Balance Transfer Calculator
Compare balance transfer savings against your current credit card.
Table of Contents
How to Use
- Enter your existing credit card balance and current APR.
- Add the promotional intro APR, intro period length, and ongoing APR.
- Include your planned monthly payment and any balance transfer fee.
- Review the payoff timeline, total interest, and net savings before switching cards.
How Do Balance Transfers Work?
A balance transfer lets you move debt from one credit card to another, usually to take advantage of a low introductory APR. The promotion typically lasts 6–21 months, after which the rate resets to the card's standard purchase APR.
Most issuers add a balance transfer fee, commonly 3%–5% of the amount moved. This fee is usually added to your new balance right away.
When a Balance Transfer Makes Sense
- You have high-interest credit card debt and can qualify for a low intro APR.
- You can pay off the balance before the promotional period ends.
- The transfer fee is smaller than the interest you would otherwise pay.
- You plan to keep your spending in check while paying down the balance.
Tips for Maximizing Savings
- Make every payment on time—missing one can cancel the intro APR.
- Avoid new purchases on the balance transfer card until the promo balance is repaid.
- Set up automatic payments that cover the full amount you planned to pay each month.
- Work toward paying the balance before the intro period ends to avoid the higher standard APR.
Common Pitfalls to Watch For
If your payment is too low or you overspend, you could carry a balance past the intro period and face a higher interest rate than before. This calculator helps you confirm that the savings outweigh all fees and that your payment plan is realistic.
Frequently Asked Questions
- Does a balance transfer hurt my credit score?
- Opening a new card can cause a small credit score dip because of the hard inquiry and reduced average account age. However, if you lower your credit utilization by paying down debt faster, your score can improve over time.
- What happens if I don't pay off the balance before the promo ends?
- Any remaining balance starts accruing interest at the standard APR listed in the card's terms. This calculator shows the payoff time so you can confirm your plan will eliminate the balance before the intro period expires.
- Is the transfer fee worth it?
- The fee is worth it when the total interest savings exceed the upfront cost. The calculator factors in the fee to show your net savings so you can make an informed decision.