Balance transfer calculator

A balance transfer card could save you hundreds of pounds in interest on your current credit cards and help you pay down your debt faster. Use our calculator to find out exactly how much you could benefit by transferring credit card debt onto a balance transfer card.

Amy Smith
Amy Smith
Updated 10 January 2022  | 2 mins read

Balance transfer calculator

0% period



then 21.9% APR
Transfer Fee


2.9% of £0
Cost to you


paid off in 0 months

Transfer Fee + Interest (following end of offer period)

Our calculator is for illustrative purposes only. Calculations are based on the transfer amount and monthly repayment amount entered. The transfer fee is fixed at 2.9% of the total amount added to the balance to repay on top of the transfer amount. For the first 20 months ("initial period"), the monthly repayment amount is subtracted from the balance every month, without additional fees. After the first 20 months ("standard period"), if the balance is greater than 0, the monthly repayment amount is subtracted every month, whilst also increasing the remaining balance by 1/12 of the APR of 21.9% every month. This is done until the balance is fully repaid. We take the total number of months during the "initial period" and "standard period". If months > 0, we increase months by 2 months.

How does the balance transfer calculator work?

Enter how much you’d like to transfer (the total amount of debt you want to move from your credit cards) and how much you can afford to repay each month.

It will let you know how much you could save in interest payments by transferring your debt and how long it will take to pay off your balance.

What to look for in a 0% balance transfer credit card

How long is the 0% promotional period?

This varies from card to card, typically from six months up to 35 months.

You should aim to pay off your balance before the 0% promotional period ends to get the full advantage of a balance transfer card. If you’re not able to clear your debt, you’ll be moved to your lender’s standard interest rate, which can be very costly.

Is there a balance transfer fee?

Typically, you’ll be charged a balance transfer fee that’s a percentage of the amount you’re transferring from each card, usually between 1% and 5%.

Bear this in mind because, if you have multiple cards to transfer, the fees can mount up.

Not all cards charge transfer fees, though. But they may offer shorter 0% interest promotional periods as a result.

Is a balance transfer credit card right for me?

It’s a good option for people looking to consolidate their debt into one place, but you’ll need to be sure you can make the repayments on time. Late or missed payments could mean you lose your introductory 0% rate.

Also be aware that, once the 0% promotional period ends, you’ll need to pay the card’s standard interest rate on any remaining balance.

These interest rates are usually high, so you should be aiming to clear all of your debt while the 0% deal is still valid.

Check if you’re eligible for cards before you apply, using our smart search. It won’t affect your credit rating.

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