Card Calculator Balance Transfer

Balance Transfer Formulas:

\[ T = \frac{P + F}{D} \text{ (during 0% period)} \] \[ T = \frac{\log\left(\frac{P + F}{(P + F) - D \times R}\right)}{\log(1 + R)} \text{ (post-promotional)} \]

Transferred Balance (P):

Transfer Fee (F):

Monthly Payment (D):

APR (R):

0% Promotional Period:

months

Time to Pay Off:

Unit Converter ▲

Unit Converter ▼

From:	To:

1. What is Balance Transfer Calculation?

The balance transfer calculator estimates how long it will take to pay off a credit card balance transfer, considering both the promotional 0% interest period and the post-promotional period with regular APR.

2. How Does the Calculator Work?

The calculator uses two formulas:

\[ T = \frac{P + F}{D} \text{ (during 0% period)} \] \[ T = \frac{\log\left(\frac{P + F}{(P + F) - D \times R}\right)}{\log(1 + R)} \text{ (post-promotional)} \]

Where:

\( P \) — Transferred balance
\( F \) — Transfer fee (e.g., 3% of P)
\( D \) — Monthly payment
\( R \) — Monthly interest rate (APR / 12, as a decimal)
\( T \) — Time in months

Explanation: The first formula calculates payoff time during the 0% period. The second formula calculates payoff time after the promotional period ends.

3. Importance of Balance Transfer Planning

Details: Proper planning helps avoid paying high interest after the promotional period ends and ensures the balance can be paid off efficiently.

4. Using the Calculator

Tips: Enter the balance transfer amount, fee percentage, monthly payment amount, APR, and promotional period length. All values must be valid (positive numbers).

5. Frequently Asked Questions (FAQ)

Q1: What's a typical balance transfer fee?
A: Most cards charge 3-5% of the transferred balance as a fee.

Q2: How long are promotional periods typically?
A: Common promotional periods range from 12-21 months with 0% APR.

Q3: Should I pay off before the promotional period ends?
A: Yes, to avoid paying interest on the remaining balance at the regular APR.

Q4: What if I can't pay off during the promotional period?
A: Consider transferring again to another card or increasing payments.

Q5: Are there cards with no balance transfer fee?
A: Some cards offer no-fee transfers as limited-time promotions.