Credit card balance transfer calculator
If you’re considering a credit card balance transfer, your first step should be calculating the amount of time you’ll need to pay off your debt. Our balance transfer calculator will help you see when your debt will be paid off based on the information you enter. Simply input details about your current credit card and your new card — we’ll do the rest.
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How to understand the calculator results
The balance transfer calculator gives you a side-by-side look at the interest you’ll face if you continue to make payments on your current card versus the interest and fees you’ll face if you transfer to a new card with an intro APR offer.
To make the decision easier, you’ll also get an estimate of how much you stand to save given these scenarios. Depending on how large a balance you need to pay off, you can also explorer popular balance transfer cards or personal loan rates as a next step in your debt payoff process.
Whether a balance transfer card or a personal loan to consolidate debt is best for you will depend on your individual financial situation, so be sure to weigh the advantages of a debt consolidation loan versus a balance transfer card. You may even choose to use a combination of these two tools.
How to choose a balance transfer card on Bankrate
Each balance transfer card comes with its own pros and cons, so you’ll have to weigh its features to know whether or not it’s worth applying. But the right card can make all the difference when you’re tackling debt.
“I desperately needed a debt payoff strategy for some credit card debt I’d racked up during the pandemic, so I applied for a new balance transfer card. The process of transferring my balance was easy and I got to take advantage of an 18-month balance transfer period. The card even offered cash back.”
— Alice Lesperance, Bankrate credit cards editor
Choosing the right balance transfer card for your lifestyle starts with a few simple steps:
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Step 1: Find out how much you owe
Pinpoint the amount of money you owe by looking at a recent credit card statement. On the statement, identify your current outstanding balance and interest rate. Say you owed $3,000 on a card with a variable APR of 27.49%. Using our Credit Card Payoff Calculator, you’d need to pay $205 a month for 18 months in order to pay off your debt. If you wanted to make lower monthly payments, you could consider a balance transfer card with a slightly longer introductory period.
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Step 2: Compare your options
We recommend using a balance transfer card with at least an introductory 0% interest offer of 15 months. You can use Bankrate’s CardMatch tool to get a sense of which cards you’re likely to qualify for, with no impact to your credit score. Compare balance transfer cards by considering any balance transfer fees, annual fees and the variable interest rate you’ll be charged after your introductory period ends. You should also be mindful of the intro period length, rewards, and benefits.
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Step 3: Test out the math on a new card
Now let’s say you got a new balance transfer card that offered an introductory 0% APR on balance transfers for 21 months, then a 17.24% - 27.99% variable APR. If you continued to use your original card, you’d pay $206 a month for 18 months to erase that $3,000 balance, incurring $694 in interest charges along the way. If you transferred that balance to the new card, you’d pay $150 a month for 21 months including a 5 percent balance transfer fee of $150. Plus, you’d avoid interest charges entirely for that 21-month introductory period.
Our expert recommendations for the best balance transfer cards can help you narrow down your final decision if you’ve determined whether a balance transfer is right for you. Applying for a balance transfer card and completing your balance transfer is a relatively easy process once you’ve decided which card to go for.
Your card issuer will typically handle paying off and moving your existing balance to your new card account, though in some cases you may need to send a balance transfer check yourself. The amount you’re able to transfer is typically capped at 75 percent of your credit limit. Once you initiate the transfer, it can take five to seven business days for the payment to clear. Until the payment clears you’ll still be responsible for meeting the minimum payment requirement on your accounts.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed herein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including card rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the bank's website for the most current information.