Calculate savings from transferring credit card debt to a 0% APR card.
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Balance × current APR × months - transfer fee - (balance × promo APR × months). Net savings = interest avoided - transfer fee.
You move existing credit card debt to a new card with a lower (often 0%) promotional APR. Pay off debt interest-free during the promo period.
A 3% transfer fee is worth it if you save more in interest than the fee costs. On $5,000 at 20% APR, you save ~$1,000 in interest vs $150 fee.
The remaining balance begins accruing interest at the regular APR (often 20-29%). Make a payoff plan before applying.
0% APR periods range from 12-21 months. Choose 18-21 months if you have a large balance. Divide balance by months to hit monthly payment.
Slightly at first (hard inquiry). Long-term it can help by lowering utilization and helping you pay off debt faster.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.