Calculate how much you can save today and transfer your debt with 0% interest by switching to a balance transfer credit card
Choosing a credit card can often be difficult if you don’t know the right considerations. To help simplify the process we’ve made our comparison table as intuitive as possible, just fill in your existing credit card debt and interest rate to make a better decision around which balance transfer card to choose.
Use our Balance Transfer Calculator to see how much you can save
How to use the Balance Transfer Calculator in 4 easy steps and learn how much you can save today
Step 1. Enter the total debt/outstanding amount you would like to transfer.
Step 2. Provide the interest rate that you are paying on your existing debt (if you don’t have your interest rate on you, the average is around 18-20%).
Step 3. See the ‘Interest Saved’ column to find out which credit cards will save you the most money. Click on the ‘Interest Saved’ title to sort the cards in ascending or descending order of money saved.
Step 4. Compare the credit cards available in the table provided to find the card that suits your needs. If you still want to find out more about a particular credit card, click the ‘More info’ link for a full review on the features and benefits.
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Which balance transfer credit card do I choose?
To choose the right balance transfer credit card you need to consider the amount of time you will need to repay your existing credit card debt. Balance transfer promotions can provide you 0% interest for up to 20 months. You can also consider other benefits and features by referring to our full guide on balance transfers.
How much money will I save by doing a balance transfer?
The difference between the interest you would have paid on your current credit card account and the interest you will be paying on your new balance transfer credit card (taking in to account the annual fee) is the amount of money you will save by doing the balance transfer.
Tips on avoiding a mistake when doing a balance transfer
Don’t spend on your new balance transfer credit card
When you go to spend on your new balance transfer credit card the interest free days feature on the credit card won’t be active. You need to have your balance completely paid off from the prior statement period in order to ensure you have this feature.
Watch our video of finder.com.au founder Fred Schebesta explaining how interest free days work
Pay attention to balance transfer revert rates
At the end of the balance transfer period the interest rate that you will be charged is either the standard interest rate or the cash advance interest rate. Click the “More” button next to each card in the comparison table to visit the review page where we list the “Balance Transfer Revert Rate”.
Read our guide: what does my balance transfer revert to?
You can only do a balance transfer to a different bank to your current bank
If you are wanting to transfer a credit card balance, you must apply for a credit card from a different bank. It’s also important to note that some credit card issuers are funded by the same bank so this may cause problems for you – lucky we’ve written a guide on this to help you out.
Read our guide: which banks can I do a balance transfer to / from?
We hope you found this guide useful in helping you calculate your balance transfer savings and choosing a credit card to transfer your balance to. If you have any questions please use the “ask a question” box below and we’ll get back to you with a quick response to get you back on your way to saving money!Back to top