Bank of America is popular for balance transfers and other services for their fair terms and competitive rates. So, most of the users choose this bank for balance transfer and want to know the transfer time.
This depends on several factors, such as the transfer amount, the method used to initiate for transfer, and the receiving institution’s policy to process the transfer.
Generally, one account to another account takes more time than transferring them within your existing account. Bank of America typically processes balance transfers within a few business days.
But, if you want to get the exact balance transfer times then you can contact their customer care centre or log in to your account online.
If you are wondering how much time it takes to process a balance transfer in Bank America, then this post will help you figure it out.
What is Balance Transfer?
Balance transfer is the process of moving an existing credit card balance to a new credit card. The goal is simply to take advantage of the lower interest rate or better terms on the new card. This can help save money and pay off your loan faster.
When you initiate a balance transfer with Bank of America, the bank will typically pay the outstanding balance on your other credit card accounts up to the credit limit available on your Bank of America credit card.
This is also done to consolidate multiple credit card balances into one account in order to take advantage of lower interest rates or promotional offers on Bank of America credit cards.
Bank of America balance transfer time
Usually, balance transfers may complete within a few business days. But the time to complete the transfer depends on the credit card issuer where you’re transferring.
| Credit Card Issuer | Balance Transfer Time |
|---|---|
| American Express | 5 to 7 business days |
| Bank of America | Up to two weeks |
| Chase | Up to three weeks |
| Citi | 3 to 21 business days |
| Capital One | 3 to 14 business days |
| DIscover | 5 to 10 business days |
| Wells Fargo | 7 to 21 business days |
Balance Transfer fee:
Bank of America may charge a balance transfer fee, usually a percentage of the amount transferred. But it is important to make timely payments within the period to avoid additional interest charges. A 3% fee applies to all balance transfers.
Conclusion
Bank of America balance transfers are the way to save money and pay off your debt faster. While the balance transfer to complete can vary, it is generally 3 to 21 business days to complete online or over the phone.
