Balance Transfer Calculator
Balance Transfer Savings
Calculate savings from a balance transfer
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Formula
Iterative: simulate monthly payments at 0% during promo, then at regular APR. Compare total interest vs. keeping current card.
Frequently Asked Questions
How does a balance transfer work?
A balance transfer moves your credit card debt to a new card with a 0% introductory APR, typically for 12-21 months. You pay a transfer fee (usually 3-5%) but save on interest during the promotional period.
Should I do a balance transfer?
A balance transfer makes sense if you can pay off most or all of the balance during the 0% promo period and the transfer fee is less than the interest you'd otherwise pay. Avoid accumulating new debt on either card.
What happens after the promotional period?
After the promotional period ends, the remaining balance accrues interest at the card's regular APR (often 20-25%). Any balance you haven't paid off will start generating interest charges immediately.
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