Credit Card Balance Transfer Calculator

If you’re struggling to pay down outstanding debts on credit cards, it may be worthwhile to consolidate your debt. Through a balance transfer credit card you can defer interest payments for some period of time, usually between 12 and 21 months. The balance transfer calculator below will help you see exactly how much you can save by moving your debt over to a card. Make sure to input your current debts, APR, and monthly payments. You can also change the terms of the balance transfer credit card you’re thinking of applying for – set it’s promotional period, transfer fee, and ongoing APR.

balance

payment

interest (APR)

payoff time

You will pay a total of $0 in interest over this time.

Please enter the details of the card you are transferring balances to:

promo length (months)

transfer fee

APR after promo

%
%

You can save approximately $NaN in interest by transferring your balance. It will take you 0 months to pay off your debt at this rate.

Visualizing Your Savings

Another added benefit of a balance transfer credit card is the fact that it speeds up how quickly you pay down your debt. The following graph can help you visualize this. Use the drop down menu to choose between graphing your remaining balance, savings, or interest paid.

Balance
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Credit Card Balance Transfer Methodology

Credit card interest kicks in on the remainder of your unpaid balance each month. In the case of a balance transfer credit card, you are not charged any interest for some promotional period of time, after paying a transfer fee. For the above calculator, we assumed you begin with a set balance, added the cost of the transfer fee, and then began applying your fixed payment month after month. After the end of the promotional 0% APR period, the interest for each billing cycle is equal to the periodic rate multiplied by your balance after payment.

The periodic rate varies month to month, depending on the number of days in a billing period. In order to approximate this, we divide the card APR by 12, to get a monthly periodic rate.

The interest rate is then added to the balance after payment, and carries over into the next month where the process is repeated.

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Info about the following cards: American Express® Gold Card, Delta Reserve® Credit Card from American Express, Hilton Honors Surpass® Credit Card, American Express® Blue Sky, American Express® Green Card, The Amex EveryDay® Preferred Credit Card from American Express, The Plenti® Credit Card from Amex, Blue from American Express®, Platinum Card® from American Express Exclusively for Mercedes-Benz, Bluebird, Centurion® Card from American Express, Hilton Honors American Express Aspire Card, and Starwood Preferred Guest® American Express Luxury Card has been collected independently by ValuePenguin. The issuer did not provide the details, nor is it responsible for their accuracy.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).