Bankamericard credit card balance transfer

Bankamericard credit card balance transfer DEFAULT

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  • Introductory balance transfer rate: 0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.
  • Annual fee: $0
  • Regular APR: 12.99% – 22.99% Variable APR on purchases and balance transfers
  • Recommended credit score: 670-850 (Good to Excellent)

The BankAmericard credit card* is a simple 0% interest card best suited for anyone looking to consolidate high-interest credit card debt from other cards or pay off an upcoming purchase over time. It doesn’t offer any rewards, but you can pay down your debt interest-free with one of the longest 0% introductory offers on the market. 

At a Glance

  • $100 statement credit online bonus after making at least $1,000 in purchases in the first 90 days of account opening
  • Introductory 0% APR on purchases for 18 billing cycles, as well as on balance transfers made within 60 days of account opening
  • 3% balance transfer fee (minimum $10)
  • FICO Score for free, updated monthly
  • 12.99% to 22.99% variable APR after intro period
  • No annual fee

Pros

  • Lengthy 0% APR offer for purchases and balance transfers

  • No annual fee

  • FICO score for free available

Cons

  • No rewards or ongoing benefits

  • 3% balance transfer fee (minimum $10)

  • 3% foreign transaction fee

Additional Card Details

The BankAmericard credit card doesn’t offer any travel or purchase protections, although this is relatively common among 0% interest cards designed for balance transfers and debt payoff. 

One of the main benefits you’ll receive is free access to your FICO score through Bank of America, which is updated monthly. You’ll also get standard contactless payment options and the ability to set up account alerts or sign up for paperless statements.

As an added protection while you pay down debt, there’s no penalty APR after late or missed payments with BankAmericard. You should always pay your bills on time and in full, but you won’t derail your debt payoff progress by taking on a penalty APR in case of a slip up with this card.

Should You Get this Card?

BankAmericard can make a great option for anyone looking to kickstart their debt payoff, or for anyone looking to pay down a large purchase without interest over the next year. 

You’ll get 0% APR on purchases and on balance transfers made within 60 days of account opening for 18 billing cycles, 12.99% – 22.99% variable APR thereafter. That gives you up to a year and a half of pay down high interest debt you originally accrued on other cards. Just keep in mind that a 3% balance transfer fee (minimum $10) will apply.

This isn’t the longest intro period on the market, nor does BankAmericard have the lowest balance transfer fee. But 18 billing cycles is a generous repayment window and still among the best introductory offers currently available.

BankAmericard’s lack of rewards could be a potential downside if you’re looking for a 0% interest card you can use even after your debt is paid, but it’s not uncommon among balance transfer cards. Plus, a card that doesn’t reward your spending can be helpful while you’re in debt repayment mode. When you don’t have the chance to earn rewards on purchases you make, you can focus on debt repayment instead.

How to Use the BankAmericard Credit Card

To make the most of the BankAmericard Credit Card, determine how much debt you’d like to transfer, and move the balance to this card as soon as possible. The introductory APR offer only applies to balance transfers made within 60 days of opening your account.

Pro Tip

If you’re considering the BankAmericard Credit Card because you want to consolidate debt, make sure to have a plan in place to pay off your balances before the 0% introductory APR offer ends. If you carry a balance beyond the introductory offer period, you’ll be charged interest at the regular variable rate, and can easily end up back where you started.

How much you’ll save depends on how much debt you have, but consider this example: 

Imagine you have $4,000 in credit card debt on a card charging 21% APR. If you’re currently able to pay $225 per month, it would take 22 months to become debt-free, and you would fork over $834 in interest over that time. 

If you transfer that same debt balance to the BankAmericard Credit Card, you would automatically owe a 3% balance transfer fee ($120) and start your debt repayment process off owing $4,120. However, you could pay the same $225 per month and become entirely debt-free after 18 billing cycles (instead of 22) with $0 in interest payments. 

If you’re using this card’s intro period for new purchases, it’s also smart to make your large purchase soon after account opening, so you can take advantage of the full 18-month intro period to pay down the balance. Determine how much you need to pay each month to eliminate the purchase within the intro period, so you don’t start accruing interest later on.

While you are paying down a new or transferred balance, avoid using your BankAmericard on your regular spending. Unless you’re sure you can pay it off — in addition to the monthly payments required to eliminate your debt by the end of the intro period — adding to your debt balance could lead to more high-interest debt once the regular APR kicks in. 

Also take advantage of this card’s FICO score for free. Track and monitor your credit score as you pay down debt to see the progress you’re making and adjust your plan as needed.

BankAmericard Credit Card Compared to Other Cards

  • Introductory balance transfer rate:

    0% Intro APR for 18 billing cycles for any BTs made in the first 60 days. A 3% fee (min. $10) applies.

  • Annual fee:

    $0

  • Regular APR:

    12.99% – 22.99% Variable APR on purchases and balance transfers

  • Recommended credit:

    670-850 (Good to Excellent)

  • Learn moreat our partner’s secure site.
  • Introductory balance transfer rate:

    0% intro for first 15 billing cycles following each BT that posts within 45 days of account opening

  • Annual fee:

    $99

  • Regular APR:

    15.99%, 19.99% or 24.99% variable based on your creditworthiness

  • Recommended credit:

    670-850 (Good to Excellent)

  • Learn moreat our partner’s secure site.
  • Introductory balance transfer rate:

    0% for 21 months on Balance Transfers

  • Annual fee:

    $0

  • Regular APR:

    14.74% – 24.74% (Variable)

  • Recommended credit:

    670-850 (Good to Excellent)

  • Learn moreat our partner’s secure site.

Bottom Line

If you have high-interest debt to consolidate or a large purchase you want to pay down over time, BankAmericard can make a great addition to your wallet. Before applying though, compare this card to other balance transfer credit cards and 0% interest credit cards with different fees and terms to find the one that best aligns with your goals. 

Frequently Asked Questions

What credit score is needed for the BankAmericard Credit Card?

You will need very good or excellent credit (a score of 670 or higher) for the best chances of approval for the BankAmericard Credit Card.

Is the BankAmericard Credit Card a good credit card?

The BankAmericard Credit Card is a good option for consolidating and paying down high-interest debt. The introductory 0% interest period on both balance transfers (made within 60 days of account opening) and new purchases lasts for 18 billing cycles, and there’s no annual fee.

Who should get the BankAmericard Credit Card?

Anyone who has high-interest debt to pay off should consider this card. The same is true for consumers who have some large purchases to make and could benefit from this card’s 0% introductory offer.

*All information about the BankAmericard credit card, AAdvantage® Aviator® Red World Elite Mastercard®and Citi Simplicity Cardhas been collected independently by NextAdvisor and has not been reviewed by the issuer.

Sours: https://time.com/nextadvisor/credit-cards/bank-of-america/bankamericard-credit-card-review/
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Sours: https://www.creditkarma.com/credit-cards/i/balance-transfer-cards-bank-of-america
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How to transfer a balance to a Bank of America credit card

The Bank of America content was last updated on May 3, 2021.

Is your credit card debt growing faster than you can pay it off each month? Transferring this debt to a Bank of America credit card that offers 0% interest can give you a chance to catch up.

Be careful, though. Bank of America requires you to pay off the debt on a balance transfer within 12 to 18 billing cycles – or 12 to 18 months – before your new card’s permanent interest rate kicks in.

Bank of America will charge you, too, for transferring a balance, so that can eat into the savings you earn from the 0% offer.

Here’s everything you need to know, from the balance transfer cards Bank of America offers to fees and restrictions, to your chances of approval.

See related:Best balance transfer credit cards

Bank of America balance transfer guide

Bank of America balance transfer offers

Bank of America® Customized Cash Rewards credit card

  • Balance transfer fee: $10 or 3% of the amount of each transfer, whichever is greater
  • 0% promotional period: 15 billing cycles (for balance transfers made within the first 60 days)
  • Regular variable APR: 13.99% – 23.99%
  • Worth noting: Earn $200 online cash rewards sign-up offer if you charge $1,000 within first 90 days of account opening; 3% cash back on a category of your choice (gas, online shopping, dining, travel, drugstores or home improvements and furnishings), 2% back on purchases at grocery stores and wholesale clubs, and 1% back on all other purchases; you will only earn cash back on the first $2,500 worth of grocery, wholesale club and choice category purchases each quarter.

BankAmericard® credit card

  • Balance transfer fee: $10 or 3% of the amount of each transfer, whichever is greater
  • 0% promotional period: 18 billing cycles (for balance transfers made within the first 60 days)
  • Regular variable APR: 12.99% – 22.99%
  • Worth noting: The BankAmericard is not a rewards card, but it does offer 0% interest for new purchases during the first 18 billing cycles. It also charges no annual fee and does not charge a penalty APR for those who pay their bills late.

Bank of America Cash Rewards for Students

  • Balance transfer fee: 3% or $10, whichever figure is greater
  • 0% promotional period: 12 billing cycles (for balance transfers made within the first 60 days)
  • Regular variable APR: 13.99% – 23.99%
  • Worth noting: Earn 3% cash back on a category of your choice (gas, online shopping, dining, travel, drugstores or home improvements and furnishings), 2% back on purchases at grocery stores and wholesale clubs, and 1% back on all other purchases; you will only earn cash back on the first $2,500 worth of grocery, wholesale club and choice category purchases each quarter.

BankAmericard for Students

  • Balance transfer fee: $10 or 3% of the amount transferred, whichever figure is higher
  • 0% introductory offer: 12 billing cycles (for balance transfers made within the first 60 days)
  • Regular variable APR: 12.99% – 22.99%
  • Worth noting: This is a basic card that students can use to build a credit history. It charges no annual fee.

What you should know before applying

There are limits to balance transfers with Bank of America credit cards, according to the company.

  • You can only qualify for a 0% balance transfer offer if you transfer your debt within 60 days of opening your new Bank of America credit card account.
  • You can’t transfer a balance from one Bank of America credit card to another one.
  • Bank of America will look at your credit to determine if you qualify for a balance transfer.
  • Don’t stop making payments on your old credit card until your Bank of America balance transfer closes. A Bank of America balance transfer could take up to 14 days to close.
  • Your balance transfer amount will be limited by the credit limit on your new card.

How to improve your chances of approval

Ash Exantus, head of financial education and financial empowerment coach in the New York City office of BankMobile, said that banks will look at both your credit score and debt-to-income ratio when determining whether you qualify for a balance transfer.

Exantus said that your credit score is especially important. Your score might be high enough to qualify for a balance transfer. But if your score isn’t a strong one, you might take a hit with a higher APR rate when that 0% offer expires, he said.

“What will your interest rate be after your introductory offer is up?” Exantus asked. The higher your credit score, the lower your interest rate should be, but that’s not always the case.

See related:How does a balance transfer affect your credit score?

How to initiate a balance transfer to a Bank of America credit card

If you are applying for a new Bank of America credit card:

  • Start a credit card application for one of the balance transfer cards that Bank of America offers.
  • During your application, you will be given the option to transfer a balance from an existing card. Select this option to proceed.
  • Provide basic information about your existing card and state how much you want to transfer.

If you already have a Bank of America credit card:

  • Go online to your account and select the “Transfers” option. Then select “For credit card balance transfers.”
  • Once you see your balance transfer offer, fill in the online form, providing information about the debt you want to transfer and the card from which you want to transfer it.

How to make a balance transfer work

A balance transfer makes the most sense if you pay down your debt before that 0% offer expires.

Kevin Gallegos, senior vice president of client enrollment with Phoenix-based financial services company Freedom Debt Relief, says that you should always craft a household budget before you initiate a balance transfer.

This budget can help you determine how many dollars you have each month to devote to paying down your debt. Once you know this figure, you can determine if you will be able to pay down that credit card debt before the 0% offer ends.

See related:Don’t become addicted to balance transfer offers.

“It all goes back to budgeting,” Gallegos said. “It’s about being honest about how much you can apply to your debt. The best solution is to always put as much toward that debt as you possibly can.”

BankMobile’s Exantus said it’s important, too, to determine how much money you’ll really save by transferring your debt.

Bank of America often charges a balance transfer fee. Depending on how much debt you are transferring that fee might negate much of the money you’d save by transferring your balance. And if you can’t pay your balance off before the 0% offer ends, you will rack up more interest expenses.

“Everyone likes the sound of ‘0% interest,'” Exantus said. “But it’s important to really look at the numbers and what you’ll be saving before you jump into a balance transfer.”

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Dan Rafter has covered personal finance for more than 15 years for publications ranging from The Washington Post and Chicago Tribune to Wise Bread, HSH.com and MoneyRates.com. His work has also appeared online at the Motley Fool, Fox Business, Huffington Post, Christian Science Monitor and Time.

Sours: https://www.creditcards.com/credit-card-news/how-to-balance-transfer-bank-of-america/
Best Balance Transfer Credit Cards (2021 UPDATE)

How to do a balance transfer with Bank of America

Paying off credit card debt can seem overwhelming, especially when that debt comes with high interest rates. A balance transfer to a credit card with an introductory 0 percent interest rate is a smart place to start.

One good option for balance transfers is Bank of America. Several of their credit cards come with introductory 0 percent interest, and they make these transfers easy.

If you go this route, you can pay off your credit card debt without paying interest—as long as you pay it off before that 0 percent offer expires, usually within 12 to 18 months. If you don’t, your new card’s permanent APR will kick in, and the debt you haven’t paid off will come with a higher interest rate.

If you want to try this and don’t yet have a Bank of America balance transfer credit card, we’ve got tips for choosing the best one for your needs.

Your Bank of America balance transfer can be done in as few asfive quick steps. Here’s everything you need to know.

How to transfer a balance to a Bank of America credit card

It’s easy to do a Bank of America credit card balance transfer online. You can begin the process when you apply online for a Bank of America balance transfer credit card.

Enter the 16-digit account number on the credit card that currently holds the balance you’d like to transfer, then enter the balance amount that you’d like to transfer to your new Bank of America card. If your credit card application is approved, your balance will be transferred as requested.

If you already have a Bank of America balance transfer card and want to transfer a balance to it, log in to your credit card account and look for the “Transfer Balance or Get Cash” option. Select the option to transfer a balance and follow the instructions to complete your transfer. You’ll need to provide the account number of the credit card from which you’d like to transfer the balance, as well as how much of the balance you’d like to transfer.

You can also complete a Bank of America balance transfer over the phone. Call the number on the back of your Bank of America credit card, use the phone tree to indicate you’d like to make a balance transfer and have your old credit card and its balance handy.

What happens next? 

Once you’ve begun the balance transfer process, it should take no more than two weeks to complete. You’ll know you’re successful when you see the transferred balance appear in your Bank of America credit card account.

Important: Keep making payments on your original credit card until the balance transfer is complete. If a payment comes due while your transfer is in progress, pay it promptly. If you don’t, you run the risk of getting hit with late fees and penalty APRs, not to mentiona drop in your credit score.

After your balance transfer is complete, make sure you pay off any additional interest that accrued on your original card during the process.

What you need to know about Bank of America balance transfers

  • Make sure you transfer your balances within the first 60 days of opening your account if you want to take advantage of any 0 percent APR introductory offer.
  • If the balance transfer you request exceeds the limit on your Bank of America credit card, you’ll only be able to transfer part of your old balances to your new account.
  • Try to pay off your balances before your 0 percent introductory APR period ends. Once the offer period is over, you’ll begin paying the regular variable APR on any balance left on the card.
  • Avoid transferring any balance under dispute. If you do, you’ll lose certain dispute rights on those charges.
  • You cannot transfer debt from one Bank of America product to another. In other words, if you are carrying a balance on one Bank of America credit card, you won’t be able to transfer it to another.

How to choose a Bank of America balance transfer card

Ask yourself what you’re hoping to get out of yourBank of America credit card. Are you looking for a card with a lengthy 0 percent introductory APR offer, or would you rather have a card with high cash back rewards? Is the APR on purchases important to you? Do you want a card that doesn’t come with a penalty APR for late payments?

The more you understand what you’re looking for in atop balance transfer credit card, the easier it will be to choose the right card for you.

Best Bank of America balance transfer credit card offers

Bank of America® Customized Cash Rewards credit card: Best for cash-back rewards

  • Balance Transfer Offer: Zero percent introductory APR for 15 billing cycles on purchases and balance transfers made in the first 60 days (13.99 percent to 23.99 percent variable APR on purchases and balance transfers thereafter)
  • Balance Transfer Fee: 3 percent ($10 minimum, whichever is greater)
  • Rewards: 3 percent cash back in the category of your choice (including gas, online shopping, dining, travel, drugstore or home improvement); 2 percent cash back at grocery stores and wholesale clubs, for up to a combined $2,500 in choice category/grocery store/wholesale club purchases per quarter; 1 percent cash back after that and on all other purchases.Preferred Rewards members can earn 25 percent to 75 percent more cash back on every purchase. Earn a $200 online cash reward bonus after making $1,000 in purchases in the first 90 days.
  • Annual Fee: $0
  • Credit Required: Good to Excellent (670–850)
  • Why should you do a balance transfer with the Bank of America Customized Cash Rewards card? The Bank of America Customized Cash Rewards card is one of Bankrate’s favoritecash back rewards cards, especially for people who already have a relationship with Bank of America and can take advantage of the Preferred Rewards bonus. If you’re hoping to pay off a balance while earning top-level cash back rewards on new purchases, this card is for you.

Bank of America® Customized Cash Rewards credit card last updated on 05.03.21

You might also want to consider the Susan G. Komen® Cash Rewards Visa® credit card from Bank of America, the MLB™ Cash Rewards Mastercard® from Bank of America, or the U.S. Pride® credit card. These credit cards all offer the same balance transfer and cash-back rewards structure as the Bank of America Cash Rewards card, along with unique features:

  • Susan G. Komen Cash Rewards Visa: The Susan G. Komen foundation receives $3 when you open a credit card (and keep it for open for at least 90 days), 0.08 percent of all retail purchases (not counting returns) made with the card, and $3 for each annual renewal of a card that was in good standing during the previous 12-month period and does not have a zero balance at the time of renewal.
  • MLB: Choose a card featuring your favorite Major League Baseball team.
  • U.S. Pride: This card comes with a unique U.S. Pride design.

The information about the Susan G. Komen Cash Rewards Visa credit card from Bank of America, the MLB Cash Rewards Mastercard from Bank of America and the U.S. Pride credit card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

BankAmericard® credit card: Best for low APR

  • Balance Transfer Offer: Zero percent introductory APR for 18 billing cycles on purchases and balance transfers made in the first 60 days (12.99 to 22.99 percent variable APR thereafter)
  • Balance Transfer Fee: 3 percent (minimum $10)
  • Rewards: none
  • Annual Fee: $0
  • Credit Required: Good to Excellent (670–850)
  • Why should you do a balance transfer with the BankAmericard? With a 12.99 percent to 22.99  percent variable APR on purchases and no penalty APR for late payments, this card is an excellent way to save on interest.

Bank of America® Cash Rewards credit card for Students: Best for students who want cash back rewards

  • Balance Transfer Offer: Zero percent introductory APR for 15 billing cycles on purchases and balance transfers made in the first 60 days (13.99 percent to 23.99 percent variable thereafter)
  • Balance Transfer Fee: 3 percent (minimum $10)
  • Rewards: 3 percent cash back in the category of your choice (including gas, online shopping, dining, travel and more); 2 percent cash back at grocery stores and wholesale clubs, for a combined $2,500 in choice category/grocery store/wholesale club purchases per quarter; 1 percent cash back on all other purchases.
  • Annual Fee: $0
  • Credit Required: Good to Excellent (670 – 850)
  • Why should you do a balance transfer with the Bank of America Cash Rewards for Students card? While this card doesn’t make our list of thetop credit cards for college students, it’s still a good option for a student who wants to transfer and pay off a balance while earning cash back rewards.

The information about the Bank of America Cash Rewards credit card for Students has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

BankAmericard® credit card for Students: Best for students who want to build their credit

  • Balance Transfer Offer: Zero percent introductory APR for 18 billing cycles on purchases and balance transfers made in the first 60 days (12.99 percent to 22.99 percent variable APR thereafter)
  • Balance Transfer Fee: 3 percent (minimum $10)
  • Rewards: none
  • Annual Fee: $0
  • Credit Required: No credit history
  • Why should you do a balance transfer with the BankAmericard for Students? If you’re just getting started on your credit journey, the BankAmericard for Students can help you build your credit score while you pay off any balances you might have picked up in your relatively fresh credit history.

The information about the BankAmericard credit card for Students has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

Frequently asked questions

How often can I transfer a balance with Bank of America?

Although Bank of America doesn’t specify how frequently you can make balance transfers, you can submit up to three balance transfer requests during a single transfer session. Remember that your balance transfer requests, including any fees associated with the transfers, cannot exceed the available credit on your Bank of America balance transfer card. And if you have pending purchases that haven’t yet cleared your Bank of America credit card account, make sure to factor them into your available credit limit.

Can I get balance transfer checks with Bank of America?

Bank of America offersbalance transfer checks, which are also calledconvenience checks. Be aware that these checks come with their own fees and interest rates, which might be different from the fees and rates associated with your balance transfer credit card.

What credit score do I need for a Bank of America balance transfer?

Different Bank of America balance transfer cards have different credit requirements. If your credit score is high enough to qualify for a Bank of America balance transfer card, it should be high enough to complete a balance transfer.

How can I check the status of my Bank of America balance transfer?

You can check the status by visiting your Bank of America online or mobile banking account. Select “Transfer Balance or Get Cash,” then “View Transfer History.”

How will a Bank of America balance transfer affect my credit score?

A transfer can improve your credit score in two ways. First, your score could go up if you open a new Bank of America balance transfer card and increase the amount of credit available to you. (Your credit score might drop by a few points after you open the card, thanks to thecredit inquiry associated with the application, but it should bounce back fairly quickly.)

Second, your credit score could improve as you pay off your balance, as long as you aren’t simultaneously creating new debt. Remember: Lowering your credit card balances is a great way toraise your credit score.

How to do a balance transfer with different issuers

Sours: https://www.bankrate.com/finance/credit-cards/bank-of-america-balance-transfer/

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Best Balance Transfer Credit Cards (Top 5)

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