If you want, you can fill out the balance transfer information directly on the application. Before you apply, make sure you understand the terms of the offer, including how long the introductory APR lasts and the cost of any balance transfer fees. Transfer your balance as a new applicantĪs a Bank of America credit card applicant, the balance transfer process begins with your application for a new account that features a balance transfer offer. In general, doing a balance transfer with Bank of America will follow one of the two processes below. How to do a balance transfer with Bank of America You can take advantage of this offer when you apply now. This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. Contactless Cards – The security of a chip card, with the convenience of a tap.A 3% fee applies to all balance transfers. After the intro APR offer ends, 18.24% – 28.24% Variable APR will apply. 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days.No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open.That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards. If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase.Earn unlimited 1.5% cash back on all purchases.$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.late payments, you charge up high balances again on the original credit cards you paid off, etc.), you might damage your credit instead. But if you manage a balance transfer poorly (e.g. Opening a new credit card to consolidate credit card debt could reduce your credit utilization ratio - a good move for your credit score. Credit score improvement: When you handle a balance transfer responsibly, it could help your credit score.If you’re able to make larger payments during the promotional period, it could make getting out of debt even easier. Reduce debt faster: With a 0% intro APR balance transfer offer, 100% of your payment applies toward your principal debt balance making it easier to reduce your debt faster.Of course, the speed at which you pay off your debt can affect your overall savings as making larger payments toward your debt could help you save more in overall interest charges. Save money: Locking in a lower interest rate with a balance transfer could help you save money.When you manage a balance transfer in a responsible manner, it has the potential to help you accomplish the following: Using a balance transfer calculator online can help you make sure the potential savings will be enough to offset this added cost. Otherwise, you could wind up in more debt which could lead to bigger financial problems.Īnother detail to keep in mind is the fact that most credit card companies charge balance transfer fees, which are typically 3% to 5% of the amount you transfer. But it’s important to avoid future overspending. In either scenario, an attractive balance transfer offer may save you money if you qualify for a lower interest rate than you’re currently paying. (Note: You’ll typically need good to excellent credit to qualify for balance transfer cards, as you do for most of the best credit card offers available.) Some credit card issuers may extend promotional balance transfer offers to existing customers as well - typically with a low APR for a set period of time. When you open a new credit card, you may be able to qualify for an introductory offer that features a low or 0% into APR on balance transfers for a limited time. But it’s important to understand how the balance transfer process works before you determine whether this debt consolidation tool is right for you. What is a balance transfer and how does it work?Ī balance transfer allows you to pay off existing debt with a credit card. Here’s what you need to know about how to do a balance transfer with Bank of America. Bank of America is the second largest bank in the United States, and several Bank of America credit cards feature 0% introductory APR offers for balance transfers.Īnd if you’re an existing Bank of America credit cardholder, you may be able to take advantage of balance transfer offers on that card as well. In general, balance transfers from different banks follow a similar pattern. A well-managed balance transfer could be a smart way to save money on high interest rates and pay off credit card debt at a faster pace.
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