Balance transfer calculator
A 0% offer isn't free: there's a fee up front and a high rate waiting at the end. See what you really save at the payment you can afford.
Current card
todayTransfer offer
newIt saves $1,821, but $1,360 is still owed when the 26.24% rate starts. Paying $376 a month would clear it in time.
Stay on current card$2,169
Transfer$348
Interest plus fees until the balance is gone
- Transfer fee
- $260
- To clear during intro
- $376per month
- Paid off, staying
- 2 yr 5 mo
- Paid off, transfer
- 1 yr 11 mo
Balance over time
StayTransfer
Making a balance transfer pay
- Work out the clearing payment (shown above) and set it as an automatic payment on day one.
- Don't spend on the new card. New purchases may not get the promo rate.
- Know the end date. Whatever is left then is charged the go-to APR, often above 20%.
- Pay on time. Many card agreements let the issuer cancel the promo rate after a late payment.
Balance too big to clear during a promo period? A fixed-rate personal loan may fit better: compare it in the debt consolidation calculator.
Questions people ask
How does a balance transfer work?
You open (or use) a card with a low or 0% introductory APR and move existing card balances onto it, usually paying a transfer fee of 3% to 5% of the amount moved. During the promo period your payments go almost entirely to principal. When it ends, the card's standard APR applies to whatever is left.
Is a balance transfer worth the fee?
Usually, if you can pay off most or all of the balance during the promo period. A 4% fee is far less than a year of interest at 20%+. It is not worth it if you only make minimum payments and carry a large balance past the promo into a high go-to rate.
How much do I need to pay each month to clear it in time?
Divide the transferred balance plus the fee by the number of promo months. The calculator shows this figure; paying at least that much means you pay no interest at all on a 0% offer.
Do I pay interest on new purchases on a balance transfer card?
Often yes, and at the standard rate unless the card also has a purchase promo. Under the US CARD Act, payments above the minimum go to the highest-rate balance first, but it is still simplest not to use the card for new spending.