How to Do a Balance Transfer With Bank of America
Balance transfers can be a great way to finally rid yourself of debt, especially if you find a card with a 0% intro APR offer. By simply transferring a balance from a high interest credit card to a card offering a low or 0% intro period, you can save a good amount of money on … Continue reading How to Do a Balance Transfer With Bank of AmericaThe post How to Do a Balance Transfer With Bank of America appeared first on MagnifyMoney.
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on Bank Of America’s secure website
Regular Purchase APR14.74% - 24.74% Variable APR Intro Purchase APR0% Introductory APR on purchases for 15 billing cyclesIntro BT APR0% Intro APR for 15 billing cycles for balance transfers made in the first 60 daysAnnual fee$0Balance Transfer FeeEither $10 or 3% of the amount of each transaction, whichever is greater.Credit requiredgood-creditExcellent/GoodIf you decide to complete a balance transfer with Bank of America, this guide provides a step-by-step guide on how to make it happen. We’ll also offer best practices for completing a balance transfer.
Complete your transfer online
1. Login to your account and click on “Transfers,” then select “For credit card balance transfers.”
2. You should see a balance transfer offer (since this card is old, there are no current offers). Verify the terms of the offer and select it.
3. Complete the form. Fill in the credit card account number for the card with the debt and the amount you want to transfer. Add your phone number, then read the terms and conditions and submit the transfer request.
Complete your transfer by phone
If you rather complete a transfer over the phone, simply call the number on the back of your card to speak to a representative. Have the following information ready:
- Name on the account with the debt
- Amount to be transferred
Bank of America balance transfer rules
- Request your balance transfer as soon as possible. Bank of America requires balance transfers to be completed within 60 days from account opening to take advantage of intro offers.
- Review the terms of your balance transfer offer to verify they’re correct. Make sure you receive the offer you expected and note when the intro period ends.
- Continue to make payments toward your balance until the balance transfer posts to your account. This may take up to 14 days.
- Pay each bill on time since late payments may cause Bank of America to cancel the offer.
- Keep spending to a minimum so you don’t rack up more debt. Your goal should be to pay off your balance, otherwise excessive spending can lead you to fall into more debt.
Some of the above offers and/or promotions may have since changed, expired, or are no longer available.
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