Balance transfer calculator

Still paying interest on old credit card debt? Moving it onto a 0% balance transfer card could give you breathing room to pay it off without interest. This might save you money and help you clear down your debt quicker.

But there’s usually a balance transfer fee to pay, so how do you know if you’ll end up saving money overall?

Just pop your info into our calculator to see your potential saving, as well as how long it might take to clear your balance. 

Balance transfers work by letting you move debt from an existing credit card onto a new one, usually with 0% interest for a set period.

This means more of your monthly payment clears the actual debt, rather than being swallowed up by interest.

The 0% introductory period

This is your interest-free window, often lasting anywhere from a few months up to two or three years.

Keep in mind that:

• The 0% period usually starts when your account opens and most lenders have a set window to make the transfer, often 60 or 90 days 

• Some deals are ‘up to’ a certain length rather than guaranteed, meaning what you're offered can depend on your credit history 

• Once the 0% period ends, any remaining balance starts accruing interest at the card's standard rate, which can be considerably higher than what you were paying before.

Balance transfer fees

Most cards charge a one-off fee – typically 2-4% of the amount you transfer – to move over your debt.

Longer 0% periods usually come with higher fees, so it's worth weighing this up against your interest savings. You can check this using our calculator.

• Find out more: how balance transfers work