Credit Card Balance Transfer Calculator

This free Credit Card Balance Transfer Calculator helps you determine how much money you can save by transferring your existing credit card debt to a new card with a lower interest rate, typically a promotional 0% APR offer.

How It Works

The calculator compares two scenarios:

1. Without Balance Transfer: What you would pay if you keep your balance on your current credit card
2. With Balance Transfer: What you would pay after transferring to a new card with a promotional rate

Key Benefits of Balance Transfers

• Interest Savings: Reduce or eliminate interest payments during the promotional period
• Debt Paydown Acceleration: More of your payment goes toward principal rather than interest
• Financial Flexibility: Lower monthly payments or faster debt repayment options
• Credit Score Improvement: Lower credit utilization can improve your credit score

When to Consider a Balance Transfer

Balance transfers can be particularly beneficial if:

• You have good to excellent credit (typically 670+ credit score)
• You have a significant credit card balance with a high interest rate
• You can pay off the balance within the promotional period
• The transfer fee doesn't outweigh the interest savings
• You have the discipline to avoid adding new debt to the card

Important Considerations

While balance transfers can save you money, keep in mind:

• Most cards charge a balance transfer fee (typically 3-5% of the amount transferred)
• After the promotional period, the interest rate will increase to the standard rate
• Late payments may void the promotional rate
• Applying for a new card will result in a hard inquiry on your credit report