Is a balance transfer worth it?
Example: $6,000 at 24% APR, paying $300/month. If you keep the card, you pay about $1,739 in interest over 2 years 2 months. Move it to an 18-month 0% card with a 3% fee and your total cost is about $210, paid off in about 1 years 9 months.
A balance transfer is worth it when (1) the fee is less than the interest you'd save, (2) you can clear most of the balance before the promo ends, and (3) you stop putting new charges on the old card. Use the calculator above with your current card to get the "keep it" number.
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Spreadsheet with up to 10 debts, snowball/avalanche switch, debt-free date, charts, and printable trackers. Works in Excel and Google Sheets.
Not financial advice. These tools are for planning only. Numbers are illustrative; your lender's statements control.