Should i transfer credit card balance calculator

Money Compare with the smallest balance transfer fee. Typically, the longer the deal lasts, the higher the fee will be. This means it can be worth avoiding the longest deals if you feel confident that you'll be able to repay the balance within a shorter time frame. Sign up to the Which? Money Weekly newsletter to get our latest news, tips and deals straight to your inbox. Financial Services Limited. Financial Services Limited is a wholly-owned subsidiary of Which?

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Instead, put a small charge on the old card and pay it off in full each month to keep the account active. Consider how you accumulated a large balance and steps you need to take to modify your spending habits.

Or maybe you are living beyond your means. Create a budget and seek the help of a credit counselor. Most balance transfer cards charge a 3 to 5 percent fee, which can really add up if you are transferring thousands of dollars. Cards without balance transfer fees are rare only 9 out of the 38 cards in our balance transfer survey , but keep a lookout for them — transferring a balance to a card without a fee could save you more money than transferring a balance to a card with a longer introductory period.

Be on the lookout for cards with deferred interest deals. A true 0-percent balance transfer card does not charge interest during the introductory period as long as you make your monthly payments on time , even if you are still carrying a balance at the end of the introductory period. The introductory period is the length of time that the card offers a 0-percent APR on balance transfers and new purchases, depending on the card.

The length of the introductory period can vary drastically. According to our recent balance transfer survey, the average promotional period lasts 12 months, but you can find offers as short as six months or as long as 21 months. Generally, you want to shoot for the longest promotional period, but there are other important factors:.

Behind a 0-percent introductory offer often lies a very pricey regular APR. And keep an eye out for low-interest-rate cards that offer a reasonable APR in combination with a 0-percent introductory APR. Some cards offer a combination of a 0-percent APR on balance transfers and new purchases.

Possible penalties can include losing your 0-percent introductory APR even for paying just a day late , penalty fees and interest and penalty APRs of nearly 30 percent. Is there a grace period for new balances? Are there other unexpected fees or penalties? Your personal information and data are protected with bit encryption. Your email address unlocks your approval odds. These terms allow CreditCards. I understand that this is not an application for credit and that, if I wish to apply for a credit card with any participating credit card issuer, I will need to click through to complete and submit an application directly with that issuer.

Advertiser Disclosure CreditCards. Have multiple credit cards? Balance Transfer You may be wondering how much work goes into moving the balance from one card to another. Here are a few tips to keep you from digging yourself into more debt: Figure out the best amount to transfer Usually it makes sense to transfer as much of your debt as possible onto a 0-percent card to minimize your interest payments — but not always.