Question 1

How It Works

Accepted Answer

Enter your current credit card balance and APR, then input the balance transfer card's promotional rate, promo period length, transfer fee percentage, and regular APR after the promo ends. The calculator shows whether you'll save money, how much to pay monthly to clear the balance before the promo expires, and what happens if you carry a remaining balance.

Question 2

Is a balance transfer worth the transfer fee?

Accepted Answer

Usually yes, if your current APR is high. A 3% balance transfer fee on $5,000 is $150, but continuing to pay 22% APR on that balance costs about $1,100/year in interest. As long as you're committed to paying down the balance during the promo period, the fee is almost always worth it for balances you'd otherwise carry at high rates.

Question 3

What happens when the 0% APR promotional period ends?

Accepted Answer

Any remaining balance starts accruing interest at the card's regular APR, which is typically 18-28%. Some cards also apply deferred interest retroactively to the original balance if it isn't fully paid. Always check the terms — your goal should be to pay off the entire transferred balance before the promotional period expires.

Question 4

Can I do multiple balance transfers?

Accepted Answer

Yes, but with caveats. Each application creates a hard inquiry on your credit. Most balance transfer cards won't let you transfer balances from cards issued by the same bank. Repeatedly opening new cards can signal risk to lenders. It's most effective as a one-time strategy combined with a disciplined payoff plan.

Balance Transfer Calculator

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Matthew Collins