Money Calculators Hub

Credit Card Balance Transfer Calculator

Use this calculator to determine if transferring your credit card balance to a new card with a lower interest rate will save you money, and if so, how much you could save.

Balance Transfer Calculator

Calculate whether a credit card balance transfer will save you money.

Balance Transfer Calculator

Current Credit Card

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$
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$

Balance Transfer Card Details

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months
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Your Payment Plan

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Balance Transfer Analysis

Balance Transfer Details

Balance Transfer Fee
$0.00
New Card Starting Balance
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$0.00

Current Card Projection

Time to Pay Off
0 months
Total Interest Paid
$0.00
Total Amount Paid
$0.00

Balance Transfer Projection

Time to Pay Off
0 months
Total Interest Paid
$0.00
Total Amount Paid
$0.00

Your Potential Savings

Interest Savings
Costs $0.00 more
Time Savings
0 months longer
Recommendation

This balance transfer may not save you money. Consider negotiating a lower rate with your current credit card company or increasing your monthly payment amount.

How to Use This Calculator

This calculator helps you make informed financial decisions by providing accurate estimates based on the information you provide. Follow these steps:

1

Enter Your Details

Fill in all required fields with your financial information.

2

Adjust Parameters

Use sliders and toggles to customize scenarios and assumptions.

3

View Results

Get instant calculations that update as you change inputs.

4

Compare Options

Try different scenarios to find the best financial solution.

Understanding Balance Transfers

A balance transfer moves debt from a high-interest credit card to one with a lower rate, typically offering a 0% introductory APR for a limited time. While this can save you money on interest, it's important to understand the complete picture.

When Balance Transfers Make Sense

Balance transfers typically make financial sense when:

  • You have good to excellent credit (usually required to qualify for the best offers)
  • You can pay off a significant portion or all of the balance during the introductory period
  • The balance transfer fee is lower than the interest you would pay on your current card
  • You have a clear repayment plan and won't add new debt to the card

Potential Pitfalls to Watch For

Be aware of these common issues with balance transfers:

  • Transfer Fees: Most cards charge 3-5% of the transferred amount
  • Limited Time Offers: When the intro period ends, the interest rate will increase significantly
  • Minimum Payments: Making only minimum payments may not pay off the balance before the intro period ends
  • Impact on Credit Score: Opening a new credit card can temporarily lower your score
  • Temptation to Spend: Having a new credit card can tempt you to make additional purchases