What this calculator does
Balance transfer savings works out whether moving a balance to a promo-rate card actually saves money. Enter your own figures above and the answer updates as you type: nothing is fixed in the code, so the result reflects exactly the numbers you supply.
The formula this calculator evaluates is printed under the tool and explained below, so you can check the working by hand or reuse it in a spreadsheet.
The formula
FormulaOld card cost = Balance·(1 + APR·Years); New card cost = Balance + Fee + Balance·(Promo APR·Promo months/12 + Post APR·Remaining months/12)
The inputs explained
| Field | What to enter |
|---|---|
| Balance to transfer ($) | A number, measured in your currency. Starts at 3500. |
| Current card APR (%) | A number, measured in %. Starts at 20. |
| Time you would take to pay it off (years) | A number, measured in years. Starts at 2. |
| Balance transfer fee (% of balance) | A number, measured in % of balance. Starts at 3. |
| Promotional APR (%) | A number, measured in %. Starts at 0. |
| Promotional period (months) | A number, measured in months. Starts at 12. |
| APR after the promo period (%) | A number, measured in %. Starts at 18. |
Worked examples
Every figure in the tables below is produced by this page’s own calculator at build time, so the numbers and the tool always agree. Select any row to load that scenario.
How the answer changes with balance to transfer
Every other input is held at the calculator’s starting values while balance to transfer varies. Select any row to load that scenario into the calculator.
How the answer changes with balance to transfer