Balance Transfer Calculator

If you carry debt on more than one credit card, you may be paying more interest than you should and you may not even realize it.

Balance Transfer Payment Calculator

One way to get a better handle on your credit card debt is to put it all in one place, by signing up for a balance transfer credit card. These cards make it easier to manage your finances and save money in the long run.

Here's the catch: You have to run some numbers before picking the balance transfer credit card that's right for you. Crunching the calculations can be a bit tricky, so use the balance transfer credit card calculator below to review all your options.

How to Calculate Your Balance Transfer

Simply gather the following information and plug it into the below calculator:

  1. Enter the balances and interest rates for each card that you'd like to consolidate.

  2. Add the interest rate and fee info for the balance transfer credit card that you're considering.

  3. Click "Calculate" to see what your monthly payment would be.

Estimate Your Balance Transfer Savings

Enter information about your existing credit card(s)
CardBalanceAPR (Interest Rate)
#1$ %
#2$ %
#3$ %

Enter information about the card you're transferring to
Enter the intro APR on Balance Transfers (Interest Rate): %
Enter the length of the intro period: months
Enter the regular APR (Interest Rate): %
Enter the annual fee:$
Enter the balance transfer fee (% of balance): %
Enter monthly payment:$

Should I Transfer My Credit Card Balance?

A balance transfer card is a good option if you have multiple, high-balance cards that will take 5+ months to pay off. Here's what to keep in mind:

Do a balance transfer if:

  • You have multiple, high-balance cards
  • You know you won't be able to pay off your balances quickly
  • You qualify for a card with a 0% introductory APR
  • You can find a card with no balance transfer fee

Don't do a balance transfer if:

  • You can pay off your balances within a few months
  • You can't qualify for a 0% introductory APR
  • You can't find a card without a balance transfer fee
  • Your priority is getting a higher credit limit (for this, consider a personal loan)

What is a balance transfer fee?
A balance transfer fee is a fee charged by credit card companies for transferring your debt from one company to another.[1] Usually, balance transfer fees are between 2-5% of your balance. Occasionally, they're charged as a flat fee or you may find a card with no balance transfer fee at all.

How to Choose a Balance Transfer Card

Here are some important factors that you will want to consider when reviewing balance transfer credit cards:

  • Don't ignore the after-promo interest rates.
    Balance transfer credit cards often have several interest rates that you'll want to review; most cards have a lower introductory interest rate (APR) for a specific amount of time. After the introductory period, the rate will increase to the "regular" rate. Keep this regular rate in mind when choosing a card.

  • Look for a 0% balance transfer fee.
    Balance transfer fees vary from card to card, so take the time to compare these fees before choosing your balance transfer credit card. You may even be able to find a card that does not charge a fee for balance transfers.

  • Run each card option through the calculator.
    You'll likely find credit cards with varying benefits - one card may have a promotional 0% APR, one may have an permanently low interest rate and a third may have the lowest balance transfer fee. The best way to know which balance transfer credit card is best for you is to use the balance transfer calculator for each card. This may take a few extra minutes, but you'll know for sure which card provides the best savings.

  • Experiment with monthly payments.
    Take some time to plug in several different monthly payment scenarios. You'll be surprised to see the additional savings you can realize if you're able to contribute just $50 more toward your credit card balance each month.

Do balance transfers hurt your credit?
Opening any new credit card, including a balance transfer card, can have both positive and negative effects on your credit. If opening a new card requires a hard credit pull, you may see a temporary ding on your credit score. A new card will also shorten the average length of your credit history, which can result in another decrease. However, your credit will likely increase in the long term from paying down debts and reducing your credit usage.

Bottom Line

As you can see from the calculator, you can save quite a bit of money by simply consolidating your credit card balances. Follow through with the best scenario, and you'll be out of debt in no time.

To estimate how long it'll take to pay off your existing credit card debt, visit our credit card payoff calculator.


  1. ^ Consumer Financial Protection Bureau. What is a balance transfer fee?, Retrieved 3/17/2022
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