or less. This is because $333 x 0.03 = $9.99, so $10 is the greater amount for any transfer balance of $333 or less.

Does Bank of America have balance transfer credit cards?

Bank of America has the following balance transfer credit cards:

  • BankAmericard® credit card
  • Bank of America® Customized Cash Rewards credit card
  • Bank of America® Unlimited Cash Rewards credit card
  • Susan G. Komen® Customized Cash Rewards Visa® credit card from Bank of America
  • BankAmericard® Credit Card for Students
  • Bank of America®️ Customized Cash Rewards Credit Card for Students
  • Bank of America® Unlimited Cash Rewards Credit Card for Students
Credit card Balance transfer intro offer Balance transfer fee Annual fee
BankAmericard® credit card 0% intro APR for 21 billing cycles for any qualifying balance transfers made in the first 60 days (then 15.74% - 25.74% (variable)) $10 or 3%, whichever is greater $0
Bank of America® Customized Cash Rewards credit card 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days(then 17.74% - 27.74% (variable)) $10 or 3%, whichever is greater $0
Bank of America® Unlimited Cash Rewards credit card 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days(then 17.74% - 27.74% (variable)) $10 or 3% of the amount of each transaction, whichever is greater $0
Susan G. Komen® Customized Cash Rewards Visa® credit card from Bank of America 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 17.74% to 27.74% (variable)) $10 or 3%, whichever is greater $0

Which Bank of America balance transfer credit card is best?

The best Bank of America balance transfer credit card for you depends on your financial goals. The BankAmericard credit card has one of the best intro APR offers among Bank of America credit cards. But the Bank of America Customized Cash Rewards and Unlimited Cash Rewards credit cards also have intro APR periods and provide cash back on eligible new purchases.

BankAmericard® credit card

Introductory APR offer: 0% intro APR for 21 billing cycles for any qualifying balance transfers made in the first 60 days (then 15.74% - 25.74% (variable))

Balance transfer fee: $10 or 3%, whichever is greater

The BankAmericard is an excellent credit card if your primary goal is to use it for balance transfers. Its intro APR offer on qualifying balance transfers is one of the best available, but keep in mind that you typically have to request your balance transfers soon after opening your account. Otherwise, you might not qualify for the 0% intro period.

The BankAmericard also offers 0% intro APR on purchases for 21 billing cycles (then 15.74% - 25.74% (variable)).

But apart from these offers, the BankAmericard doesn’t provide many other benefits or perks. This includes not being part of a rewards program, and there’s typically no sign-up bonus.

Learn more in our BankAmericard credit card review.

Bank of America® Customized Cash Rewards credit card

Introductory APR offer: 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 17.74% - 27.74% (variable))

Balance transfer fee: $10 or 3%, whichever is greater

The Bank of America Customized Cash Rewards has a top intro APR offer on qualifying balance transfers. But you need to submit your balance transfer requests soon after account opening if you want to qualify for the 0% intro APR offer.

The Customized Cash Rewards also offers 0% intro APR on purchases for 18 billing cycles (then 17.74% - 27.74% (variable)).

If you want a rewards credit card, the Customized Cash Rewards offers 3% cash back on the category of your choice; 2% cash back at grocery stores and wholesale clubs (on the first $2,500 spent each quarter in the 2% and 3% categories combined); and 1% cash back on all other purchases.

You can also earn a sign-up bonus of $200 after spending $1,000 in the first 90 days of account opening.

Check out our Bank of America Customized Cash Rewards credit card review.

Tip
Bank of America Preferred Rewards members may earn higher credit card rewards.



Bank of America® Unlimited Cash Rewards credit card

Introductory APR offer: 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 17.74% - 27.74% (variable))

Balance transfer fee: $10 or 3% of the amount of each transaction, whichever is greater

The Bank of America Unlimited Cash Rewards credit card is similar to the Bank of America Customized Cash Rewards in many aspects. This includes a top intro APR offer on qualifying balance transfers that you need to use soon after account opening (if you want to qualify for the 0% APR).

The Unlimited Cash Rewards also offers 0% intro APR on purchases for 18 billing cycles (then 17.74% - 27.74% (variable)).

The earning potential on the Unlimited Cash Rewards is simpler compared to the Customized Cash Rewards. Here, you’ll earn an unlimited 1.5% cash back on all purchases. You can also earn a $200 cash rewards bonus after spending $1,000 in the first 90 days of account opening.

Learn more in our Bank of America Unlimited Cash Rewards review.

Susan G. Komen® Customized Cash Rewards Visa® credit card from Bank of America

Introductory APR offer: 0% intro APR for 18 billing cycles for any qualifying balance transfers made in the first 60 days (then 17.74% to 27.74% (variable))

Balance transfer fee: $10 or 3%, whichever is greater

The Susan G. Komen Customized Cash Rewards Visa is nearly identical to the Bank of America Customized Cash Rewards credit card. The main difference is that this credit card helps support the Susan G. Komen Breast Cancer Foundation.

As far as how the card works, basically, everything else is the same. This includes a top intro APR offer on qualifying balance transfers. You also receive 0% intro APR on purchases for 18 billing cycles (then 17.74% to 27.74% (variable)).

The Susan G. Komen Customized Cash Rewards offers 3% cash back on the category of your choice; 2% cash back at grocery stores and wholesale clubs (on the first $2,500 spent each quarter in the 2% and 3% categories combined); and 1% cash back on all other purchases.

You can also earn a sign-up bonus of $200 after spending $1,000 in the first 90 days.

Bank of America student cards

The Bank of America student credit cards that provide balance transfer offers include:

The BankAmericard Credit Card for Students typically provides the best intro APR offer among those available because of its length. Having more time with a 0% APR could be helpful for avoiding interest and paying down high-interest debt.

But you might prefer the student versions of the Customized Cash Rewards and Unlimited Cash Rewards credit cards if you want to earn cash back. The BankAmericard Credit Card for Students doesn’t offer any earning potential, so the Customized Cash Rewards for Students and Unlimited Cash Rewards for Students are better options for earning rewards on your purchases.

Learn more in our Bank of America Cash Rewards for Students review.

How to start a balance transfer with Bank of America

You can start a Bank of America balance transfer while filling out a new credit card application or through your online account if you’re an existing Bank of America cardholder.

For a new Bank of America credit card

1. Start an online application for a new Bank of America balance transfer credit card.

2. Fill out any relevant information, including your full name, address, and Social Security number.

3. Request a balance transfer during the application process and fill out any applicable information. This could include the name of the card issuer, the account number of the credit card sending the balance transfer, and the balance transfer amount.

4. After approval, check the balance of your online account to see if the balance transfer has gone through. It could take 14 business days for the process to complete.

For an existing Bank of America credit card

1. Log into your Bank of America online account.

2. Select the Help & Support option.

3. Choose the option to request a balance transfer.

4. Enter the required information, such as the account number of the credit card sending the balance transfer and the balance transfer amount.

5. Submit your transfer request and continue to check the status of your account balance to see if the balance transfer has gone through. It typically takes two to four business days for the process to complete.

FAQs

What is the Bank of America balance transfer limit?

The Bank of America balance transfer limit varies by credit card and credit limit. Say you have a credit card with a $5,000 credit limit, that’s typically your balance transfer limit as well. This means you can’t do a balance transfer for more than your credit card’s total available credit.

What are the benefits of a balance transfer?

Here are some potential benefits of a balance transfer:

  • Debt consolidation: You can transfer multiple balances to a single credit card, which could make it easier to manage monthly payments and overall credit card debt.
  • Interest savings: An intro APR offer could help you save money on interest charges.
  • Credit score improvement: More available credit could improve your credit utilization ratio and credit score.

How long does a balance transfer take with Bank of America?

Most Bank of America balance transfers take two to four business days. But balance transfers on new Bank of America credit cards typically take 14 business days from the opening date of the new account. Checking for updates to your credit card account balance can confirm whether the balance transfer has gone through.

Bottom line

Choosing a balance transfer credit card involves considering multiple factors, including whether there’s an intro APR offer. You might also consider whether a credit card earns rewards or offers other useful benefits. Check out our dedicated page to compare credit cards and find the best option for your personal finance goals.

Pay No Annual Fee & No Interest for a Long Time!

Annual Fee

$0

Benefits and Drawbacks

Benefits

  • Extensive intro APR on qualifying balance transfers and purchases
  • FICO Credit score monitoring
  • No annual fee

Drawbacks

  • Does not earn rewards
Card Details
  • New longer intro period! 0% Introductory APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.74% - 25.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Author Details

Ben Walker, CEPF Ben Walker, CEPF, is a credit cards and travel writer at FinanceBuzz who loves helping others achieve their travel goals through financially sound decisions. For over a decade, he has been using credit card points and miles for the sole purpose of traveling the world. Ben is a Certified Educator of Personal Finance and has been featured in The Washington Post, MSN, Debt.com, and Finder.com.