Balance Transfer Calculator

Will transferring your credit card balances to a new card save you money in the long run? How much can you save? Which balance transfer credit card offer is the best? And what will it cost in the short term? All of these are questions that our Balance Transfer Calculator can help you answer.

Free Calculator

Credit cards that are designed and marketed specifically for balance transfers usually have a zero-percent introductory APR — so if you pay off the transferred balance during that introductory period, you stand to save a lot of money.

How Does It Work?

With our Balance Transfer Calculator, you tell us what your balance is, what your current APR is, and how much of a monthly payment you can afford to pay. (It’s always a good idea to pay more than the minimum payment in order to pay your balance down faster, but be realistic about what you can afford!) You can find your balance and current APR on the latest credit card statement you received in the mail, or by logging into your account online and viewing your statement there.

Using the monthly payment amount you specify, as well as your current APR and the balance amount to be transferred, our online Balance Transfer Calculator will use the most popular balance transfer card offers currently available to determine:

  • How long it will take until your balance is paid in full, assuming you don’t add any new charges to the balance transfer credit card.
  • The total amount you will pay in credit card interest and fees based on making a set payment until the balance is paid off.

Choosing and Applying for a Balance Transfer Card

Our Balance Transfer Calculator results will list the best balance transfer credit card offers with the highest possible savings, along with a quick link to apply for those cards. The actual amount that you can save on credit card interest may be slightly different based on the regular APR and your payment schedule on the new card, but our results will give you a good idea of which deals are the most competitive.

Keep in mind that the amount of credit offered depends on your own credit worthiness — you must have very good credit in order to get approved for balance transfer credit cards as well as to qualify for a high credit limit that allows you to transfer your higher balances.

Also, keep in mind that most balance transfer credit cards charge a fee for each balance that is transferred: It’s usually around $50, which is rolled into your balance rather than due upfront. And be sure the regular APR of the balance transfer credit card you choose is a good deal compared to your current credit card’s APR, just in case you don’t get the balance paid down during the 0% APR introductory period.

But with all these considerations, it’s very worth it to compare balance transfer credit card offers because they can save you a lot of money in interest when used correctly. So get your statements, find the card with the highest APR, and use our Balance Transfer Calculator today to find out how much you stand to save just by choosing the right balance transfer card!

Credit Shout is a community of personal finance experts dedicated to helping you save money and make smart financial decisions. Learn how to master your credit card rewards, improve your credit score and start eliminating your debt.