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Balance transfer calculator

Calculate how much you can save with a balance transfer.

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Woman doing calculations
To get a better idea of how balance transfer cards can help, check out our handy debt repayment calculator to see if a balance transfer card works for you. After, you can take a look at our examples of debt repayment to see how it compares to other options.

Balance transfer repayment calculator

Card #1
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Card that you are transferring to:

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months
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Disclaimer: While every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. Certain assumptions have been made around the repayments made. This calculator is neither a quote nor a prequalification for a credit card.

Our pick for a balance transfer credit card

Citi® Diamond Preferred® Card

  • 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® Score online.
  • With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
  • Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
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How to use this calculator

  1. In the Card #1 line, fill in your current credit card’s balance and APR. If you’re transferring from multiple card accounts, you can add additional balances by clicking the Add another card button.
  2. If you know your balance transfer card details, fill those out in the next section to see how much you’ll save. We’ll input some default values for you if you don’t have a specific card in mind.
  3. After you input card details, you’ll see see the monthly repayment bar which offers our recommendation for how much you should pay each month. You can slide this bar left and right to adjust your monthly payment.
  4. Below this bar, you’ll see how long it will take to pay off your debt with and without a balance transfer. This calculation is based on your card details as well as your desired monthly repayment. You’ll also see how much you’ll save with a balance transfer below that.

How much should I pay monthly toward my debt?

After you input your card information, you’ll see a dollar amount under Your monthly repayment. This is the amount to pay monthly toward your new card’s balance if you want to pay off your balance before the intro APR expires.

You can adjust the slider to see how long it’ll pay off your debt with different monthly payments. If you want to pay the lowest fees and interest, we recommend keeping the slider in the green area.

How does this balance calculator work?

Here’s what the calculator is doing behind the scenes:

  • First, it adds all your existing card balances.
  • Then, it adds the fee you’ll pay for a balance transfer to the new card, as well as the new card’s annual fee.
  • Finally, it takes that total and divides it by the length of your new card’s intro APR.

If you were to do the math by hand, you’d use this formula:

(Total of existing card balances + Balance transfer fee of new card + Annual fee of new card) / Length of intro APR

See more: Here’s an example

You have two cards, each with a $1,000 balance. In total, you have $2,000 in credit card debt.

  • You want to move that debt to another card via balance transfer. This has a 3% fee, which comes out to $60. The card also has a $95 annual fee.
  • So, the balance on your new card is $2,000 + $60 + $95 = $2,155.
  • The card has a 0% intro APR for 15 months. Ideally, you’ll want to pay off your balance before that expires. To that end, the calculator will show a recommended monthly payment of $143.67.

Compare balance transfer offers

%
Name Product Amount saved Balance transfer APR Balance transfer fee Recommended minimum credit score Filter values
Citi® Diamond Preferred® Card
0% intro for the first 18 months (then 14.74% to 24.74% variable)
$5 or 3% of the transaction, whichever is greater
740
Long 18 months intro APR periods on purchases and balance transfers. Plus Citi Entertainment℠ for deals on dining and going out.
Citi® Double Cash Card
0% intro for the first 18 months (then 13.99% to 23.99% variable)
$5 or 3% of the transaction, whichever is greater
740
This one of the most valuable flat cashback cards. It comes with 2% cash back (1% when you buy plus 1% when you pay) and 18 months to pay off transfers.
Luxury Card Mastercard® Titanium Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
700
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
TD Cash Credit Card
0% intro for the first 15 billing cycles (then 12.99%, 17.99% or 22.99% variable)
$5 or 3% of the transaction, whichever is greater
680
3% on dining and 2% on groceries make this a valuable card for food purchases. Use it while traveling, too, with no foreign transaction fees. Available in: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
CardMatch™ from creditcards.com
See issuer's website
300
Use the CardMatch tool to find cards you're likely to qualify for with your credit score, without a hard pull on your credit.
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Compare up to 4 providers

How much money will I save by doing a balance transfer?

The amount you’ll save depends on several factors, such as:

  • The size of your debt.
  • How much you want to pay on your credit card bill each month.
  • The introductory APR that comes with your balance transfer credit card.

The longer you keep your debt, the more you might save by switching to a balance transfer card. That’s because the card may offer 0% intro APR for a significant period, giving you a long break from interest.

Basically, you save money by paying far less interest for a specific time. The savings are reduced by any balance transfer fees or annual fees, but they can add up.

Compare a balance transfer to your other options

If you have debt you need to pay, you have options. One of those options is to continue paying your debt at the same rate you are paying now. Let’s compare two options to a balance transfer credit card — continuing on the same path, or getting a personal loan.

With all examples, assume you currently have a $5,000 balance with a credit card that has an 18% purchase APR.

Option #1: Get a balance transfer credit card

With the best balance transfer cards, you’ll get a 0% intro APR on transferred balances for a long period of time.

Let’s say you apply for and are approved for the U.S. Bank Visa® Platinum Card, which offers a 0% introductory APR on balance transfers for 20 months after account opening. After that, the ongoing APR is 13.99% to 23.99% variable.

  • You transfer your $5,000 balance to the U.S. Bank Visa® Platinum Card. You pay a transfer fee of 3% or $5, whichever is greater. In this case, 3% of $5,000 would come out to a transfer fee of $150.
  • You get a 0% intro APR on your balance for 20 months.
  • You pay $257.50 a month toward your balance.

Here are the results:

  • You’ll pay off your debt in 20 months.
  • You’ll pay $5,250 total — $5,000 in debt, $150 for the balance transfer fee.
  • Compared to paying off your credit card debt at the original rate, you save $804.

Option #2: Pay off your debt at the same rate

Among a sea of choices, making no change is certainly an option.

Let’s say your situation is as follows:

  • You have a $5,000 balance on your credit card.
  • The balance comes with an APR of 18%.
  • You’re paying $250 a month toward your balance.

Here are the results of that strategy:

  • You’ll pay off your debt in 24 months.
  • You’ll pay $5,989 total — $5,000 in debt, $989 in interest.

There may be a better option that could save you from paying quite as much in interest.

Option #3: Get a personal loan

Instead of paying off your credit card debt the old-fashioned way, you could take out a personal loan. A personal loan gives you a set amount of cash up front that you can use to pay off your credit card, then you would pay off the loan over time.

If you get an interest rate on the loan that’s lower than the rate you’re paying on your credit card, you can consolidate and pay off your debt slightly faster and more cheaply.

Here’s an example:

  • You take out a $5,000 loan, then pay off your credit card with that loan.
  • Your loan comes with a 14% APR.
  • You continue to pay $250 a month toward your debt.

Here are the results:

  • You’ll pay off your debt in 23 months.
  • You’ll pay $5,727 total — $5,000 in debt, $727 in interest.
  • Compared to paying off your credit card debt at the original rate, you save $262.

Our top pick: Credible Personal Loans

  • Min. Credit Score Required: Fair to excellent credit
  • Max. Loan Amount: $50,000
  • APR: 4.99% to 35.99%
  • Requirements: Fair to excellent credit, ages 18+ and a US citizen or permanent resident
  • Wide range of loan amounts
  • Positive customer reviews
  • Get funds in just 1 business day

Our top pick: Credible Personal Loans

Get personalized rates in minutes and then choose an offer from a selection of top online lenders.

  • Min. Credit Score Required: Fair to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $50,000
  • APR: 4.99% to 35.99%
  • Requirements: Fair to excellent credit, ages 18+ and a US citizen or permanent resident

Bottom line

If you need a break from high interest rates, a balance transfer credit card might help. By taking advantage of 0% introductory APRs, you can pay off your debt and slow the pace of interest accumulation.

Try to apply for a balance transfer card with good credit, as your chances of approval will increase.

As with any debt repayment plan, it’s best to compare all of your options before making a decision that works best for you.

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2 Responses

  1. Default Gravatar
    VanessaSeptember 10, 2018

    How can find & see my new credit card account

    • Default Gravatar
      nikkiangcoSeptember 11, 2018

      Hey Vanessa!

      Thanks for your inquiry and for visiting finder.

      May I ask which credit card this is so we can help you find the processing times of your credit card approval. Also, please note, a credit card approval depends on the bank you apply for. You may contact your bank’s customer service to check on the status.
      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Regards,

      Nikki

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