Balance Transfer Calculator
Calculate savings from transferring credit card balances to a lower interest rate card
About this calculator
A balance transfer calculator helps you determine potential savings when moving credit card debt to a card with a lower interest rate. This powerful tool compares your current payment timeline and total interest costs against the new card's terms, including any transfer fees. By analyzing different scenarios, you can make informed decisions about whether a balance transfer will save you money and help you pay off debt faster.
How to use
Enter your current credit card balance, interest rate, and monthly payment amount. Then input the new card's interest rate, transfer fee percentage, and any promotional rates. The calculator will show your potential savings, payoff timelines, and total interest costs for both scenarios to help you compare options.
Frequently asked questions
What fees are involved in balance transfers?
Most balance transfers charge 3-5% of the transferred amount as a one-time fee, though some promotional offers waive this fee.
How long do promotional rates last?
Promotional 0% APR periods typically range from 12-21 months, after which the rate increases to the card's standard APR.
Can I transfer balances between cards from the same bank?
Most banks don't allow balance transfers between their own cards, but you can transfer debt between different financial institutions.