Should you do a balance transfer? Enter your current balance, APR, and the transfer offer details. We'll show you how much you save (or lose) and whether you can pay it off before the promo rate expires.
A balance transfer moves your high-APR debt to a new card offering a 0% promotional rate — but there are three things that can turn a smart move into an expensive mistake.
Most cards charge 3–5% of the transferred balance upfront. On $8,500 that's $255–$425 added to your balance on day one. A 0% offer must save you more than this to be worth it.
If you don't pay off the full balance before the promo period ends, most cards charge the regular APR on the remaining balance — not retroactively, but going forward. Calculate your required monthly payment before you transfer.
The promo rate often applies only to transferred balances, not new charges. Check your offer terms. Using the new card for purchases while carrying a balance can be expensive.