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How much you can save with balance transfer?
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Your savings with a balance transfer:
$1,337
Based on your previous credit card payment(s):
Based on your new credit card payment:
Show payoff charts
Payoff Schedule with Old Card
Payoff Schedule with New Card
| No. | Monthly Payment | Interest Paid | Principal Paid | Original Balance |
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| No. | Monthly Payment | Interest Paid | Principal Paid | Original Balance |
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A balance transfer can help you save money by moving high-interest debt on one credit card to another card with a lower interest rate or an introductory 0% APR offer. When you shift a balance to another card, you may have to pay a balance transfer fee, which is typically 3% to 5% of the amount being transferred.
Although a balance transfer fee can add to your existing debt, it’s usually far less than the double-digit interest rates charged by most credit cards. Some cards don’t charge a balance transfer fee, which can help save you money overall. However, if you’re looking for the longest runway possible to pay down your debt, cards with the longest introductory 0% APR offers typically come with fees.
Use the balance transfer calculator above to see how much your total debt amount would be with a balance transfer offer, including any transfer fees. Comparing offers this way will help you determine the best balance transfer card for your particular circ*mstances.
Featured Partner Offer
Citi Double Cash® Card
On Citi's Website
3.6
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
On Citi's Website
Up to 2% Reward Rate
First, you earn 1% unlimited cash back on every purchase you make. Then, as you pay for those purchases, youRead More
Welcome Bonus
Earn $200 cash back
Annual Fee
$0
Regular APR
19.24% - 29.24% (Variable)
Credit Score
Excellent, Good, Fair
Editorial Review
The Citi Double Cash card’s simple cash back structure and long-lasting balance transfer APR offer make the Citi Double Cash a favorite among those who want to set it and forget it. It offers a solid cashback rate on all purchases and 0% intro APR on balance transfers, all without an annual fee.
Pros & Cons
- Earn up to 2% cash back—1% when the purchase is made and 1% when payment is made on the account
- No cash-back cap—no limit on the amount of cash back that can be earned
- No annual fee
- Introductory APR period for balance transfers
- Foreign transaction fee
- Balance transfer fee
- Lack of benefits seen in other no annual fee cards
- No introductory 0% APR on purchases
Card Details
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 19.24% – 29.24%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Table of contents
- How To Use the Balance Transfer Calculator
- Calculate the Balance Transfer Fee
- What Is a Balance Transfer?
- How To Do a Balance Transfer on a Credit Card
- Key Considerations for a Balance Transfer Card
- How To Apply for a Balance Transfer Credit Card
- Frequently Asked Questions (FAQs)
How To Use the Balance Transfer Calculator
Before choosing a balance transfer card, it’s important to do the math to make sure that what you’ll save on interest over the introductory 0% time period is less than what you would pay upfront in balance transfer fees.
Step 1: Enter Current Card Details
Enter your current card’s details in the balance transfer calculator boxes. In the first box, enter the amount of debt on your current card that you’re looking to transfer. Then, enter the interest rate you’re currently paying on the balance in the second box. Finally, enter the amount you pay each month toward that balance in the final box.
If you have more than one card you’re looking to transfer a balance from, repeat the process for each card.
Step 2: Enter New Card Details
Next, enter the information for the new balance transfer card you’re considering. This includes the ongoing interest rate you’ll pay after the promotional period expires, the amount you plan to pay each month toward the balance, any annual fee associated with owning the card as well as the terms of the introductory offer including the promo APR, length of the offer and any balance transfer fees.
After inputting all relevant information, hit the “Calculate” button.
Step 3: Interpret Your Results
The calculator will show you how much you could save by transferring your current balance to a card with a low or 0% APR balance transfer offer. You’ll also see how much it will cost you to pay off your balance at the current rate with your current card(s) as well as how much your monthly payments would have to be on the new card to pay it off completely before the promotional period expires.
You can click on “See Payoff Charts” to see detailed month-over-month information comparing the progress you’d make paying off your current card compared to payments on a new card with a promotional balance transfer offer.
Calculate the Balance Transfer Fee
When you move a balance to a card with a 0% introductory rate, you won’t pay any interest until the end of the introductory period. However, most cards charge a balance transfer fee when you initially transfer the balance from another card.
The balance transfer fee is generally charged as a percentage of the balance transfer amount. For example, if you have a 3% balance transfer fee and transfer a $1,000 balance, your balance transfer fee would be $30.
To calculate the balance transfer fee, multiply the total balance transferred by the listed percentage from your new card’s user agreement.
What Is a Balance Transfer?
- A balance transfer moves a balance to another account or card, preferably one with a lower or promotional 0% interest rate. The best balance transfer cards usually offer lengthy introductory 0% APR periods—anywhere from six months to nearly two years.
- You will typically pay a balance transfer fee which usually ranges from 3% to 5% of the amount that you’re transferring.
- Most cards do not allow you to transfer a balance to another card issued from the same bank, so utilizing the offers available to you from cards you are currently holding may be a better option than getting a new card.
- For those who find themselves making just the minimum payments without making headway on the principal debt, a balance transfer card might help them whittle down the balance.
How Does a Balance Transfer Work?
- A balance transfer works by paying off an old credit card balance, or multiple balances, using an open credit line from another card.
- If you have one or more credit cards incurring high interest charges, a balance transfer to a lower-interest card can lead to significant savings.
- When going through a balance transfer, your new credit card company issues a payment to your old credit card company to pay off the card balance.
- With a successful payment, your old card is paid off and the balance is effectively transferred to your new account.
How To Do a Balance Transfer on a Credit Card
Each credit card company uses its own systems to handle a balance transfer on the backend. Your balance transfer experience will most likely happen in a few common ways:
- Convenience check. Sometimes, you can use a convenience check provided by your credit card company. In this scenario, you would use a blank check from the new credit card company to pay your old card company.
- Online form. Using online balance transfer forms, you can enter your credit card account and balance details, which your new credit card provider uses to pay off the old balances.
- Customer support. Your credit card company may handle the payoff based on the account details you provide by phone or chat support.
Read more: How To Do a Balance Transfer
Key Considerations for a Balance Transfer Card
Key considerations to keep in mind when applying for a balance transfer credit card include:
- Promotional period. What is the introductory balance transfer offer and can you pay off your balance in that time?
- Transfer fees. Is there a fee for transferring a balance and what is it? How much will this add to your balance?
- Regular APR. Once you pay off your balance, you’ll need to consider what the regular APR is and if it’s worth it to use it afterward.
How To Apply for a Balance Transfer Credit Card
- Applying for a balance transfer card is the same asapplying for any type of cardand can typically be done online by entering some basic information about yourself.
- Once you apply and are approved, you’ll learn your credit limit. Your credit limitis the maximum amount you can charge on your credit card and the maximum amount you can transfer. Factors like your credit history and the amount of debt you’re carrying may affect your credit limit on a new card.
- If you need access to a higher credit limit, you can try requesting an increase by calling the issuer.
- Upon approval, you can request a balance transfer through your new credit card.
Pro Tip
Before applying for a balance transfer credit card, do some math to figure out if you can pay the balance off in full by the end of the promotion. Divide the new balance (including any fees) by the number of months in the period to determine what your monthly payment would need to be to pay off your transferred amount during the introductory APR period.
Find the Best Balance Transfer Credit Cards Of 2024
Learn More
Frequently Asked Questions (FAQs)
How much can I transfer?
You can’t transfer an amount exceeding the card’s credit limit. The catch is you often don’t know how much of a credit line you’ll receive when you apply for a new credit card. If you have $10,000 worth of debt and you’re hoping to take advantage of a balance transfer offer on a new card to help pay it off, there’s no guarantee you’ll get approved for as much credit as you’re seeking.
What is a balance transfer fee?
A balance transfer fee is a flat one-time fee charged by a credit card lender for performing a balance transfer. The balance transfer fee is usually a percentage of the balance transfer amount. A select group of cards offers balance transfers with no added fees, but most cards charge a fee of 3% to 5% for balance transfers.
How does a balance transfer fee work?
Most, but not all, balance transfer cards charge a fee. This fee is typically anywhere from 3% to 5% of the transferred amount. This means if you’re shifting $10,000 worth of debt to a new card and you’re charged a 5% balance transfer fee, your debt will now be $10,500.
Depending on the amount being transferred and the fee charged, this could add a hefty sum to your existing debt. It’s important to do the math to see if a 0% intro APR card offer with a balance transfer fee will be worthwhile for you. Also keep in mind that the balance transfer fee will cut into your credit limit. This means on a $10,000 credit balance transfer line with a 5% fee, you would need a $10,500 credit limit to complete your balance transfer.
Which is the best no balance transfer fee credit card?
Nearly all credit cards charge a balance transfer fee. There are a handful of exceptions to this however, as issuers will often change the terms on a card to entice new cardholders. Since these terms are likely to fluctuate often, it’s important to know that there is no one best no balance transfer fee card.
What credit score do I need for a balance transfer?
Generally, you’ll need a good credit score or better to qualify for most balance transfer cards. That’s because issuers are taking on risk when you open a new account with them and if you’re doing so specifically to transfer a balance, that means they are also assuming the risk that you will default on paying off your debt. The better your credit score, the better the rates and terms on any type of loan you’ll qualify for.
Are there balance transfer cards for bad credit?
The options are limited. You may have to choose a secured card that has a low-interest introductory balance transfer offer or consider transferring your balance to a card that has an ongoing interest rate lower than what you’re paying now. Either option is still likely to save you money.
What types of debt can you transfer with a balance transfer credit card?
Balance transfer credit cards are usually used to pay off other credit card balances. However, you can pay off nearly any type of debt with a balance transfer unless otherwise prohibited by your credit card user agreement. However, while you may be able to use a credit card balance transfer to pay off a car loan or personal loan, that may not be the best decision for your finances as those types of loans typically have lower interest rates compared to credit cards.
What is a balance transfer APR?
A balance transfer APR is the effective interest rate charged on transferred balances. In many cases, the lender charges the same rate for standard purchases and balance transfers, with a higher interest rate for cash advance transactions. However, balance transfers may incur a higher or lower interest rate depending on the card.
APR is short for the annual percentage rate. You can evaluate borrowing costs for multiple credit cards and other types of loans using an apples-to-apples comparison with the APR.
How do I pick a balance transfer card?
Either pick the card that offers the longest period on its 0% intro APR offer or pick the card that’s the cheapest option, which generally means a low or zero balance transfer fee.
You should also keep in mind that banks won’t let you transfer a balance within the same bank. So if you’re carrying debt and you’d like to take advantage of an introductory 0% APR balance transfer offer, you’ll have to look for a card from another bank. However, sometimes you’ll receive a balance transfer check, in which case you can write a check to yourself and use that money to pay off any card you choose.
