Balance transfer calculator
See whether moving a credit card balance to a promotional rate saves you money once the transfer fee and the rate after the promotion are counted.
Free · No sign-up · Updated October 2026
$614saved by transferring
Stay put
$1,021
interest · 1 yr 6 mo
Transfer
$407
interest + $180 fee · 1 yr 5 mo
You’d still owe money when the promotion ends, so part of the balance is charged the 22.99% rate. Paying it off within 10 months would take about $618 a month.
Low interest cards to compare
- Scotiabank Platinum American Express CardPurchase rate 9.99% · Up to 100,000 Scene+ points
- Desjardins Odyssey Visa Infinite PrivilegePurchase rate 11.90%
- TD Low Rate Visa CardPurchase rate 12.90% · balance transfer 12.90% · Get a 0% promotional interest rate on Purchases for the first 6 months from Account opening and receive an Annual Fee rebate for the first year. Conditions Apply
- MBNA True Line MastercardPurchase rate 12.99%
- RBC Visa Classic Low Rate OptionPurchase rate 12.99% · balance transfer 14.99% · Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers and no annual fee for the first year. Apply by November 4, 2026
- BMO Preferred Rate MastercardPurchase rate 13.99% · balance transfer 15.99% · First-year $29 annual fee waived
How this calculator works
Two paths, same payment
We pay the same monthly amount in both scenarios. Staying put charges your current rate every month. Transferring adds the fee to the balance, charges the promotional rate for the promotion, then the rate after.
The saving is the interest you’d pay staying put, minus the interest and fee for transferring.
An estimate, not an offer
Interest is estimated monthly at the annual rate divided by 12. Issuers calculate it daily and set their own payment rules, so actual costs can differ.
Promotional offers change often. Confirm the rate, the promotion length and the fee with the issuer before applying.
Questions
What is a balance transfer?
A balance transfer moves debt from one credit card to another, usually to take advantage of a lower promotional interest rate for a set number of months. Most transfers charge a one-time fee, typically a percentage of the amount moved.
Is a balance transfer worth it?
It can be when the interest you save during the promotion is more than the transfer fee, and you can pay off most of the balance before the rate goes up. The calculator above compares both paths with your numbers.
What happens when the promotional rate ends?
Any balance left over starts being charged the card’s regular balance transfer or purchase rate, which is often around 20% or more. Check the rate that applies after the promotion before you transfer.
Does a balance transfer hurt my credit score?
Applying for a new card usually triggers a hard credit check, which can lower your score slightly for a while. Paying the balance down afterwards lowers your credit utilization, which can help over time.
Can I transfer a balance between two cards from the same bank?
Usually not. Issuers generally don’t allow balance transfers between their own cards, so the new card is typically from a different bank.
Do new purchases get the promotional rate?
Usually not. Promotional rates generally apply only to the transferred balance, and new purchases are charged the regular rate unless you pay them in full. Many people avoid using the card for purchases during the promotion.
Results are estimates for general information, not financial advice. Confirm rates, fees and terms with your card issuer or bank. See our methodology.