I’ve managed to accumulate $6,000 balance on my... - Balance Transfers Questions

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Credit Card Applications » Questions » User Questions » Balance Transfers » I’ve managed to accumulate $6,000 balance on my Bank of America’s credit card. Do you...

I’ve managed to accumulate $6,000 balance on my Bank of America’s credit card. Do you think a Bank of America balance transfer credit card is a good option for me since I already have an account with them?

Answered on | Updated on September 26th, 2018
The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Unfortunately, you won’t be able to transfer the balance of one Bank of America credit card to another Bank of America credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer. For example, if you are planning to keep your new balance transfer credit card, you may like the Discover it® Balance Transfer offer. It will give you 18 months of 0% intro APR to transfer and to pay off the card balance. There is no annual fee for the card, but you will need to pay a balance transfer fee of 3% of the amount transferred. When the balance is paid off, you can continue using this card for everyday purchases and earn cash back rewards. Please remember that when the zero introductory period is over, a go-to APR will apply to all unpaid and new balances.

If you need more time to pay off your balance or you are not planning to keep the card when the balance is paid off, you may like the Citi Simplicity® Card - No Late Fees Ever card. This card will give you 21 months of no interest on balance transfers if you complete all your transfers within first 4 months of account opening. The balance transfer fee is a bit high on this card – 5% of the amount of each transfer. There is no annual fee for the card. And when the promo period is over, a go-to APR will apply to the remaining and unpaid balances.

Before you apply for either of the two cards, we would recommend calculating your savings on balance transfers. Thus, you will see which card is worth applying and which one won’t do any difference.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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Intro APR on Balance Transfer: 0% (18 months)

Ongoing APR on Balance Transfer: See terms

Balance Transfer Fee: 3%

Excellent, Good Credit

Intro APR on Balance Transfer: 0%* 21 months on Balance Transfers*

Ongoing APR on Balance Transfer: 15.99% - 25.99%* (Variable)

Balance Transfer Fee: 5% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% 18 months on Balance Transfers*

Ongoing APR on Balance Transfer: 15.49% - 25.49%* (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

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