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Balance Transfer Calculator

Whether moving a card balance to a 0% intro APR card saves money once the transfer fee is paid, and the payment that clears it before the 0% ends.

Moving $5,000 to a 15-month 0% card costs a $150 fee but avoids $1,041 of interest over those 15 months, so you save $891. Paying $300 a month leaves $650 when the 0% ends; $343 a month clears it in time.

Interest if it stays, over 15 months
$1,041
The transfer fee
$150
You save
$891
Monthly payment that clears it at 0%
$343
Balance owed over the 15-month intro period: staying at 24% APR, or moved to 0% with the fee$0$2k$4k$6k03691215Months━Stays at 24%━Moved to 0%

Credit cards with a 0% intro APR →

Interest saved by moving a balance from a 24% APR card, after a 3% fee, paying it off during the 0% period

Balance12 months at 0%15 months18 months21 months
$2,500$293$396$507$628
$5,000$585$792$1,015$1,255
$7,500$878$1,188$1,522$1,883
$10,000$1,170$1,584$2,030$2,511
$15,000$1,756$2,376$3,045$3,766

Monthly payment that clears a moved balance before the 0% period ends (3% fee included)

Balance12 months15 months18 months21 months
$2,500$215$172$143$123
$5,000$429$343$286$245
$7,500$644$515$429$368
$10,000$858$687$572$490
$15,000$1,288$1,030$858$736

How this calculator works

Staying: interest at your current APR ÷ 12 on what you owe each month, less your payment, over the length of the 0% period.

Moving: the fee is added to the balance on the new card, which charges no interest during the intro period, and you make the same payment.

The saving is the interest you would have paid by staying, minus the fee. The comparison covers the intro period only; whatever is left afterwards is charged the new card's regular APR.

What it assumes

  • No new purchases on either card. On most cards new purchases are charged the regular APR, and payments above the minimum go to the highest-APR balance first (12 CFR 1026.53).
  • The transfer is approved for the full balance. Issuers cap transfers at your credit limit, sometimes lower.
  • You pay on time. A payment 60 or more days late lets the issuer end the 0% rate early (12 CFR 1026.55(b)(4)).

Questions people ask

Is a balance transfer worth it?

Usually, when the interest you'd pay by staying is more than the fee. Moving $5,000 from a 24% card to a 15-month 0% card with a 3% fee saves about $792 if you clear it in those 15 months.

How much is a balance transfer fee?

Most cards charge 3% to 5% of the amount moved, often with a $5 minimum. On $5,000, that is $150 to $250, added to the new balance.

What happens when the 0% intro period ends?

Whatever is still owed starts accruing interest at the card's regular APR from that day. Intro rates must last at least six months under the CARD Act (12 CFR 1026.55).

Can I transfer a balance between two cards from the same bank?

Generally not: issuers only accept transfers from other banks' cards. Check the new card's terms before you apply.

Does a balance transfer hurt your credit score?

Applying adds a hard inquiry and a new account, which can dip a score briefly. Paying the balance down lowers your utilization, which usually helps more over time.

How long does a balance transfer take?

Often one to two weeks, sometimes longer. Keep paying the old card until the transfer shows as complete, so you don't miss a due date.

Terms explained

Related calculators

  • Credit Card Payoff CalculatorHow long a card balance takes to pay off at a fixed monthly payment, what the interest costs, and what paying a little more saves.
  • Credit Card Minimum Payment CalculatorHow your card's minimum payment is worked out, how long paying only the minimum takes, and what it costs in interest.
  • APR CalculatorA loan's APR counts its fees as well as its interest rate. Enter the rate, term and upfront fees to see the true yearly cost and the monthly payment.

Sources

Updated by the RateHerald team. The maths is tested against worked examples; report a problem.

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