Credit Card Balance Transfer Calculator

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.

Citi Rewards+℠ Card

  • On Citibank's Secure Website

$0

13.49% - 23.49% (Variable)

Excellent

  • The Citi Rewards+℠ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
  • Earn 15,000 bonus points after you spend $1,000 in purchases with your card within 3 months of account opening; redeemable for $150 in gift cards at thankyou.com
  • 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 13.49% - 23.49%, based on your creditworthiness. Balance transfer fee — either $5 or 3% of the amount of each transfer, whichever is greater.
  • Earn 2X ThankYou® Points at Supermarkets and Gas Stations for the first $6,000 per year and then 1X Points thereafter. Plus, earn 1X ThankYou® Points on All Other Purchases.
  • The standard variable APR for Citi Flex Plan is 13.49% - 23.49%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
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Citi® Diamond Preferred® Card

  • On Citibank's Secure Website

$0

14.74% - 24.74% (Variable)

Excellent

  • 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® Score online.
  • With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
  • Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Purchases and Citi® Identity Theft Solutions.
  • The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
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Citi® Double Cash Card – 18 month BT offer

  • On Citibank's Secure Website

$0

13.99% – 23.99% (Variable)

Excellent

  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
  • To earn cash back, pay at least the minimum due on time.
  • Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
  • Balance Transfers do not earn cash back.
  • If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
  • There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
  • The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
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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).