Balance transfer calculator

What this calculator does

A balance transfer moves debt from one credit card to another, often to get a low promotional interest rate for a set number of months. Most cards charge a fee for it. Enter your balance, your current rate, the offer's fee, promotional rate and months, the rate after the promotion and your monthly payment, and the calculator compares what you pay in interest and fees and how long payoff takes either way.

How it is worked out

Fee = balance × fee rate, added to the new balance. Each month, interest = balance × APR ÷ 12, using the promotional APR during the promotion and the regular APR after; then your payment is subtracted. Example: $6,000 at 24% APR with $300 a month takes about 26 months and about $1,739 in interest. Moved to a card with a 3% fee ($180) and 0% for 15 months, then 24%, the same payment clears it in about 21 months with about $120 of interest, saving about $1,440. Paying $412 a month would clear it before the promotion ends.

Things to check in the offer

• The transfer fee and whether there is a minimum fee.
• How long the promotional rate lasts and what the rate becomes afterward.
• Whether a late payment ends the promotional rate.
• Whether new purchases get the promotional rate; often they do not.

You can find these terms in the card's rates and fees table before you apply.

Frequently asked questions