One Click Answers

OCAMoney

Share tool
FacebookPinterestEmail

Credit Card Payoff Comparison

Is a balance transfer worth it?

Compare the estimated cost and payoff time of a balance transfer with keeping your balance on your current card.

One Click Answers · Credit Card Payoff Comparison
oneclickanswers.com/credit-card-comparison · Printed
About this tool & how to use it

What it does

Compares paying off your current credit card with moving the balance to a transfer offer, using the fee and the interest rates you enter.

How to use it

  1. Enter your current balance, its APR and what you plan to pay each month.
  2. Enter the transfer offer: the transfer fee, the introductory APR and how many months it lasts, the APR afterward, and what you plan to pay each month.
  3. Read the sentence at the top, then each option's payoff time, interest, fees and the balance left when the introductory period ends. This compares your own debt only. It does not rank cards.
Your current card

This version uses a fixed payment each month. Your card's minimum-payment rules are not modeled.

Enter your balance, APR and payment, and each transfer offer, to compare them.

    Assumptions

    • A fixed payment each month, made at the end of the month, with no new purchases.
    • Interest uses the nominal APR divided by 12 on the start-of-month balance. Issuers may use daily balances, so real interest can differ.
    • The transfer fee is added to the balance being paid off.
    • The entire current balance is transferred. The introductory rate is promotional and ends as entered.

    Printed from oneclickanswers.com. Results are estimates based on what was entered; see the assumptions above.

    How we calculated this

    Each option is simulated month by month. In every month the interest is the start-of-month balance times the APR for that month divided by 12. The interest is added, then your fixed payment is subtracted. The last payment is only what is actually owed.

    For the transfer offer, the transfer fee (the larger of the percentage and any minimum you enter) is added to the starting balance. The introductory APR applies for the number of months you enter, and the later APR applies after that.

    If a balance remains when the introductory period ends, the page shows how much remains and which APR applies from then on. If the payment you enter does not cover a month's interest, the balance would not go down, so the page says that instead of showing a payoff time.

    This version moves the whole balance. Purchases, late fees, grace periods, daily compounding, changes to your payment and issuer-specific minimum-payment rules are not modeled.

    Formulas and details
    • Each month: interest = balance x APR / 100 / 12; balance = balance + interest - payment (payment never exceeds what is owed).
    • Transfer fee = max(balance x fee% / 100, minimum fee). Starting balance = balance + fee.
    • APR for month m = introductory APR when m <= introductory months, otherwise the later APR.
    • The simulation stops at a zero balance, when the payment cannot cover the interest, or after 600 months.

    Assumptions

    • A fixed payment each month, made at the end of the month, with no new purchases.
    • Interest uses the nominal APR divided by 12 on the start-of-month balance. Issuers may use daily balances, so real interest can differ.
    • The transfer fee is added to the balance being paid off.
    • The entire current balance is transferred. The introductory rate is promotional and ends as entered.

    Example

    Input: $5,000 balance. Current card: 22.99% APR, $250 a month. Transfer offer: 3% fee, 0% for 18 months, then 19.99%, $300 a month.

    Result: The current card is paid off in 26 months with $1,365.57 interest. The transfer adds a $150.00 fee (balance $5,150.00) and is paid off in 18 months with $0.00 interest. Under these assumptions the transfer option has approximately $1,215.57 less estimated interest and fees, and pays off 8 months sooner.

    Questions

    Is 0% APR the same as no interest forever?

    No. A promotional 0% rate lasts for the number of months you enter. After that, the later APR applies to whatever balance remains.

    Why does the page ask for my monthly payment?

    How fast you pay changes how much interest you owe and whether the promotion covers your whole balance. The payment you plan to make is part of the question.

    Does this recommend a card?

    No. It does not rank cards or issuers. It only calculates the cost and payoff time of the two options you enter.

    What if my payment is too small?

    If it does not cover a month's interest, the balance does not decrease under these assumptions. Increase the payment to calculate a payoff period.

    Last reviewed 2026-10-01.

    Related tools

    Try another answer