How the Balance Transfer Calculator works
Estimate whether a balance transfer may save interest. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this balance transfer calculator to estimate whether moving credit card debt to a promotional offer may save money. It is useful for comparing transfer fees, promotional APRs and the payment needed to clear the balance before the offer ends.
Formula
Transfer cost = transfer fee + promotional-period interest
- Balance is the amount moved to the new card or offer.
- Transfer fee is charged as a percentage of the transferred balance.
- Promotional APR and months estimate interest during the offer period.
Worked example
For an $8,000 balance, a 3% transfer fee, 0% promotional APR for 12 months and $500 monthly payments, the calculator estimates transfer cost and potential savings.
Common mistakes
- Ignoring the transfer fee because the promotional APR is low.
- Making payments too small to clear the balance before the offer ends.
- Adding new purchases to the same card and losing payoff focus.
FAQs
Is a 0% balance transfer free?
Not always. Many offers charge a transfer fee, and interest may apply after the promotional period.
What happens after the promo ends?
Any remaining balance may start accruing interest at the regular APR.
Should I close the old card?
That depends on fees, credit utilization and your ability to avoid new debt.