Balance Transfer Calculator
Calculate if a balance transfer to a 0% APR credit card can save you money. Compare transfer fees against interest savings.
Current Credit Card
Balance Transfer Card
Balance Transfer Analysis
Cost Comparison
Payoff Timeline
How Balance Transfers Work
A balance transfer moves debt from one credit card to another, typically to take advantage of a lower or 0% introductory APR. You'll usually pay a transfer fee (3-5%), but the interest savings often outweigh this cost.
Best Balance Transfer Cards
Look for cards with:
- Long 0% APR intro period (15-21 months)
- Low transfer fee (3% or less)
- No annual fee
- Reasonable regular APR after intro
Balance Transfer Pitfalls to Avoid
- Missing payments: May void your 0% APR
- New purchases: Often charged at regular APR
- Not paying off in time: Regular APR kicks in after intro
- Transferring to same bank: Usually not allowed
- Running up old card: Don't add new debt!
Frequently Asked Questions
A balance transfer is usually worth it if the interest savings exceed the transfer fee. Use this calculator to see your specific savings. Generally, transfers make sense for balances you can pay off during the intro period.
Most banks don't allow transfers between their own cards. You'll need to transfer to a card from a different issuer. Check the terms before applying.
Any remaining balance will start accruing interest at the regular APR. Try to pay off the full balance before the intro period ends to maximize savings.