Will a balance transfer really save you money? Get your individual balance transfer savings estimate with our balance transfer calculator now:

About our balance transfer calculator

Using the Money Under 30 balance transfer calculator is easy:

First, you need to know approximately how much of a balance you have on the credit card you’re trying to pay off and the interest rate you’re paying on that card. Don’t know? Log on and view your latest statement — you’re looking for the card’s regular APR.

Second, you’ll need to estimate how much you’ll be able to comfortably pay towards your credit card debt each month.

Now, we know you may not always pay the same amount each month, but the more you’re able to pay, the faster you’ll pay off your balance. The fixed payment amount allows us to estimate how much money you can potentially save by transferring your balance to a lower APR card.

Now, hit calculate.

How much can you save with a balance transfer?

The balance transfer calculator will take the monthly payment you entered and compare your existing credit card to popular balance transfer credit card offers. We’ll look at two things:

  1. How much you will pay in interest and fees until the balance is paid off in full.
  2. How long it will take you to pay off your balance in full, assuming a fixed monthly payment and that you do not make new charges on the card.

The first row shows the number of months and total amount it will cost you to pay off your debt on your existing credit card.

The following rows show you current balance transfer credit card promotions and the number of months and total amount it will cost you to pay off your debt with that card. We rank the cards based on the highest possible savings for you. We list some key details about each card and provide a link to the application page where you can read additional details or apply.

What is a balance transfer fee?

It’s important to note that our estimated savings figure on featured cards include both finances charges (interest) and any balance transfer fee. A balance transfer fee is usually charged as a percentage of the balance you transfer. (For example, if you transfer a $1,000 balance and there is a 5 percent balance transfer fee, you’ll pay a $50 fee for the transfer.

Balance transfer fees do not necessarily have to be paid all at once, rather the bank rolls them into your transferred card balance.

Why does it say I’ll pay more?

If some or all cards are showing a difference in red text, it means that you might actually pay more money if you transfer a balance to that card.

Why would this happen? There are two common reasons:

  • You will repay your debt so quickly that the interest you’ll pay on your existing card will be less than the balance transfer fee.
  • The new card’s regular APR is significantly higher than your existing APR and it will take you many years to repay the debt in full. The new card’s higher regular APR will negate any savings during the promotional period.

Can I transfer balances from more than one card?

Yes, you can. But to keep things simple, we only let you calculate the savings for one card at a time.


Our balance transfer calculator can help you estimate how much you might save by transferring your existing credit card debt to a new card with an introductory 0 percent APR on balance transfers.

We estimate potential savings based upon how much you tell us you can pay each month. As you consider whether you can save money with a balance transfer, keep in mind that you’ll need very good credit to get approved for these offers and that your actual savings may vary based upon your payment schedule and the regular APR offered on the new card (these may be higher than used in our calculator, depending on your creditworthiness).

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About the author

David Weliver
Total Articles: 296
David Weliver is the founder of Money Under 30. He's a cited authority on personal finance and the unique money issues he faced during his first two decades as an adult. He lives in Maine with his wife and two children.