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Balance Transfer Calculator

Updated
Brittney Myers
By: Brittney Myers

Our Credit Cards Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

A credit card balance transfer can be a good way to save money on credit card interest fees but only when the numbers work out. You can use this balance transfer calculator to determine if a balance transfer card can actually help you save money on high interest fees. To do that, simply input your balance, annual percentage rate (APR), and monthly payment for your current credit card, then the fee and APR on the balance transfer credit card to see how much you could save.

Card To Transfer
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New Balance Transfer Card
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Credit Card Balance Transfer Payoff Options


Save ${{ computedData.btSameMonthlyPayment.savings | withCommas }} using a balance transfer card. You'll keep your current monthly payment (${{ computedData.btSameMonthlyPayment.monthlyPayment | withCommas }}).

Take full advantage of a Balance Transfer Card and save ${{ computedData.btMaxSavings.savings | withCommas }} by increasingdecreasing your monthly payment by ${{ computedData.btMaxSavings.monthlyChange | withCommas }}.

You would actually pay more overall by using a Balance Transfer Card.

Your Current Plan
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Total Principal
Interest To Be Paid
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${{ computedData.current.interestPaid | withCommas }}
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Interest Rate
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Monthly Payment
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Payoff Timeframe
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Total Principal
Interest To Be Paid
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${{ computedData.current.interestPaid | withCommas }}
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Interest Rate
Monthly Payment
Payoff Timeframe
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${{ formData.monthlyPayment | withCommas }}
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Adjusted Plan With Balance Transfer Card
Amount Saved
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Monthly Payment
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Increase Of
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Payoff Timeframe
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Change
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Principal
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Interest
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Estimated Fees
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Total Amount To Be Paid
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Save ${{ computedData.btSameMonthlyPayment.savings | withCommas }}
Adjusted Plan With Balance Transfer Card
Amount Saved
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Monthly Payment
${{ computedData.btMaxSavings.monthlyPayment | withCommas }}
IncreaseDecrease Of
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Payoff Timeframe
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Change
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Principal
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Estimated Fees
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Total Amount To Be Paid
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Save ${{ computedData.btMaxSavings.savings | withCommas }}

If you pay the same amount (${{ computedData.btSameMonthlyPayment.monthlyPayment | withCommas }}) each month, it will take you {{ computedData.btSameMonthlyPayment.payoffTime }} total months (* {{ computedData.btSameMonthlyPayment.payoffChange }} months less) (* {{ computedData.btSameMonthlyPayment.payoffChange }} months more) (* same as current plan) to pay off your credit card balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ computedData.btSameMonthlyPayment.interestPaid | withCommas }}, and you will still save ${{ computedData.btSameMonthlyPayment.savings | withCommas }}. This assumes you do not make any additional charges during this period.

If you increase the amount you pay to decrease the amount you pay to keep the amount you pay as ${{ computedData.btMaxSavings.monthlyPayment | withCommas }} each month, it will take you {{ computedBtIntroPeriod }} months to pay off your credit card balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ computedData.btMaxSavings.interestPaid | withCommas }}. This assumes you do not make any additional charges during this period.

TIP

Take full advantage of a balance transfer card and save ${{ computedData.btMaxSavings.savings | withCommas }} by increasingdecreasing your monthly payment by ${{ computedData.btMaxSavings.monthlyChange | withCommas }}.
If you increase the amount you pay to decrease the amount you pay to keep the amount you pay as ${{ computedData.btMaxSavings.monthlyPayment | withCommas }} each month, it will take you {{ computedBtIntroPeriod }} months to pay off your credit card balance of ${{ computedBalanceOwed | withCommas }}. Your total interest amount will be ${{ computedData.btMaxSavings.interestPaid | withCommas }}. This assumes you do not make any additional charges during this period.
Adjusted Plan With Balance Transfer Card

Based on the information entered, a balance transfer credit card would cost you more money in the long run. You may want to consider a personal loan instead.

Fee Disclosure: Some balance transfer credit cards may charge additional fees. These can include both annual fees and balance transfer fees. Check your card's terms and conditions for fee amounts. Your credit card will also have a balance transfer limit that restricts how much you can transfer. This limit should be listed in your cardholder agreement and will often be available by logging into your online account.

Using a balance transfer calculator

Balance transfer calculators show you how much money you can save with a balance transfer. They compare how much you'll pay in interest fees with your existing card versus a balance transfer credit card.

To use this balance transfer calculator, you'll need the following information:

  • How much you want to transfer: This may be the balance from a single credit card, or it may be balances from several cards.
  • Your current interest rate: The interest charges you pay are based on your card's APR. You can find your current APR listed in your card's rates and fees documentation or in your online account.
  • The interest rate on your new card: To figure out what you could save in interest fees, you'll need the APR for the balance transfer credit card. This will be listed in the rates and fees documentation. Some cards will charge a different APR for balance transfers than they do for purchases. So, make sure you input the correct balance transfer rate. (The best cards to use for this have intro 0% APR balance transfer offers.)
  • Applicable fees for the new card: Many credit cards charge a balance transfer fee. These fees are commonly 3% to 5% of the total transferred amount.
  • Your monthly payment amount: Our balance transfer calculator will show the cost and time to pay off debt using your minimum payment amount. But you can put in a different amount if you plan to pay more than your minimum required payment. (If you'd like to see how your payment amount affects your credit card debt, try using a credit card interest calculator.)

Once you input the relevant data, the calculator will show you a cost comparison of the two cards. If you haven't chosen a balance transfer card yet, you can try different APR and fee amounts to see which card will work best.

You can also compare credit cards to see side-by-side comparisons of popular balance transfer credit cards to help you make your choice. When you've chosen a card, just click "Apply Now" to start the application process.

What is a balance transfer credit card?

A credit card balance transfer is when you move the existing balance from one credit card account to another card account. Although you can't pay your credit card bill with a different credit card, you can effectively do a credit card transfer by shifting your credit card debt from one card to another.

Cards that will accept a balance transfer from another account are called balance transfer credit cards. Not all credit cards will accept balance transfers.

The simplest way to see if a card accepts balance transfers is to look for a balance transfer APR listed in the card's rates and fees table. Many balance transfer credit cards will charge the same interest rate for balances from both purchases and transfers, while others will charge a slightly higher rate for transferred balances.

For a balance transfer to be worthwhile, you'll want to transfer your balance to a low interest credit card or at least one with a lower APR than is charged by your current card. Otherwise, you won't save money on interest fees and the balance transfer will be pretty useless.

The very best 0% balance transfer credit cards will offer intro APR deals that provide 0% interest on transferred balances. These balance transfer offers are good for a set period of time after opening a new account. (You may also receive occasional lower APR offers on your existing credit cards, but these are less common and hard to predict.)

You can typically initiate a credit card balance transfer while applying for a new card. Alternatively, you can perform a balance transfer online once your card account has been opened. You'll need to specify the account from which you want to transfer your existing balance, as well as how much you want to transfer.

Once you initiate the transfer, it can take several days for the debt to move from one account to another. If the due date for your outstanding balance occurs before the transfer is completed, be sure to make at least your required minimum payment to avoid late fees or other issues.

Learn more: How to transfer credit card balance

RELATED: If you have debt, you should learn about the snowball method. Check out this debt snowball calculator.

What is a balance transfer fee?

Nearly all credit cards that accept balance transfers will charge a fee for the transaction, called a balance transfer fee. Most balance transfer fees range between 3% and 5% of the total transaction amount. For example, if you transfer $5,000 to a credit card with a 5% balance transfer fee, you will be charged a $250 fee for the transaction.

Some balance transfer credit cards will include a reduced balance transfer fee as part of its introductory APR offer. In most cases, you'll need to make the transfer within a set period of time -- often the first 90 days -- to be eligible for credit card balance transfer offers.

Is there a limit to how much you can transfer?

Balance transfer credit cards typically have limits on how much you can transfer. This limit may be the same as your overall credit limit, but some cards will have a specific balance transfer limit.

One thing to note is that the balance transfer limit will include your balance transfer fee. So, if you want to transfer a $5,000 balance to a card with a 5% transfer fee, you'll need to have a transfer limit of at least $5,250 on the balance transfer card.

Additionally, this limit applies to your total balance from all transfers; it is not a per-transaction limit. For instance, if you transfer $1,000, then later transfer another $1,000, you will need a card with a transfer limit of at least $2,000.

Who can benefit from a credit card balance transfer?

The cardholders most likely to save with a balance transfer credit card are those who can qualify for an intro 0% APR deal. The lower interest rate will mean more of your monthly payments go toward paying down your outstanding balance, rather than paying interest fees.

In general, you'll need good credit to qualify for a credit card with an intro APR offer. The best balance transfer cards with the longest introductory periods will require good or excellent credit.

If you can't qualify for a 0% APR balance transfer card or one with a low interest rate, or if you just can't get a card with a high enough transfer limit, you may want to consider consolidating debt with a personal loan. Personal loans tend to have lower interest rates than most credit cards, which can help you reduce your monthly interest payments. Check out our guide to choosing between a balance transfer or personal loan.

How to choose a balance transfer credit card

There are several factors to consider when looking for a balance transfer credit card:

  • An introductory APR offer: Good balance transfer cards come with an introductory 0% APR on transferred balances of at least six months. The best intro 0% APR credit cards will give you 15 months or more of 0% interest before reverting to the standard interest rate.
  • The balance transfer fee: Most cards will charge a transfer fee of 3% to 5% of the total transaction amount. However, some cards will provide a reduced rate as part of an introductory offer.
  • The balance transfer limit: Some cards will let you transfer up to your total credit limit, while other cards will cap balance transfers at a lower amount. (Unfortunately, you won't be able to determine your balance transfer limit until after you are approved for the card.)
  • The annual fee: Most balance transfer cards we've seen have no annual fee, but you should always check the terms and conditions to make sure.

Using our balance transfer calculator can help you figure out what kind of APR and fee structure you might need to save the most money. This will narrow down your card options and make it easier to compare balance transfer credit card offers.

Below are a few balance transfer cards we love that might be a good fit for you. You can also check out our full list of the best balance transfer credit cards to see what other options are out there.

As of Nov. 27, 2023
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Citi Simplicity® Card Discover it® Balance Transfer Wells Fargo Reflect® Card
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Apply Now for Citi Simplicity® Card

On Citi's Secure Website.

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Credit Rating Requirement: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Recommended Credit Score required for this offer is: Good/Excellent (670-850)

Good/Excellent (670-850)

Welcome Offer: Circle with letter I in it. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

Lower intro balance transfer fee

Welcome Offer: Circle with letter I in it. N/A

Discover will match all the cash back you’ve earned at the end of your first year.

Welcome Offer:

Rewards Program:

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Rewards Program: Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

1%-5% cash back

Rewards Program:

N/A

Intro APR:

Purchases: 0%, 12 months

Balance Transfers: 0%, 21 months

Intro APR:

Purchases: 0%, 6 months

Balance Transfers: 0%, 18 months

Intro APR: Circle with letter I in it. 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 21 months from account opening

Balance Transfers: 0% intro APR, 21 months from account opening on qualifying balance transfers

Regular APR:

19.24% - 29.99% (Variable)

Regular APR:

17.24% - 28.24% Variable APR

Regular APR:

18.24%, 24.74%, or 29.99% Variable APR

Annual Fee:

$0

Annual Fee:

$0

Annual Fee: Circle with letter I in it. N/A

$0

Highlights:

  • No Late Fees, No Penalty Rate, and No Annual Fee... Ever
  • 0% Intro APR for 21 months on balance transfers from date of first transfer and 0% Intro APR for 12 months on purchases from date of account opening. After that the variable APR will be 19.24% - 29.99%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
  • Stay protected with Citi® Quick Lock.

Highlights:

  • INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
  • Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
  • Redeem your rewards for cash at any time.
  • Your account may not always be eligible for balance transfers. Balance transfer eligibility is determined at Discover’s discretion.
  • Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
  • No annual fee.
  • Terms and conditions apply.

Highlights:

  • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
  • 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 18.24%, 24.74%, or 29.99% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min $5.
  • $0 Annual Fee.
  • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
Apply Now for Citi Simplicity® Card

On Citi's Secure Website.

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Please note that this calculator is not personalized financial advice and should not be considered or used as such. Nor are we promising that by use of this calculator, will you be able to save more money, preserve wealth, or otherwise.

FAQs

  • Rarely, you can find offers for a 0% balance transfer fee. More commonly, you'll see a 3% go-to or promotional fee. A high balance transfer fee would be 5% or more.

  • In general, balance transfers won't hurt your credit score as long as you continue to make at least your minimum payments on time every month. Be sure to make any upcoming payments on your current card until you're sure the transfer to the new card has gone through. You may see a decrease in your credit score if you consolidate debt from multiple cards onto one card and come close to maxing out its credit limit.

Our Credit Cards Experts