Balance Transfer Calculator
Calculate potential savings and costs of transferring credit card balances to a new card
Balance Transfer Analysis
Current balance you want to transfer
One-time fee ($0.00)
Annual percentage rate of current card
Amount you plan to pay monthly
Introductory rate on new card
Duration of promotional rate
Example Calculation
Balance Transfer Scenario
Current Card: $5,000 balance at 22% APR
Monthly Payment: $200
New Card Offer: 0% APR for 15 months, then 16.99% APR
Transfer Fee: 3% ($150)
Analysis Results
Current Card Total Cost: $6,243 (paid off in 36 months)
New Card Total Cost: $5,150 (includes transfer fee)
Total Savings: $1,093
Recommendation: Transfer is worth it!
Balance Transfer Tips
Compare Total Costs
Include transfer fees in your calculation
Pay Off During Promo
Maximize savings with promotional rates
Avoid New Purchases
Promo rate may not apply to new charges
Check Credit Impact
New applications may temporarily lower credit score
When to Transfer
Lower APR than current card
Can pay off during promotional period
Transfer fee is reasonable (typically 3-5%)
Good credit score for approval
Total cost exceeds current card
Unable to stop accumulating new debt
Understanding Balance Transfers
What is a Balance Transfer?
A balance transfer involves moving debt from one credit card to another, typically to take advantage of a lower interest rate or promotional offer. The new card pays off your old card's balance, and you now owe the money to the new card issuer.
How Balance Transfer Fees Work
Most balance transfers come with a fee, typically 3-5% of the transferred amount. This fee is added to your new card's balance, so it's important to factor this cost into your savings calculation.
Promotional vs. Regular Rates
- •Promotional Rate: Temporary low or 0% APR for new transfers
- •Regular Rate: Standard APR after promotional period ends
- •Duration: Promotional periods typically last 12-21 months
Calculation Methods
Promotional Period Mode
Calculates costs assuming you pay off the balance within the promotional period.
- • Uses promotional rate for entire payoff period
- • Shows minimum payment needed for promo payoff
- • Best for maximizing promotional rate benefits
Long-term Mode
Calculates costs over a longer period, including time after promotional rate expires.
- • Uses promotional rate, then regular rate
- • More realistic for larger balances
- • Accounts for rate changes over time
Important: Always compare the total cost including fees, not just interest rates.