If you’ve recieved a mailing or email from Bank of America encouraging you transfer high interest balances on the website www.bankofamerica.com/easybt, you may want to think twice before completing a balance transfer.  Not only can you get a 0% APR on balance transfers from most other credit card issuers, you’ll end up paying much more money in interest and fees with the offer from www.bankofamerica.com/easybt.

First, we’ll examine the reasons this is not a great deal.  To begin, this offer charges a 3% balance transfer fee with no maximum.  A good 0% balance transfer credit card caps the maximum fee at $75.  Thus, if you accept the Bank of America offer and make a $4000 balance transfer, you would pay $120 in fees instead of $75.  But that’s just the beginning. 

Buried in the fine print of your credit card is a statement such as this, “all payments will be credited to the balance with the lowest interest rate first.”  Thus, if you have a $2000 balance on your card being charged 10% and you transfer $2000, your first $2000 in payments will reduce the lower interest transferred balance, leaving you with $2000 being charged at the 10% or higher rate.

Clearly, the easy balance transfer offer at www.bankofamerica.com/easybt  is not a great deal.  And, compared to a credit card that charges a 0% APR on balance transfers for 1 year and charges low fees, it is not even a good deal.

To maximize your savings on balance transfers, you can review current 0% APR balance transfer offers and apply online at Smart Balance Transfers.  At Smart Balance Transfers, we feature detailed information to help consumers save money on balance transfers.  To find the best money saving balance transfer deal, peruse our website, compare offers, and apply online here.