Credit Card Balance Transfer Calculator
Carrying a balance at 3.5–3.75% a month is expensive. A balance transfer moves it to a card or loan at a lower rate. See how much you would save after fees and GST.
What is a credit card balance transfer?
A balance transfer moves your outstanding balance to another card, usually at a lower interest rate for a set period, in exchange for a processing fee. It only helps if you use the time to pay the balance down and don't build up new debt on the old card.
Alternatives
- Convert the balance to EMI with your current bank, which is often around 1–1.5% a month.
- A personal loan at a lower rate, used to clear the card in full.
FAQs
Is a balance transfer a good idea?
Yes, if the interest saved is more than the processing fee and GST, and you have a plan to repay within the offer period.
Does a balance transfer affect my credit score?
Opening a new card or loan creates a hard enquiry, but lowering your debt faster usually helps your score over time.