Balance Transfer Calculator

A balance transfer is when you move debt from one credit card to another, usually to take advantage of a lower interest rate. This can help you save money on interest and potentially pay off your debt faster.

A 0% APR balance transfer allows you to move your credit card balance to a new card that charges no interest for a promotional period, typically 12-21 months. During this period, all your payments go directly toward paying down the principal balance.

Most credit cards charge a balance transfer fee, typically 3-5% of the amount transferred. However, the interest savings from a 0% APR offer often outweigh this one-time fee, especially if you're transferring from a high-interest card.

Your savings depend on your current balance, APR, and how quickly you can pay off the debt. Use our calculator above to estimate your potential savings after accounting for transfer fees and promotional rates.

Opening a new credit card for a balance transfer may temporarily lower your credit score due to the hard inquiry. However, if the transfer helps you pay off debt faster and lowers your credit utilization, it could improve your score in the long run.