Balance Transfer Calculator

The best way to do a balance transfer is to apply for a new credit card with a low balance transfer APR and low fees. If your balance transfer credit card application is approved, the new card's issuer will pay your original creditor for the amount transferred. You will then owe that amount, plus a balance transfer fee of 0% - 3%, to the balance transfer card's issuer. If you repay the full amount of your balance transfer before the new card's high regular APR takes effect, you could save a lot of money on finance charges and get out of debt sooner.

Keep in mind that balance transfers can take a while to process, as long as six weeks in some cases. So, it's important to keep making payments to your original creditor until the transfer goes through. Otherwise, you risk late fees and credit score damage.

How to Do a Balance Transfer in 6 Steps

1. Check your credit score

The first step toward doing a balance transfer is to check your credit score. Balance transfer credit cards with 0% APRs usually require good credit or better for approval. Knowing your credit score will make it easier to compare relevant credit card offers.

2. Find the best balance transfer card for you

Compare cards based on their balance transfer APRs, balance transfer fees, and annual fees. Also, consider how much you can afford to pay each month. Using a balance transfer calculator can help.

3. Apply for your balance transfer card

Fill out the application with your personal and financial information, including the section of the application for requesting a balance transfer. Provide the account number and the amount you want to transfer to make the request. It's best to ask for a balance transfer when you apply because promotional 0% APR periods start as soon as the account opens.

4. Keep making payments

Keep up payments to your original creditor until the balance transfer goes through, or you could be marked as past-due. You will be credited for any payments made during this period after the transfer gets processed. 

5. Receive a decision

The issuer may allow you to transfer the full amount that you request or offer to transfer part of the balance instead. Or, your balance transfer request could be denied, depending on your creditworthiness and available funds. It may take a few weeks to get a decision.

6. Pay the rest of the balance

Try to pay off a transferred balance before your new credit card's low introductory APR expires. A high regular rate will apply to any balance remaining at that time. If you still have a balance on your original account, continue repaying that as well.

It's also good to note that you can transfer multiple balances to the same credit card. But that can lead to paying a lot in balance transfer fees and interest if you're not careful. In any case, finding the best credit card for your needs is how you'll save the most money doing balance transfers.

Some of the Best Balance Transfer Credit Cards

Now that you've learned how to do a balance transfer, you're on your way to saving money on interest and getting out of debt. For more tips and info, check out WalletHub's in-depth balance transfer guide. You can also take a look at our editors' complete picks for the best balance transfer credit cards on the market to weigh your options.

Yes, it is worth it to transfer a balance because it is a great way to refinance existing credit card debt. If you can get a lower interest rate in the process, it will save you money and help you pay off the debt sooner. For example, transferring a balance with a high APR to a 0% balance transfer credit card could save you a lot of money even if the card has a balance...

Yes, balance transfers are worth it because they are a very good way to refinance existing credit card debt. This can save you money by getting you a lower interest rate, preferably 0% for a certain number of months. A balance transfer is most likely to be worthwhile if you have good credit or better, you qualify for one of the best balance transfer credit cards, and you use the savings to get out of...

One of the best credit cards with a 0% intro APR for 21 months on balance transfers (and purchases) is the Wells Fargo Reflect® Card. Having that long to pay off a balance transfer without interest can certainly make it easier to get out of debt. The card's regular APR is 18.24% (V), and there is a balance transfer fee of 5% (min $5).

Another good balance transfer credit card is the Citi® Diamond Preferred® Card, which offers an intro APR of 0% for 21 months...

Doing a balance transfer is a very good idea if you need multiple months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card. Most balance transfer cards require a 700+ credit score.

What you should know before making a balance transfer:

• You generally need good credit or better to get a 0% balance transfer credit card. Most balance transfer cards have very high regular APRs, making...

The best credit card calculators are the credit card payoff calculator, credit card interest savings calculator, and balance transfer calculator from WalletHub because they are free, easy to use, and capable of finding hidden savings. The key is to select the right type of credit card calculator for the objective at hand.

Best Credit Card Calculator to Use, by Situation

If you want to determine what it will take to become debt free: Use WalletHub's credit card payoff calculator.

This type of credit card...

The average balance transfer fee for credit cards is 3.12%. A balance transfer fee is a charge that a cardholder typically must pay when they transfer debt to a credit card. This charge is usually a small percentage of the transaction amount or a small fixed cost, whichever is higher. For large transfers, the percentage fee will almost always be higher, since the fixed cost is usually only $5 or $10.

According to WalletHub data, the...

Focus on 3 things when you compare balance transfer credit cards: balance transfer fees, balance transfer intro APRs, and regular APRs. The best balance transfer credit cards have a low balance transfer fee (sometimes $0), a 0% intro APR on balance transfers for longer than a year, and a regular APR below 20%. Even the best balance transfer cards are known for having pretty high regular rates, which is why it's best to pay off your transferred balance...

To choose the right balance transfer credit card, compare your existing credit card's APR with each prospective card's balance transfer APR, balance transfer fee, and regular APR to see which card makes your debt cheapest to pay off in the end. The point of a balance transfer is to save money while paying off a debt. So if you find a balance transfer card with a $0 balance transfer fee and a 0% APR period on balance transfers...

The value of a balance transfer card depends on four main factors:

1. Balance transfer fee
2. Introductory APR for transfers
3. Length of the introductory period
4. Regular APR (applies once the intro terms expire)

It can be difficult to balance all of these terms. So we recommend using a balance transfer calculator. This will help you determine not only how long it will take you to pay off your balance, but also which balance transfer credit...