Balance Transfer Calculator

If you’re paying interest on any of your credit cards, performing a balance transfer is a great way to pay down that debt in a faster, more manageable way. If you tend to carry a balance month-over-month, you should consider applying for a balance transfer credit card.

Our Balance Transfer Calculator will help you determine how much money could be saved in interest payments alone just by transferring your existing credit card balance(s) to a low interest rate credit card. When you’re done comparing all your options and have narrowed down your selection, use our balance transfer calculator to determine if the transfer is worth it.

How to use the balance transfer calculator:

  1. Add the current balance of up to five credit cards you want to transfer.
  2. Add the current interest rate for applicable credit cards.
  3. Enter the intro APR and length of the intro APR for the credit card you wish to transfer your balance(s) to, such as 0% for 12 months.
  4. Enter the interest rate of the credit card you wish to transfer your balance(s) to. This will typically be a range (like 12.9%-22.9% variable), so use a mid-range APR to be safe.
  5. Enter the annual fee and balance transfer fee for the credit card you wish to transfer your balance(s) to.
  6. Click “CALCULATE” to see your results!

How much can I save by transferring my existing credit card balance?

The exact amount you could save by performing a balance transfer will depend on the terms of the credit card. There are two fees associated with balance transfers; the balance transfer APR, and the balance transfer fee. The APR works just like the APR you pay for purchases (or to carry a balance), so you will want to transfer your balance(s) to a card that offers 0% intro APR on balance transfers for 12-21 months. The balance transfer fee is the amount that’s charged to process each transfer. It’s charged on a per-transfer basis, and typically doesn’t exceed 5% of the amount of the transfer.

Most credit cards only offer 0% intro APR on balance transfers, or, no balance transfer fees. However, there is one card on the market that offers both options. When comparing different balance transfer credit cards, be sure to keep it simple and use common sense. For example, it’s better to transfer a balance to a credit card that offers 0% intro APR on balance transfers for 12 months and charges a balance transfer fee of 3%, than it is to transfer a balance to a credit card that offers no intro APR on balance transfers and does not charge a balance transfer fee.

NOTE: The balance transfer calculator is made available as a self help tool and is not intended to provide financial advise to its users. We cannot guarantee the accuracy of results when applied to a user's individual factors. Please seek professional advice regarding all personal financial issuers.

Regarding your current credit card(s):

Card Balance Interest Rate APR
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Regarding the card you're transferring to:

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