Free Tool
Balance Transfer Savings Calculator
See the exact dollar amount you'd save by moving high-interest debt to a 0% intro APR card — including transfer fees and post-promo scenarios.
Your current debt
Balance transfer offer details
The regular APR the transfer card charges after the 0% promo expires. This affects the total cost if you carry a balance past the promo period.
Plan to pay off before the promo ends
If you don't pay off the full balance before the promo expires, most cards retroactively charge interest on the original balance at the post-promo rate.
Estimated net savings
Interest avoided
Transfer fee cost
Balance after promo period
Interest on transfer card
Balance comparison over time
Solid = current card. Dashed = after transfer. Shaded area = your savings.
How balance transfers work
A balance transfer moves debt from one or more credit cards to a new card — usually one offering a 0% introductory APR for 12–21 months. During the promo period, every dollar of your payment goes directly to principal instead of being split between interest and principal.
| Step | What happens |
|---|---|
| 1. Apply for a balance transfer card | You apply for a card with a 0% intro APR. Most require good credit (670+ FICO). Approval takes minutes to a few days. |
| 2. Request the transfer | You provide the account numbers and amounts. The new card pays off your old balances and adds the amount (plus any fee) to your new card. |
| 3. Pay minimum on the new card | Continue making at least the minimum payment to avoid losing the promotional rate. Most cards require on-time payments to maintain the promo APR. |
| 4. Pay down aggressively during the promo period | With 0% interest, every dollar reduces principal. The goal is to pay off the full balance before the promo expires. |
| 5. Know the post-promo rate | After the promo ends, the regular APR (often 19–29%) applies to any remaining balance. Plan to have the balance at $0 before this happens. |
When a balance transfer makes sense — and when it doesn't
Good fit for balance transfer if:
- Your current APR is above 15%
- You have good-to-excellent credit (670+)
- You can realistically pay off the balance in the promo period
- You won't need to make new purchases on the card
- The transfer fee is less than the interest you'd pay
Poor fit if:
- You can't qualify due to credit score
- You'll continue adding to the balance
- The promo period is too short for your payoff plan
- You have a history of missing payments (can void the promo rate)
- The balance is too large to pay off in the promo period
Related tools and guides
Educational content only. This page is for informational purposes and does not constitute legal, tax, or personal financial advice. Results vary. Laws and bureau processes change. Consult the CFPB, FTC, and AnnualCreditReport.com for authoritative guidance. Full disclaimer
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