Bank of America Credit Cards

Balance transfer credit cards give people the opportunity to transfer from a high-interest credit card to a lower-interest credit card. They also can help cardholders save a lot of money they need to pay for interest. For example, if you have a high balance on a reward credit card at 23% APR, you can transfer the debt to a balance transfer credit card with a lower rate during the introductory period, so you can save money on interest and pay down your debt faster. However, you can only transfer an amount up to your credit limit on the new credit card.                

Low balance transfer APR

Low balance transfer APR can help you to pay existing debt faster. This is because you can get a low promotion or introductory APR to pay the balance within a specified time frame.

Low introductory APR

This may help you cut time which takes to reduce your debt and save money on interest.

Easy to keep track of your payment

Consolidating all of your balances on to one card with a low introductory APR instead of paying multiple credit cards on multiple due dates, means you only have to keep track of one payment a month.  

Credit score

The issuer will review your personal credit history when determining whether to approve your credit card and what terms you are eligible for. Responsible past use of credit will maximize your chances.

Application

You can apply for a store credit card online, in banks or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.                

Read your credit card terms and conditions.

This will give you an idea of how you can earn rewards, when rewards will post and other information. Check if the introductory APR offer and the introductory balance transfer fee apply only to the balance transfer, regular purchases, or both.

Pay down the debt

Avoid just chasing 0% balance transfer offers or keep bouncing balances from one card to another. Try to find a great balance transfer offer and making a plan to pay down your debt as soon as possible.

How to complete a balance transfer

When you respond to a balance transfer offer, you can indicate the account numbers you want to pay and how much you want to transfer.

After you get approved for the balance transfer, the new credit card issuer will contact your creditors or billers on your behalf and pay them the amount you want to transfer. This processing maybe takes up to two weeks.

If you have any payments due before that time, you have to make those payments by their due dates in order to avoid late fees.