Calculator
Balance transfer cost calculator
This compares two paths for a credit card balance: leave it on the current card, or move it to a card with a promotional rate and a transfer fee. You type all seven numbers from your own statement and the offer in front of you. The calculator does not supply any rate, fee or term, and it does not know what you will be offered. It runs in your browser and nothing is sent or stored.
Worked example (shown when scripts are off, with made-up numbers): a $4,000 balance at a 24 percent APR, paid at $250 a month, costs about $869 in interest and takes 20 months. Moved to an offer with a 3 percent fee ($120), 12 promo months at 0 percent and 24 percent afterward, the same payment costs about $186 in fee plus interest and takes 17 months, so about $684 less. Change any number and the answer changes.
Before you decide
A lower total on this page does not mean the transfer is right for you. It assumes you add no new purchases, never miss a payment and keep paying the same amount. Missing a payment can end a promotional rate. Read the card's terms and confirm the fee, the promo length and the rate after it with the issuer.
How the calculator works
Each month the calculator adds interest equal to the balance times the APR divided by 12, rounded to the cent, then subtracts your payment, and repeats until the balance reaches zero. The last payment is only what is left. For the transfer path, the fee equals the balance times the fee percentage and is added to the starting balance. Interest uses the promo APR for the promo months you enter and the APR after the promo from then on. Both paths use the same monthly payment, so the comparison is about cost and time to pay off, not about a smaller payment.
The result shows, for each path, total interest, total paid and months to pay off, and for the transfer it also shows the balance still owed when the promo ends. Total cost for the transfer is the fee plus interest. If your payment is no larger than the first month's interest, the balance never falls, and the tool warns you and stops at 100 years instead of showing a meaningless figure.
Assumptions and limits
- No new purchases on either card. New spending can be charged interest differently, and consumer guidance warns that purchases on a transfer card may not get the promo rate.
- Payments are on time, in full and the same every month. A late payment can trigger penalty terms.
- Monthly compounding at the APR divided by 12. Issuers usually calculate interest daily, so real figures can differ by a small amount.
- One fixed rate per phase. Variable rates, a promo that applies to only part of the balance, or a minimum fee in dollars are not modeled. If the offer has a minimum fee, work out the dollar fee yourself and enter it as a percent of your balance.
- Approval, credit limit and the exact balance moved are up to the issuer. Transfers may not move your whole balance.
- Cash back, rewards and credit score effects are not counted.
This is general information, not financial advice. If you are struggling to pay your debts, a nonprofit credit counseling agency can discuss options with you.
Where this comes from
The formula is the standard way to project a card balance with a fixed payment. For the points above about fees, promotional periods and new purchases we checked the Consumer Financial Protection Bureau's explanations of balance transfers and balance transfer fees, which describe fees typically around 3 to 5 percent of the amount moved, charged even on zero percent offers. We did not use any specific issuer's terms, and we have not tested any card.