Credit Card Balance Transfer Calculator
Discover how much you could save on interest with a 0% balance transfer credit card.
You can use the calculator built into the comparison table below to see how much you can save across a variety of interest-free balance transfer deals based on the size of your debt and how much interest you're currently paying.
Use our balance transfer calculator to see how much you can save
How to use the balance transfer calculator in 3 easy steps
- Step 1. Enter the total debt/outstanding amount you would like to transfer.
- Step 2. Provide the interest rate that you are paying on your existing debt (if you don't have your interest rate on you, the average is around 18-20%).
- Step 3. See the 'Amount Saved' column to find out which credit cards will save you the most money. The calculator automatically includes any balance transfer fees and annual fees associated with each card. Click on the 'Amount Saved' title to sort the cards in ascending or descending order of money saved.
If you want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.
How much money will I save by doing a balance transfer?
Exactly how much you will save with a balance transfer credit card will also vary depending on the size of your debt, your repayments and the promotional offer you apply for. However, the interest you save will depend on the difference between the interest you would have paid on your current credit card account and the interest you'll avoid with the 0% balance transfer offer. If you use the balance transfer calculator in the tables above, the "interest saved" column will indicate how much you can save if you repay your entire balance before the interest-free promotion ends.
Tips to increase how much you could save
Here are some of the other ways you can make the most out of your balance transfer credit card:
- Budget and pay your balance in full. At the end of the introductory period, any remaining balances will collect the standard revert rate. This is usually the standard cash advance or purchase rate, which can be as high as 23%. To get the most value out of your balance transfer credit card, you should stick to a repayment budget and aim to pay your balance in full by the end of the introductory period.
- Avoid making purchases. You should concentrate on paying off your debt and avoid making purchases with a balance transfer card. Purchases collect the standard interest rate and any repayments will automatically go to paying off your purchases rather than your balance transfer. This is because banks automatically allocate your payments to whichever debt is collecting the higher interest rate in your account.
- Consider the balance transfer fee. Some cards charge a one-time balance transfer fee. This fee is a percentage of the amount you’re transferring, which can usually vary from 1% to 3%. If you want to minimise your costs, consider a card that doesn’t charge a balance transfer fee.
- Opt for a lower annual fee. If you don’t want an annual fee eating into your savings, you can look for a balance transfer card with a low or $0 annual fee.
A balance transfer credit card can be a useful way to pay off your debt while cutting down your interest costs. Using a balance transfer calculator can help you pick a card based on which product offers you the biggest savings, so make sure to compare your options before you apply.Back to top
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.