Calculate how much you could save by transferring your credit card balance to a new card with a lower interest rate.
A balance transfer allows you to move debt from one account to another, normally to one with lower interest rates. Transferring your balance can help you save money on interest since more of your monthly payment goes towards paying off your principal balance instead of interest charges.
It's a common solution if you need to consolidate and pay off credit cards and other forms of debt. If your new card comes with an introductory 0% APR offer on balance transfers, you can completely avoid interest charges for several months.
You will, however, likely have to pay a balance transfer fee ranging from 3 to 5 percent for each balance you transfer to your balance transfer card.
This calculator helps you determine how much money you could save by transferring your balance.
In Your current credit card details, you'll provide information about your current credit card, including your current balance, interest rate and monthly payment. This allows you to calculate how much time and interest it would take to pay off your balance without transferring it, assuming your current monthly payment stays the same for the remainder of your debt repayment.
In New balance transfer card details, you'll provide information about the balance transfer offer you're considering, including the balance transfer fee, the APR after the intro offer ends and the introductory offer length. This information is used to calculate how much time and money you could save by transferring your balance to a new card instead of continuing to make payments on your current card.