A balance transfer moves the outstanding balance from one credit card to another, often to take advantage of a lower promotional APR. Transfers usually charge a fee (commonly 3% of the amount transferred). The decision to transfer should compare total cost (payments + fees + interest) over the payoff period.

This calculator shows monthly payments under each APR and the total interest and fees paid. Use it to estimate whether a transfer yields net savings after the promotional period and fees are accounted for.