Balance Transfer Calculator: See your savings | finder.com

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. Fill out your current credit card information by inputting the balance and APR on each line.
  2. If you know the details about the card you’re transferring to, fill those out 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. Hit Calculate to see your savings.

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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Compare balance transfer offers

Name Product Intro Balance Transfer APR Balance Transfer Fee Recommended Minimum Credit Score
0% 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% for the first 15 months (then 14.24%, 20.24% or 25.24% variable)
$10 or 4% of the transaction, whichever is greater
670
An 15 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% for the first 15 months (then 17.24% to 25.99% variable)
$5 or 3% of the transaction, whichever is greater
670
Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
0% 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% for the first 15 months (then 17.24% to 25.99% variable)
$5 or 3% of the transaction, whichever is greater
670
0% intro APR for 15 months from account opening on purchases and balance transfers.

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% 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% 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.

  • You transfer your $5,000 balance to the Citi Simplicity® Card. You pay a 3% transaction fee, which comes out to $150.
  • You get a 0% 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 $5,150 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 $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: 670
  • 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: 670
  • 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.

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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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