1. What is the Bank of America 0% APR Offer?

The Bank of America 0% APR introductory offer allows cardholders to pay no interest on purchases and balance transfers for 18 months. This calculator helps determine your fixed monthly payments to pay off your balance before the promotional period ends.

2. How Does the Calculator Work?

The calculator uses a simple formula:

Where:

• \( Balance \) — Your current credit card balance ($)
• 18 — The number of months in the 0% APR promotional period

Explanation: This calculation ensures you pay off your entire balance before the promotional period ends, avoiding any deferred interest charges.

3. Importance of Payment Calculation

Details: Calculating your exact monthly payment helps you budget effectively and take full advantage of the interest-free period. Missing payments or not paying enough could result in losing the promotional benefits.

4. Using the Calculator

Tips: Enter your current credit card balance in dollars. The term is fixed at 18 months for this promotional offer. The calculator will show your required monthly payment to pay off the balance interest-free.

5. Frequently Asked Questions (FAQ)

Q1: What happens if I don't pay off the balance in 18 months?
A: Any remaining balance will start accruing interest at the standard APR after the promotional period ends.

Q2: Can I pay more than the calculated amount?
A: Yes, you can always pay more to reduce your balance faster, but the calculated amount is the minimum to pay it off in time.

Q3: Does this include balance transfers?
A: Yes, if your 0% APR offer includes balance transfers, this calculator works for those amounts too.

Q4: Are there fees for this offer?
A: Balance transfers typically have a 3% fee (minimum $10), but purchases have no fees during the promotional period.

Q5: What if I make a late payment?
A: Late payments may void your promotional APR, causing immediate accrual of interest at the standard rate.