Is a 0% balance transfer worth the fee? Compare it with staying put.
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A balance transfer moves debt from a high-interest card to a new card with 0% or low interest for a set period, usually 12 to 24 months, for a one-off fee of 2–5% of the balance.
The saving is the interest you no longer pay, minus the fee. To get the full benefit, pay the balance off before the promotional rate ends.
| Balance to transfer | 6000 |
| Current card APR | 24% |
| Transfer fee | 3% |
| Promotional APR | 0% |
| Promotional period | 18 months |
| APR after the promotion | 24% |
| Monthly payment | 300 |
| Currency | $ Dollar |
| You save | $1,530 |
| Transfer fee | $180 |
| Interest after transfer | $30 |
| Interest if you stay | $1,739 |
| Paid off in | 21 months (vs 26 months) |
| Payment to clear it within the 0% period | $343.33 a month |
Saves $1,530.
| Balance to transfer | 3000 |
| Current card APR | 24% |
| Transfer fee | 5% |
| Promotional APR | 0% |
| Promotional period | 12 months |
| APR after the promotion | 24% |
| Monthly payment | 200 |
| Currency | $ Dollar |
| You save | $415 |
| Transfer fee | $150 |
| Interest after transfer | $38 |
| Interest if you stay | $602 |
| Paid off in | 16 months (vs 19 months) |
| Payment to clear it within the 0% period | $262.50 a month |
Saves $415.
Usually, if the interest you save is more than the fee and you can clear most of the balance in the promo period.
The application causes a small, temporary dip; lower interest helps you pay down debt faster.
Usually not — the new card must be from a different issuer.
Any remaining balance starts charging the card's standard APR.