Nerdwallet car loan calc2/19/2023 ![]() Next, you’ll enter the information for the new balance transfer card you’re considering. If you have more than one card you’re looking to transfer a balance from, repeat the process for each card. Finally, enter the amount you pay each month towards that balance. ![]() Then, enter the interest rate you’re currently paying on the balance in the second box. In the first box, enter the amount of debt on your current card that you’re looking to transfer. How to Use The Balance Transfer Calculator Step 1: Enter Current Card DetailsĮnter your current card’s details in the balance transfer calculator boxes. Comparing offers this way will help you determine the best balance transfer card for your particular circumstances. Use the balance transfer calculator below to see how much your total debt amount would be with a balance transfer offer, including any transfer fees. However, if you’re looking for the longest runway possible to pay down your debt, cards with the longest introductory 0% APR offers typically come with fees.īefore choosing a balance transfer card, it’s important to do the math to make sure that what you’ll save on interest over the introductory 0% time period is less than what you would pay upfront in balance transfer fees. Some cards don’t charge a balance transfer fee, which can help save you money overall. When you shift a balance to another card, you may have to pay a balance transfer fee, which is typically 3% to 5% of the amount being transferred.Īlthough a balance transfer fee can add to your existing debt, it’s usually far less than the double-digit interest rates charged by most credit cards. ![]() ![]() A balance transfer can help you save money by moving high-interest debt on one credit card to a card with a lower interest rate or an introductory 0% APR offer. ![]()
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