Balance Transfer Calculator

Balance Transfer Calculator Usage Notes

Although we aim to make our balance transfer calculator accurate, we offer no warranty on its accuracy. It is provided on an "as is" basis. The following notes are provided to help you complete the form.

Enter the details about your current debt, current card and your new card, then press calculate. The results section will then show you how much you would save by switching to the new card. It will also show detailed information about what your final balance would be on each card, how much you would have paid in total and what interest you would be charged on each. The comparison is made over the period of time for which the new card has a Balance Transfer introductory rate. If you select "Life of Balance", we will show you your balances after 60 months (5 years). If your balance is paid off during this period, we will show you which month it would be paid off.

Your current card and debt

Your current balance - enter the amount you owe on your current credit card.

Monthly payment you make - enter the amount you can afford to pay off against this credit card each month

Interest rate (APR %) - enter the annual interest rate on your current card

Your new credit card

Introductory interest rate (APR %) - enter the balance transfer offer rate on the new card

Introductory period (LOB or months) - enter the length of the introductory balance transfer period here. If it is a Life of Balance offer, select LOB

Balance Transfer Fee - Most lenders charge you a percentage of your balance transfer amount as a Balance Transfer Fee. Enter the percentage here. You can find it under "Charges" in the card features Summary Box on the lender's website.

Maximum BT Fee - some lenders have a maximum fee they will charge you for a balance transfer. Enter the maximum figure here in pounds. This is also shown on the Summary Box.

Min monthly payment type - each month you have to make a minimum monthly payment to the lender which is either based on a percentage of the outstanding balance or is a fixed monthly amount. Select "Percentage" or "Fixed" from the drop down box. This in only used to check that the monthly payment amount you entered is sufficient. If it is not, a warning message will be issued but the calculations will continue.

Min monthly payment amount - If you selected "Percentage" for the payment type, then enter the actual percentage here (typically 2 or 3%). If you selected "Fixed" for the payment type, then enter the value in pounds that you have to pay each month. This in only used to check that the monthly payment amount you entered is sufficient. If it is not, a warning message will be issued but the calculations will continue.