Balance Transfer Calculator

3 Step Plan to Get Out of Debt Faster (and Pay Less)

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Step 1: Type in your high interest debt. Find out how much you could save!

× You will be in debt forever! Please increase your monthly payment or else your transfer amount + fees will outpace your ability to pay off the debt.

Credit Card Balance


Your transfer amount has to be between $500-$20,000.


Your desired amount has to be between $25-$2,500.

Balance Transfer Offer


The intro APR has to be between 3-24 months.


The on-going APR has to be between 5-30%.

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.


Your Personalized Get Out Of Debt Plan

Step 2: Review your custom report.

Fill out the calculator above with your information to get your personal report.

  • Transfer Amount
  • Total Fees & Interest
Transfer Amount Monthly Payment Pay Off Date Total Interest
$7,000 $300 Dec 2020 $332.93


Save Money

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.

See saving opportunities.

Saving Opportunity

Step 3: Avoid paying interest. Apply for a balance transfer credit card.

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.

Advertiser Disclosure

  • Citi® Diamond Preferred® Card


    Rated 5/5 stars by our editorial team

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    Your Rating:

    4.3/5.0 from 442 Offer Ratings
    Over the Past 60 Days!

    (442) Over the Past 60 Days!
    • 0% for 12 months on Purchases

    • 0% for 21 months on Balance Transfers

    • 17.49% - 28.24% (Variable)

  • Wells Fargo Active Cash® Card


    Rated 4/5 stars by our editorial team

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    Your Rating:

    3.7/5.0 from 271 Offer Ratings
    Over the Past 60 Days!

    (271) Over the Past 60 Days!
    • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months

    • Earn unlimited 2% cash rewards on purchases

    • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 19.49%, 24.49%, or 29.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5

  • Citi Custom Cash℠ Card


    Rated 5/5 stars by our editorial team

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    Your Rating:

    4.2/5.0 from 81 Offer Ratings
    Over the Past 60 Days!

    (81) Over the Past 60 Days!
    • Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

    • Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.

    • 0% intro APR for 15 months on purchases and balance transfers, then 18.49% - 28.49% (Variable)

See all balance transfer cards

How a Balance Transfer Card Could Help You

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.


Calculate Your Potential Savings Before You Apply

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.


Credit Score Impact of a Balance Transfer Card

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.


Bottom Line

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.


Read 5 Options for When a Balance Transfer Credit Limit Isn’t Enough