Balance Transfer Calculator
See whether moving your card balance to a 0% intro offer saves money after the fee
Your Card Today
Used for both options
Balance Transfer Offer
Often 3% to 5%
A balance transfer saves you
$1,530
Paid off in 1 yr 9 mo with the transfer vs 2 yr 2 mo on your current card
Transfer fee
$180
added to the new balance
Cost if you keep the card
$1,739
interest
Cost with the transfer
$210
fee + interest
Left when the promo ends
$780
pay $343.33/mo to clear it in time
Side-by-Side Comparison
| Option | Time to Pay Off | Interest | Fee | Total Cost |
|---|---|---|---|---|
| Keep the card | 2 yr 2 mo | $1,739 | $0 | $1,739 |
| Balance transfer | 1 yr 9 mo | $30 | $180 | $210 |
How Balance Transfers Work
A balance transfer moves debt from a high-interest card to a new card with a low or 0% introductory rate. You usually pay a one-time fee on the amount moved. Every dollar you pay during the promotion goes to principal, so the savings can be large if you clear the balance before the regular rate starts.
The Formulas
Fee = balance × transfer fee %
New balance = balance + fee
Payment to clear in promo = new balance ÷ intro months
The last formula applies at a 0% intro rate.
Make the Transfer Count
- •Aim to pay off the whole balance before the promotion ends
- •Don't add new purchases to the card you are paying off
- •Check whether new purchases on the transfer card get the 0% rate
- •A late payment can end the promotional rate early
- •Weigh the fee: on short promotions it can cancel out the savings