Balance Transfer Calculator
Calculate how much you can save by transferring your credit card balance to a 0% APR card. Compare fees, interest, and find the best strategy.
Understanding Balance Transfers
A balance transfer allows you to move debt from a high-interest credit card to one with a lower rate, often 0% for an introductory period. This can save you hundreds or even thousands in interest charges.
How Balance Transfers Work
- Apply for a balance transfer credit card with a 0% intro APR offer
- Request to transfer your existing balance (usually during application)
- Pay a balance transfer fee (typically 3-5% of the amount transferred)
- Make monthly payments during the 0% intro period
- Try to pay off the balance before the intro period ends
What to Look For in a Balance Transfer Card
- Length of 0% intro period: Longer is better (15-21 months is common)
- Balance transfer fee: Lower is better (some cards offer 0% fee)
- Regular APR: In case you don't pay it off in time
- Credit requirements: Best offers require good to excellent credit
Balance Transfer Tips
| Do | Don't |
|---|---|
| Calculate if savings exceed fees | Transfer without doing the math |
| Set up auto-pay to never miss payment | Miss payments (may lose 0% rate) |
| Pay more than minimum each month | Make only minimum payments |
| Pay off before intro period ends | Forget when the intro period ends |
| Stop using old cards for new purchases | Add new debt while paying off transfer |
When Balance Transfers Make Sense
- You have high-interest credit card debt
- Your credit score qualifies you for 0% APR offers
- You can pay off the balance during the intro period
- The transfer fee is less than the interest you'd pay
- You won't add new debt while paying off the transfer