🔄 Balance Transfer Calculator
Determine if a balance transfer will save you money by comparing interest costs vs transfer fees.
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Frequently Asked Questions
What is a balance transfer?
A balance transfer moves debt from one credit card to another, typically to take advantage of a lower interest rate (often 0% for an introductory period). This can save you money on interest charges.
Are balance transfer fees worth it?
Usually yes if you have high-interest debt. A typical 3-5% transfer fee is often worth it to avoid 18-24% APR for 12-18 months. Calculate your specific situation to be sure.
What happens after the intro period ends?
After the 0% intro period, any remaining balance accrues interest at the regular APR (typically 15-25%). Try to pay off the full balance before the intro period ends to maximize savings.
Can I transfer a balance multiple times?
Yes, but it may hurt your credit score from multiple hard inquiries and new accounts. Also, many cards don't allow transfers between cards from the same issuer.
What's the best balance transfer card?
Look for cards with: 1) Longest 0% intro period (15-21 months), 2) Lowest transfer fee (0-3%), 3) Reasonable regular APR, and 4) No annual fee. Compare offers before applying.