Balance Transfer Calculator
Calculate if a balance transfer is worth it. Compare 0% APR offers with transfer fees to see your real savings.
Balance Transfer Calculator
Current Card
Balance Transfer Offer
Most offers: 0%
Typical: 3-5% (or $5 minimum)
Common: 12-21 months
Comparison Results
❌ Stay on Current Card
✅ With Balance Transfer
💰 Balance Transfer is Worth It!
✓ Recommendation: DO THE TRANSFER
You'll save $1,417.33 in interest, even after paying the 3% transfer fee. That's $1,267.33 in net savings.
How Balance Transfers Work
💳 What is a Balance Transfer?
A balance transfer moves high-interest credit card debt to a new card with a 0% introductory APR (typically 12-21 months). This lets you pay down principal without accumulating interest.
Best For: People with good credit (670+) who can pay off debt within the intro period.
💰 Transfer Fees Explained
Most cards charge 3-5% of the transferred amount (minimum $5-10). This fee is added to your new balance.
Example: $10,000 balance with 3% fee
• Transfer fee: $300
• New balance: $10,300
• But you save $1,500+ in interest over 18 months at 19.99% APR!
⚠️ Make Sure You Can Pay It Off
The #1 mistake: Not paying off the balance before the intro period ends. If $5,000 remains after 18 months, you'll pay interest at 16-24% APR on the remaining balance. Always divide your balance by the intro months to ensure you can afford the required payment.
Frequently Asked Questions
Is a balance transfer worth it?
A balance transfer is worth it if interest savings exceed the transfer fee and you can pay off the balance during the 0% intro period.
✓ Balance Transfer IS Worth It When:
- • Your current APR is 15%+ and you have good credit
- • You can afford to pay off balance within intro period
- • Interest savings > transfer fee (typically saves $500-2,000+)
- • You won't add new charges to either card
How many times can I do a balance transfer?
Technically, there's no limit on balance transfers, but it's not a sustainable strategy.
Each transfer: (1) Generates a hard inquiry (lowers score 5-10 points), (2) Requires good credit (670+), (3) Costs 3-5% in fees. After 2-3 transfers, issuers may deny you. Better strategy: Use ONE transfer to aggressively pay down debt, not as a way to avoid paying.
What happens after the 0% APR ends?
After the intro period (typically 12-21 months), any remaining balance is charged interest at the regular APR (usually 16-24%).
Important: The new rate applies to remaining balance only, not retroactively. But if you still owe $3,000 after 18 months at 19.99% APR, that's $600/year in interest — erasing your savings!
Do balance transfers hurt my credit score?
Balance transfers have mixed short-term effects but can improve your score long-term:
- • Hard inquiry: -5 to -10 points (temporary, recovers in 6 months)
- • New account: Lowers average age of accounts (minor negative)
- • Credit utilization: More available credit = LOWER utilization = +20 to +50 points
- • Payment history: Paying off debt on time = improved score over 6-12 months
Net effect: Usually +10 to +30 points within 6-12 months if you pay down the balance.
Balance transfer vs paying off debt?
Compare both strategies:
Balance Transfer (0% APR)
- ✓ No interest for 12-21 months
- ✓ 100% of payment goes to principal
- ✗ 3-5% transfer fee upfront
- ✗ Requires good credit (670+)
Stay & Pay Aggressively
- ✓ No fees or credit check
- ✓ Works regardless of credit score
- ✗ Interest accumulates monthly
- ✗ Takes longer to pay off
Bottom line: For balances $3,000+ at 18%+ APR, transfers usually save $500-2,000.