A balance transfer credit card from bank of America can be a great way to get a new card with a lower interest rate and pay off debt faster. But it’s important to choose a card with the right features.
Look for a balance transfer card with a lengthy intro APR offer, low or no transfer fees and a low ongoing APR. Also, make sure that the amount you transfer is within your card’s maximum credit limit.
Recommended: Understanding the Timeline for Balance Transfers
0% APR
If you have credit card debt that is too expensive to pay off in full, a balance transfer can be a great way to save money. These cards often offer 0% APR for a specific period of time on transferred balances, which can be helpful in reducing your debt load.
When selecting a Bank of America balance transfer card, consider your budget and financial goals. Do you want to pay off your debt quickly, or do you prefer a card that allows you to save on upcoming purchases? You also need to determine whether or not the introductory APR offers are long enough for you to completely eliminate your debt.
For example, if you have $1,000 worth of credit card debt and you plan to use your Bank of America balance transfer to help you get rid of that debt, look for a 0% APR offer that lasts at least 18 months. This way, you’ll have time to pay off your debt while the introductory APR is still in effect, saving you money in the long run.
No annual fee
A credit card with no annual fee is a great way to save money on interest costs. Whether you need to pay down debt or just want to build your credit score, a no-annual-fee card could help you get there.
You can find a balance transfer credit card with no annual fee at Bank of America. These cards typically come with 0% promotional interest rates that last for 18 to 21 months. After that, you will start to accrue interest at the regular rate on your new card.
Depending on the card you choose, you may also have the option of earning cash back on your purchases with this card. For example, the Bank of America(r) Customized Cash Rewards credit card offers 3% cash back on category purchases (including gas, online shopping, dining, travel, drugstore or home improvement), 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases.
This card has a $200 online cash bonus when you spend $1,000 on purchases in the first 90 days of opening your account. You also receive a free annual credit report with your online account.
In addition to no annual fee, Bank of America balance transfer credit cards also have no fees for transferring balances. Generally, issuers charge a 3% to 5% fee for transfers. This can add up quickly, so make sure to compare these fees with other cards before making a decision.
No penalty APR
Balance transfers can be a helpful way to manage credit card debt, especially if you’re struggling to make payments on multiple cards. They can also help you save money on interest charges by lowering your overall interest rate and allowing you to pay off debt sooner.
But before you transfer a balance, it’s important to understand the APRs on different types of transactions. For example, purchases, cash advances and checks are all subject to different interest rates than balance transfers.
In addition, you should always read the terms and conditions of a credit card offer thoroughly before you apply. You’ll want to know how long the introductory rate lasts and whether it applies to both balance transfers and purchases.
Many credit cards, including Bank of America, offer 0% APR offers on qualifying balance transfers. These introductory interest rates are usually for a specified period, typically from 45 to 60 days after you open your account.
The introductory interest rate on these offers is typically much lower than the ongoing APR, so it’s worth comparing cards that offer a 0% APR introductory period to see which one will work best for your budget.
No late fees
A balance transfer can be a good way to save on interest costs. But it’s important to know how to do one properly.
Bank of America offers several credit cards that allow you to transfer your existing debts to a new card. You can do this online, by phone or via a balance transfer check.
Many credit card issuers offer 0% introductory APRs on balance transfers. These introductory APRs last for a set period, usually six months or longer. However, once the introductory period ends, any outstanding balances start accruing interest at a regular APR.
These introductory APRs can be attractive, especially if you’re trying to get out of debt quickly. But you should always pay off your balance in full before the promotional period ends.
If you do miss a payment, you can still avoid late fees and penalty APRs by paying your balance in full before the next due date. But if you fail to make a payment, the balance will start to accrue interest that compounds daily.
No transfer fees
A balance transfer is an option that can help you save money on credit card interest. These transactions are typically made between two cards that have different interest rates, but they can also be done between one credit card and a loan or another credit card with a lower interest rate.
There are several ways to do a balance transfer, including online and over the phone. It’s important to understand the process so that you don’t make any mistakes or end up in financial trouble.
Bank of America offers a variety of credit cards that offer balance transfers. These include the BankAmericard credit card and the Bank of America Customized Cash Rewards credit card, among others.
These cards offer a variety of benefits, like cash back and spend-based welcome bonuses. Additionally, they often have no annual fees.
Many Bank of America credit cards allow you to transfer balances from other credit cards, but it’s a good idea to check the terms and conditions before applying. The amount you can transfer will vary, and the card’s credit limit will affect the size of the transfer.