💳Balance Transfer Calculator

About this tool

Enter the balance, your current card's APR, the transfer fee, the promotional rate and how long it lasts, the rate afterwards and your monthly payment. You'll see the total interest and payoff time on each card, how much you save (or lose) by moving, and the monthly payment that clears the balance before the promotion ends.

When a balance transfer makes sense

A balance transfer card lets you move debt from a high-interest card and pay little or no interest for a promotional period, often 12 to 24 months. In return you pay a one-off fee, usually 3% to 5% of the amount moved, which is added to the new balance. The deal works best when you can clear most or all of the debt before the promotion ends. For example, moving $6,000 from a 24.99% card to 0% for 18 months with a 3% fee, while paying $300 a month, costs the $180 fee plus about $28 of interest at the end. Staying put would cost roughly $1,840 of interest over 27 months, so the transfer saves over $1,600. Paying about $343 a month would clear the whole balance, fee included, inside the 0% period. Watch out for a few traps. Missing a payment can end the promotional rate. New purchases may be charged at a higher rate, and payments may go to the cheapest balance first. You'll also need a good credit score to be approved, and the application causes a hard credit check. Close or cut up the old card only after thinking about the effect on your credit utilisation. Honest limits: interest is modelled monthly on a fixed payment, and real statements use daily balances and minimum-payment rules. Works in any currency. The credit card payoff calculator, the debt snowball calculator and the APR calculator are related.

Frequently asked questions