Balance Transfer Calculator
Calculate savings and payoff time with balance transfer credit cards
About this calculator
A balance transfer calculator helps you determine potential savings and payoff timelines when moving credit card debt to a new card with better terms. This tool compares your current debt situation with a balance transfer option, showing how much you could save in interest charges and how quickly you could become debt-free. It's essential for making informed decisions about consolidating high-interest credit card debt and taking advantage of promotional APR offers.
How to use
Enter your current credit card balance, interest rate, and monthly payment. Then input the balance transfer card's APR, promotional rate period, and any transfer fees. The calculator will compare both scenarios, showing your potential savings and the time needed to pay off your debt under each option.
Frequently asked questions
What is a balance transfer fee?
A balance transfer fee is typically 3-5% of the transferred amount, charged by the new credit card company for processing the transfer.
How long do promotional APR rates last?
Promotional 0% APR periods typically range from 12-21 months, after which the rate increases to the card's standard APR.
Should I close my old credit card after transferring?
Generally no, keeping old cards open helps maintain your credit utilization ratio and credit history length, both important for credit scores.