- Cards
- Balance transfer credit card
- Balance transfer calculator
Balance transfer calculator
See if moving your credit card balance to a 0% balance transfer card could save you money, and how much.
Your estimate
After the 0% period ends, the remaining £1,160 is charged at 34.9%.
Assumes no new spending on the card.
How this was calculated
| Stay put | Transfer | |
|---|---|---|
| Interest, first 6 months | £192.03 | £0.00 |
| Interest, months 7 onwards | £130.27 | £147.24 |
| Transfer fee | none | £60.00 |
| Total cost | £322.30 | £207.24 |
Saving: £322.30 − £207.24 = £115.06
- Assumes no new spending on the card. New purchases are charged at the standard rate and repayments clear those first, so any spending reduces the saving.
- Assumes the same monthly payment throughout, including during the 0% period.
- Promotional rates can end early if a minimum payment is missed, the credit limit is exceeded, or the recurring payment lapses.
- Illustrative estimate only. Savings can vary depending on how you manage your account.
- Assumes the balance is transferred on the day the promotional period starts.
Representative 34.9% APR (variable) on purchases
Apply OnlineRepresentative example: Assumed borrowing of £1,200 for 1 year, at a Purchase Rate of 34.9% (variable), representative 34.9% APR (variable).
What do I need to use the calculator?
Just 7 figures.
About your current card:
The balance you want to transfer
The annual interest rate charged on it
What you actually pay each month rather than the minimum payment
About the offer:
The length of the 0% period
The rate that applies once it ends
The transfer fee percentage
The minimum transfer fee
Your interest rate is not the same as the APR, which also takes fees into account. Your statement shows the annual interest rate charged on your balance.
To work out what a balance is costing you without moving it anywhere, use our credit card repayment calculator.
How is a balance transfer saving worked out?
The saving is the difference between two totals.
Staying put costs you the interest charged on your current card until the balance clears.
Transferring costs you the fee, plus any interest charged once the 0% period ends on whatever is still owed.
If the second total is bigger, transferring costs you more.
A worked example
Say you owe £2,000 on a card charging 24.9% a year, you pay £150 a month, and the offer is 0% for 6 months with a 3% fee, reverting to 34.9% after that.
Stay put | Transfer | |
|---|---|---|
Interest | £322.30 | £147.24 |
Transfer fee | None | £60.00 |
Total cost | £322.30 | £207.24 |
Transferring saves £115.06. Six months of £150 payments clears £900 of the £2,060 that moved across, leaving £1,160 still owed when the 0% ends, and that is what starts being charged at 34.9%.
How much is a balance transfer fee?
It is a one-off charge worked out as a percentage of the amount you move. Multiply the balance by the fee percentage: For example, £2,000 at 3% comes to £60.
Zable's balance transfer fee is 3% of the amount transferred, with a minimum charge of £3.
Read more about general credit card fees in our guide.
What happens when the 0% period ends?
A 0% deal runs for a set number of months, not until the balance is gone. Anything still owed at the end starts being charged at the card's standard rate.
If the standard rate is higher than the one you left behind, it is possible to end up worse off overall, despite the interest-free months. That’s why it’s important to look at the interest you’ll pay beyond the promotional period.
This calculator carries on past the promotional period, which is why it asks for the rate that applies then.
FAQs
Does a balance transfer always save me money?
While a balance transfer credit card can be a great tool for saving you money, there are situations where this may not be the case. For example, if the interest rate afterwards is higher than the rate you are leaving, and you don’t pay off enough within the promotional period. Or if the fee outweighs the interest you save due to a short 0% period and a low current rate.
This calculator can help you to identify these situations.
Is a balance transfer fee worth paying?
It depends on whether the interest you avoid comes to more than the fee. On a £2,000 balance a 3% fee costs £60, so it makes most sense if staying put would cost you more than £60 in interest. This calculator works that out for you.
Does the calculator still work if I spend on the card as well?
Not accurately. The calculator assumes the balance you enter only ever goes down, and new spending works against that. The calculator matches reality most closely if you leave the card alone after the transfer.
Discover more
What happens to your old credit card after a balance transfer?