Balance Transfer Calculator: See your savings | finder.com
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Balance transfer credit card calculator: How much can you save?

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You may have heard that balance transfer credit cards are a great way to pay less on your debt. But exactly how much will it help?

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.

How to use this calculator

  1. In the Card #1 line, fill in your current credit card’s balance and APR. 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. As you input card details, you’ll see how long it’ll take you to pay off your debt — with and without a balance transfer. You’ll also see how much you can save with a balance transfer.

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 balance transfers: Blue Cash Everyday® Card from American Express

  • Earn a $150 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.
  • 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%).
  • 2% cash back at U.S. gas stations and at select U.S. department stores, 1% back on other purchases.
  • Low intro APR: 0% for 15 months on purchases and balance transfers, then a variable rate, currently 15.24% to 26.24%.
  • You spoke, we listened. Over 1.6 million more places in the U.S. started accepting American Express® Cards in 2018.
  • Cash back is received in the form of Reward Dollars that can be easily redeemed for statement credits, gift cards, and merchandise.
  • No annual fee.
  • Terms apply.
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See Rates & Fees
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How to calculate your balance transfer repayment

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

How much should I pay monthly toward my debt?

Above the slider bar, 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.

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
0% intro for the first 15 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
680
Earn a $150 bonus statement credit after you spend $1,000 on purchases in the first 3 months. Rates & fees
0% intro for the first 18 months (then 13.24%, 17.24% or 21.24% variable)
$10 or 4% of the transaction, whichever is greater
670
An 18 months 0% intro APR period on both purchases and balance transfers, plus zero foreign transaction fees, makes this is a strong well-rounded card. See Rates and Fees
0% intro for the first 15 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
680
Earn a $150 statement credit after you spend $1,000 or more in purchases with your new card within the first 3 months of card membership. Rates & fees
0% intro for the first 12 months (then 15.24%, 19.24% or 25.24% variable)
$10 or 4% of the transaction, whichever is greater
670
Earn 3% cash back on up to $10,000 in the first 12 months, then 1.5% on all purchases. See Rates and Fees.
0% intro for the first 12 months (then 15.24% to 26.24% variable)
$5 or 3% of the transaction, whichever is greater
680
Earn $250 bonus cash back after you spend $1,000 on purchases in the first 3 months. Rates & fees

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 certain 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.

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’re approved for the Citi Simplicity® Card, which offers a 0% introductory APR on balance transfers for 21 months. After the intro period expires, you’ll pay a balance transfer APR of 16.24% to 26.24% variable.

  • You transfer your $5,000 balance to the Citi Simplicity® Card. You pay a transfer fee of $5 or 5%, whichever is greater. In this case, 5% of $5,000 would come out to a transfer fee of $250.
  • You get a 0% intro APR on your balance for 21 months.
  • You pay $250 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, $250 for the balance transfer fee.
  • Compared to paying off your credit card debt at the original rate, you save $839.

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 so 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 upfront 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: Good to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • 5.34% to 35.99%
  • Requirements: Have good to excellent credit, ages 18+ and be a US citizen or permanent resident.
  • Free loan connection service
  • Personalized rates in minutes
  • Secure online application

Our top pick: Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

  • Min. Credit Score Required: Good to excellent credit
  • Min. Loan Amount: $1,000
  • Max. Loan Amount: $100,000
  • APR: 5.34% to 35.99%
  • Requirements: Have good to excellent credit, ages 18+ and be a US citizen or permanent resident.
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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.

Frequently asked questions

Pictures: Getty Images

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2 Responses

  1. Default Gravatar
    VanessaSeptember 10, 2018

    How can find & see my new credit card account

    • Avatarfinder Customer Care
      nikkiangcoSeptember 11, 2018Staff

      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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