Balance Transfer Analyzer
A 0% APR offer looks like free money — until the 3–5% transfer fee and the promo clock enter the picture. Run the real comparison: staying put vs. transferring, with the fee, the post-promo APR, and the exact monthly payment that beats the deadline.
Your situation
Current card
The 0% offer
How the math works
- Staying put: your balance amortizes at your current APR with your monthly payment, month by month, until it's gone. Total interest is tallied.
- Transferring: the fee is added to the balance on day one (a 3% fee on $8,000 is $240 of new debt). You pay 0% during the promo, then anything left accrues at the post-promo APR.
- Net savings = interest avoided − fee. The transfer only wins if the interest you dodge is bigger than the fee you pay.
- Beating the clock: divide the transferred balance by the promo months. Pay at least that much monthly and you never meet the post-promo APR at all.
Frequently asked questions
When is a balance transfer worth it?
When the transfer fee is smaller than the interest you'd otherwise pay. As a rule of thumb: the bigger your balance, the higher your current APR, and the longer the 0% promo, the more likely it pays off. It almost never makes sense if you can clear the debt in two or three months anyway — the 3–5% fee would cost more than the interest you'd save.
What happens if I don't pay it off before the 0% period ends?
The remaining balance starts accruing interest at the card's regular APR. Some retail/store cards go further and charge deferred (retroactive) interest on the original balance back to day one — always check the terms before transferring to a store card.
What's a typical balance transfer fee?
3% of the transferred amount is the most common, with 5% on longer promo offers. A few cards offer 0% fee promotions, usually with shorter 0% windows. The fee is added to your balance on day one.
Will a balance transfer hurt my credit score?
Expect a small temporary dip from the hard inquiry and the new account lowering your average account age. But moving debt to a new card with a fresh limit often lowers your overall utilization ratio, which can help your score within a few months.
Can I transfer a balance between two cards from the same bank?
Usually not — most issuers prohibit balance transfers between their own cards. You'll need a card from a different bank.
Should I close my old card after transferring?
Many people keep it open with a zero balance, since that preserves credit history length and total available credit (which helps the utilization ratio). The critical part is that new spending stops on it.