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Note: The balance transfer calculator is a self help tool and is not intended to provide financial advice to its users. We cannot guarantee the accuracy of results when applied to a user's individual factors.
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If you would like to pay off your balances during the promotional period, you would need to pay $ per month for a period of 12 months.
By doing so, you will save $816.48 in interest fees.
By making monthly payments of $300, it will take you 25 months to pay off your credit card balance of $7,000.
Your total interest cost will be $332.93.
Your net total fees is, $0.00 (balance transfer fee of, $0.00).
This assumes you do not make any additional charges during this period.
You could save up to hundreds of dollars in interest by doing a balance transfer now. Apply instantly via the bank’s secure application site.
0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
Access your FICO® Score for free within Online Banking or your Mobile Banking app
If you find yourself saddled with high-interest card debt and have a solid credit score, a 0% APR promotional balance transfer card deal could really help make a dent in your debt by eliminating interest payments over a specific period of time. This will allow 100% of your monthly payments to be applied directly to your balance, instead of added interest charges.
Many balance transfer cards offer interest-free periods anywhere from six to 18 months or more. After the 0% APR promotion ends, the card’s regular APR kicks in on the remaining balance. Some cards require a 3% to 5% balance transfer fee, which is added to the amount of the balance transferred, but some do not or waive the fee if you make the transfer within a 30 or 60 days of opening the card.
However, before you apply, you need to do the math to see if a balance transfer deal is the best solution for your situation — that’s how this calculator could help. By inputting how much you owe on the card you want to transfer the balance from, along with that card’s current interest rate and any balance transfer fee, you’ll be able to see how much of a monthly payment you’ll have to pay in order to knock out that debt within the 0% introductory interest rate period on the balance transfer card.
For example, if you want to transfer a $5,000 balance that is currently on a card with a 22% APR to a 12-month 0% APR balance transfer card with no balance transfer fee, you will have to pay $417 a month to avoid any interest charges within that 12-month period. If you could only afford $236 a month, it will take 23 months to pay off the debt and your total interest charges will be $228. However, you’ll still save on interest charges (which would total $1,388 if you didn’t do the balance transfer deal) with the lower payment with the 12-month 0% interest offer.
On the other hand, if you want to transfer a $1,500 balance on a card with 22% APR to a 6-month, 0% balance transfer card that charges a 3% balance transfer fee, and could afford a $300 a month payment, you’ll only save $43 as that fee tacks on $45 to your balance. You’d be paying $88 in interest if you didn’t do a balance transfer and stuck to the monthly $300 payment, making applying for a new card not really worth your trouble.
Know that when applying for a new credit card, a lender will be checking your credit, known as a hard inquiry. That hard inquiry will knock your credit score down a few points for the next year, and stay on your credit report for two years. Also, if you max out the credit limit on your new balance transfer card, your score will also drop as you’ll have high credit utilization, which accounts for 30% of your credit score. However, as you pay down the balance, your score will eventually improve, as long as you don’t continue to add purchases to either your old or new cards.
Before you apply for a new balance card, do the math first to see how much money you’ll actually save. Know that there are plenty of balance transfer cards available that don’t charge a balance transfer fee. And be realistic about how much you could afford to pay toward your balance within the promotional 0% interest period. The whole point of a balance transfer deal is to eliminate interest charges to help you pay off your debt faster. Most important of all: If you do transfer a high-interest balance to a new balance transfer card, stick to your repayment plan and don’t be tempted to start using your old card for new purchases.