Balance Transfer Calculator

Q: Is the balance transfer fee worth it?

Almost always yes, if your current APR is above ~10%. A 3% fee on $6,500 is $195 — less than 2 months of interest at 22.8% APR. Over 18 months at 0%, you save roughly $2,025 net after the fee.

Q: What if I can't pay off the balance during the promo period?

Any remaining balance accrues interest at the post-promo APR (typically 20-26%). You still save money from the interest-free promo months, but pay as much as possible during the 0% window to minimize post-promo costs.

Q: Does a balance transfer hurt my credit score?

Short-term: a small dip from the hard inquiry. Long-term: usually helps by increasing total available credit and lowering utilization ratio. Most people see a net positive impact within 3-6 months.

Q: Can I transfer a balance between cards at the same bank?

Most banks (Chase, Citi, Bank of America, Capital One) do not allow balance transfers between their own cards. You'll need to transfer to a card from a different bank.

Is a balance transfer worth it? Calculate interest savings, check if your monthly budget pays it off before the promo ends, and compare multiple offers side by side.

See how much you save by moving your balance to a 0% intro APR card

Current balance

Total credit card balance to transfer

Current APR

Your card's current interest rate

Transfer fee

Typical: 3-5% of balance transferred

Promo APR

Usually 0% on balance transfer cards

Promo period

months

Typical: 12-21 months

Post-promo APR

Rate after promo ends. Avg: 24.99%

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Try another scenario

How to Use This Calculator

Transfer Savings tab

The default tab. Enter your current balance, current APR, and the transfer fee from your balance transfer offer. The calculator shows how much interest you'd save versus staying on your current card, the net savings after the transfer fee, and the monthly payment needed to pay off the balance before the promo period ends.

Can I Pay It Off? tab

Enter your monthly budget and balance. The calculator tells you whether you'll pay off the balance before the promo ends. If not, it shows what you'll still owe at the post-promo rate and how long it will take to pay off the remainder.

Compare Offers tab

Enter two balance transfer offers side by side — promo periods, fees, and post-promo rates. The calculator computes total cost for each offer and shows which one saves you more. It also compares both offers against staying on your current card.

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The Formula

A balance transfer moves existing credit card debt to a new card with a lower (often 0%) introductory APR. Here's how the math works:

Transfer Fee = Balance × Fee%

Interest Saved = ∑ (Balance × Current APR / 12) over promo months

Net Savings = Interest Saved − Transfer Fee

Monthly Payment Needed = (Balance + Transfer Fee) ÷ Promo Months

Post-promo Interest = Standard CC amortization on remaining balance

The key is whether the interest saved exceeds the transfer fee. With a typical $6,500 balance at 22.8% APR and a 3% fee ($195), you'd save roughly $1,235 in interest over 18 months — netting $1,040 in savings even after the fee.

Example

Rachel — Chicago, IL

Rachel has $9,200 on a card at 26.5% APR. She's considering a Citi Double Cash balance transfer offer: 0% for 18 months with a 3% fee ($276). Her monthly budget for debt payments is $550.

Transfer Savings tab

Current balance$9,200

Transfer fee (3%)$276

Interest if she stays (26.5%, 18 mo)$3,657

Interest during promo (0%)$0

Net savings after fee$3,381

Can I Pay It Off? tab

Monthly budget$550

Total owed (balance + fee)$9,476

Months to pay off17 months

Months to spare1 month

Total interest saved$3,381

Rachel pays off in 17 months at $550/mo, saves $3,381 in interest after the $276 fee, and has 1 month to spare before the promo ends.

FAQ

What is a balance transfer? ▼

A balance transfer moves existing credit card debt from one card to another, typically to take advantage of a lower introductory APR (often 0%). You pay a one-time transfer fee (usually 3-5% of the balance), but the interest savings over the promo period usually far exceed the fee. The promotional period typically lasts 12-21 months.

Is the balance transfer fee worth it? ▼

Almost always yes, if your current APR is above ~10%. For example, a $6,500 balance at 22.8% APR costs about $123/month in interest. A 3% transfer fee is $195 — less than 2 months of interest on the old card. Over 18 months at 0%, you save roughly $2,220 in interest minus the $195 fee = $2,025 net savings. The break-even point is typically within the first 1-2 months.

What if I can’t pay off the balance during the promo period? ▼

Any remaining balance after the promo ends will accrue interest at the post-promotional APR (typically 20-26%). This is usually higher than what you were paying before. A balance transfer still saves money even if you can't fully pay off — you saved interest during the promo months — but you'll want to pay as much as possible during the 0% window. Use the "Can I Pay It Off?" tab to see exactly what happens at your monthly budget.

Does a balance transfer hurt my credit score? ▼

Short-term: a small dip is possible from the hard inquiry and new account. Long-term: it usually helps. Opening a new card increases your total available credit, which lowers your credit utilization ratio — one of the biggest factors in your score. Paying down the balance during the promo period further improves utilization. Most people see a net positive impact within 3-6 months.

Can I transfer a balance between cards at the same bank? ▼

Most banks do not allow balance transfers between their own cards. Chase, Citi, Bank of America, and Capital One all prohibit same-issuer transfers. You'll need to transfer to a card from a different bank. Check the offer terms — the fine print usually states "You cannot transfer balances from other [Bank Name] accounts."

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