BOFA Now Offering 0% APR On Balance Transfers for 18 months

If you sign up for a Bank of America Credit Card including the BankAmericard Cash Rewards Visa or BankAmericard Travel Rewards Visa – BOFA is now offering a 0% introductory APR on balance transfers for the first 18 months that your account is open.

  • All balance transfers must be completed within the first 60 days from the date your account is opened.
  • It may take up to two weeks from the time you submit a balance transfer request for it to be processed.
  • Balance transfer fees apply. You will be charged $10 or 3% of the total amount of the transfer (whichever is greater) for each balance transfer completed.
  • You should continue to pay each creditor until the transfer appears as a credit on your statement.

After your introductory period expires, the APR will be between 10.99% and 20.99%, variable and based on the Prime Rate. Your specific APR will be determined at the time of approval and is based on a review of your financial history and credit score.

This offer gives you a reasonable amount of time to pay down (or completely pay off) any high interest credit card balance which you decide to transfer. Since there is no interest charged for 18 months, every dollar you pay towards the outstanding balance lowers the amount you owe. Depending on your situation, it could be a great way to get rid of old, high-interest debt while paying absolutely no interest. Keep in mind that you will have to pay a balance transfer fee of 3% on whatever amount you decide to transfer.

Unfortunately, the BankAmericard 0% introductory APR does not extend to purchases. On the plus side there are no annual fees associated with these cards.