Balance Transfer Calculator

A balance transfer credit card allows you to move existing credit card debt to a new card with a 0% introductory APR (typically 12-21 months), paying a transfer fee (usually 3-5%). All payments during the promotional period reduce your principal with no interest, which can save hundreds or thousands of dollars compared to staying on a high-APR card.

Popular options include the Citi Double Cash, Wells Fargo Reflect (up to 21 months at 0%), Chase Slate Edge, and Discover it Balance Transfer. Compare the promotional period length, transfer fee (some cards waive it for a limited time), and the revert APR. Good credit (670+ FICO) is typically required to qualify for the best offers.

The remaining balance begins accruing interest at the standard purchase APR (typically 20-29%). Retroactive interest is not charged on a true balance transfer (unlike deferred-interest store cards), but future interest costs can quickly erode the savings you made during the promotional period. Always aim to clear the balance before expiry.

Applying triggers a hard inquiry (a small, temporary dip in score). Opening a new card increases your available credit which may improve your utilisation ratio. Closing the old card can hurt your score by reducing available credit and shortening credit history — keep it open even if you do not use it.

No — most card issuers do not allow balance transfers between cards from the same bank. For example, you cannot transfer a Chase balance to another Chase card, or a Citi balance to another Citi card. Always check the terms before applying to avoid a wasted hard inquiry on your credit file.

A balance transfer credit card allows you to move existing card debt to a new card with a 0% interest period (up to 29-32 months from some UK providers), paying a transfer fee (typically 1-4%). This lets you clear debt faster with no interest during the promotional window, making it one of the most powerful debt-reduction tools available in the UK.

Barclaycard, Halifax, MBNA, Santander and Virgin Money regularly offer long 0% periods. The longest 0% deals often carry transfer fees of 2-3%; some cards offer fee-free transfers with shorter 0% windows. Compare current offers using MoneySavingExpert or MoneySuperMarket to find the best combination of period length and fee for your balance size.

Many lenders will terminate the 0% promotional rate immediately if you miss a payment, reverting to the standard purchase rate without warning. Set up a direct debit for at least the minimum payment to protect the promotional offer. Missing a payment can also damage your credit score and result in late fees.

A hard credit search appears on your file and lowers your score temporarily. A new account with available credit can improve your credit utilisation ratio, which is beneficial. Avoid applying for multiple cards in a short period as multiple searches harm your credit rating with Experian, Equifax and TransUnion.

Similar to a balance transfer but the money is deposited directly into your bank account rather than paying another card directly. This is useful for clearing overdrafts or other non-card debts. A money transfer card typically carries a higher transfer fee (3-5%) and shorter 0% periods than standard balance transfer cards.

A balance transfer credit card lets you move existing credit card debt to a new card with a promotional low or 0% interest rate (typically 6-24 months), paying a one-time transfer fee (0-3%). All payments during the promotional period reduce your principal rather than going to interest, allowing you to clear debt faster and at lower total cost.

ANZ, Westpac, Commonwealth Bank, St.George and many smaller lenders offer balance transfer promotions. Compare the total cost including the revert rate — in Australia the revert rate often applies to the transferred balance at the cash advance rate rather than the standard purchase rate. Read the terms carefully before applying.

After the promotional period ends, any remaining transferred balance typically reverts to the cash advance rate (around 21-22%) rather than the standard purchase rate. This is higher than many cardholders expect and makes it critical to clear the full balance before the promotion expires. Budget your monthly payments accordingly.

Applying for a new card creates a hard enquiry on your Equifax, Experian or illion credit file, which temporarily reduces your score. The new credit limit increases your available credit, which can improve your utilisation ratio over time. Avoid submitting multiple applications in a short window as each enquiry reduces your score further.

Most Australian balance transfer offers are limited to credit card balances from other institutions. Personal loans generally cannot be transferred to a credit card. To consolidate a personal loan you would need to apply for a new personal loan at a lower rate, or use a money transfer card where available from selected lenders.

A balance transfer credit card allows you to move existing credit card debt to a new card with a low or 0% promotional interest rate (typically 6-12 months), paying a transfer fee of 1-3%. Promotional periods in Canada are shorter than in the US or UK, so you need to plan your payments carefully to clear the balance before expiry.

MBNA True Line Mastercard, Scotiabank Value Visa and BMO Preferred Rate Mastercard offer low ongoing rates (9.99-13.99%) rather than 0% promos. Some cards from Tangerine and credit unions offer introductory promotions. Use MoneySense and RateHub to compare current offers and find the best fit for your balance size and payoff timeline.

The remaining balance reverts to the standard purchase rate (typically 19.99-22.99%) or the lower ongoing rate if that was the promotion structure. Plan your payments to clear the full balance before expiry to avoid high interest charges. Set a calendar reminder well before the promotional period ends.

A hard credit inquiry reduces your score by a few points temporarily. The new credit limit can improve your credit utilisation ratio over time. Both Equifax and TransUnion record the application. Avoid submitting multiple credit applications within a short window as multiple hard inquiries can significantly reduce your score.

A personal line of credit at prime plus 3-6% (around 10-13%) often provides a lower ongoing rate than credit cards without a promotional expiry date. A credit union loan may offer rates as low as 7-8%. Consider these options if your promotional period is short or your balance is large enough that you cannot realistically clear it in time.