We know that everyone's situation is unique and we aim to help you find the right product for you.We may receive compensation when you visit our partners' sites or are approved for their products.When applying with a new card provider, you provide an idea of how much you’re hoping to transfer.
To use the calculator: Fill out your current credit card information by inputting the balance and APR on each line below.If you know the details about the card you’re transferring to, fill those out to see how much you’ll save.You can read more about how we maintain editorial independence and how we make money here. A balance transfer credit card allows you to move your existing debt — other card balances, medical payments, student debt and even personal loans — to a new card with a lower rate, sometimes as low as 0%.Lower rates typically run for 6 to 18 months, after which the interest reverts to a higher rate.Read the fine print to know how many days or months you have to get it done.
After you’re approved, the new credit card company pays off the creditors you listed on your application.
This calculator is neither a quote nor a pre-qualification for a credit card Overwhelmed with debt and unable to pay down your balance against a high interest rate?
The average credit card APR is 16%, which is a lot of unnecessary interest on purchases you’re trying to pay off.
In this way, your new credit card helps you pay down your old debt — or pay it off completely.
When you apply for a balance transfer card, you’re asked to list your creditors and the amount you want your new card provider to repay them.
On approval, the amount that’s ultimately repaid to your old creditors is determined by the credit limit you’re approved for on your new card.