Credit Card Balance Transfer Calculator
Credit card balance transfer FAQs
To determine how much you could save on credit card debt, you’ll provide:
- Your current credit card balance
- The current interest rate
- The monthly payment
- Any annual fees or charges
- If there’s a promotional rate for the new card, add that
- The standard interest rate for the new card
After entering this information, the calculator shows:
- How much you can save with a balance transfer
- How many months earlier you’ll be able to pay your card off
- The compared balances over time
- The compared total payments, including interest
A balance transfer allows you to move debt from one or more existing credit cards onto a new card. To make a transfer, you provide details about the account you want to pay off. Your new card issuer pays that amount and adds it to your new balance. Balance transfers can help you save money when moving a higher-rate balance to a lower-rate card.
In most cases, no. Credit card issuers usually don’t allow balance transfers between accounts they already manage.
Navigator does not charge a balance transfer fee. Many balance transfers charge a percentage of the transferred amount as a fee. When transferring to a Navigator Credit Union credit card, you won’t be charged a balance transfer fee.
After a balance transfer, the original card will not be closed. If there is a remaining balance proceed paying as planned. However, if the balance is at zero and you do not desire to keep the credit line open any longer, you must contact the lender to close the card.