Balance transfer saving after the fee. A transfer only pays if you clear a large share of the balance during the promotional period, because the fee is charged immediately and the post-promotional rate is usually no better than the original.
Also called: 0 apr transfer calculator, credit card transfer saving.
$1,280.75 saved after a transfer fee of $180.00. You clear the balance in 18 months against 22 months at the current rate. The balance clears within the promotional period, which is where a transfer pays.
This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for United States change on a published schedule; the effective date is shown on every rule-based tool.
The fee is charged upfront on the transferred amount. During the promotional period little or no interest accrues, so payments go almost entirely to principal, which is where the benefit comes from. When the promotion ends the rate typically returns to a level similar to the original card, so a balance still outstanding is back where it started having paid a fee for the privilege. The payment needed to clear within the promotion is therefore the number that decides whether the transfer is worth doing.
the transfer fee is paid upfront, so a short promotional period can cost more than it savesEach of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.
Total saving$1,280.75
3% of 6,000 is a 180 fee, so 6,180 has to clear over 18 promotional months, which is 343.33 a month. Paying the offered 350 clears it with a month to spare.
Open this exampleTotal saving$1,460.75
boundary: with no fee the whole balance is the 6,000, so 333.33 a month clears it inside the promotion and every month of the old 24.5% is saved outright
Open this exampleFormula version 1.0.0 · definition 1.0.0 · United States · Report a problem with this calculator