Balance Transfer Calculator

How a balance transfer works

A balance transfer moves what you owe on one card to another that charges less interest for a set period, often 0%. Most cards charge a transfer fee, usually a percentage of the amount moved.

It helps most if you can clear a large share of the balance before the offer ends. The calculator shows what is left at that point and what it costs afterwards.

Watch out for

Fees, the rate after the offer, and the temptation to spend on the new card. A new credit application leaves a footprint on your credit file. If your debts are difficult to manage, speak to a free debt adviser before taking on more credit.

How to use this calculator

1. Enter the balance, your current card’s APR and what you plan to pay each month.
2. Enter the transfer fee as a percentage, the length of the offer, the offer rate (0% if interest-free) and the rate that applies afterwards.
3. Compare the total paid in each column, and check how much is left when the offer ends.

How it is calculated

Staying: interest is added at APR ÷ 12 each month and your payment is deducted.

Moving: the fee is added to the balance, then the offer rate applies for the offer period and the later rate after that. The same monthly payment is used in both cases.

Worked example

A £4,000 balance at 22.9% APR paid at £200 a month costs £1,086.58 in interest and takes 26 months. Moving it to a 0% card for 18 months with a 3% fee (£120) and the same rate afterwards clears it in 21 months for £4,138.82 in total, which is £947.76 less. £520 is still owed when the offer ends.

Assumptions and limits

• You pay the same amount every month and make no new purchases on either card.
• You are accepted for the new card with the offer shown. Acceptance and credit limit are decided by the card provider.
• Missing a payment can end an offer early. Cash advances and other rules are not modelled.