Credit Card Balance Transfer Calculator
Calculate how much interest you will save with a Credit Card balance transfer. It is free for any webmasters to use on their own websites, simply click on the ‘Share’ tab for the code.
Visit our balance transfer guide for more information on balance transfers as well as the latest and greatest Australian balance transfer offers.
How to use the Balance Transfer Calculator
Step 1
Input your credit card balances and interest rates.
Step 2
Input the credit card you are looking to transfer to.
Step 3
Calculate your savings.
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Balance Transfer Credit Card
The ANZ Low Rate offers a low interest rate on balance transfers and purchases with a low annual fee. Apply online and receive a response in 60 seconds.
- $58 p.a. annual fee
- 13.14% p.a. on purchases
- 0% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
Example of Balance Transfer Scenario
Jane has 2 credit cards. They feature:
- Card #1 – A balance of $2533 and an interest rate of 17.99% p.a.
- Card #2 – A balance of $3320 and an interest rate of 16.99% p.a.
To cut down on her interest repayments, Jane decides to carry out a balance transfer in order to repay the minimum possible. A 0% for 6 month offer isn’t long enough for her to repay the debt, so she decides to undertake a 2.9% for 12 month transfer with a 12 month balance transfer credit card.
Her input into the balance transfer calculator would look like this:
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The ‘regular interest rate’ and ‘annual fee’ are of the credit card you plan to make the transfer to. After the inputs have been made and Jane presses ‘Calculate’, she gets her results:
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The first bar is how much interest Jane would have paid by taking 12 months to pay off her 2 original balances.
The second column is how much she spent in interest on her balance transfer card, including the cost of the annual fee.
The third column is how much money she saved by carrying out the balance transfer.
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Balance Transfer Credit Cards:
Comparison of Credit Cards with Balance Transfer Offers
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What can I do to get a better deal on mastercard credit card Limit $5500 with Commonwealth Bank
at present I still owe $2165.47 with a present available balance of $3303.00
I have worked out that in the last 3 Months Apr/May/Jun I have paid out, back on the credit account Over $3700
bat my available credit has only risen $1000 in the 3 month period
credit card rate is 20%
What other options are there that will give me a Lower rate and provide more credit available 5,6,7 000
I currently have a credit card balance of approx $21,000.
I am a secondary card holder on this card (the primary card holder is my dad). My husband wants to take over the debt.
Can he do a balance transfer in this case?
Hi Nikol. Please check our page on transferring the balance from a partners name for further information. Thanks for your question.
Dear Sir / Madam,
I was wondering if there is any clause with most credit cards that stops consumers from using a balance transfer promotion for the period of low interest and then shifting the balance again before the end of the promotional offer?
Regards
Ryan
Hi Ryan,
There is no such clause with the major cards.
Thanks for your question.
Hi, just wondering if you could explain a bit more about a card having a 20% p.a. With 0% balance transfer. I mean how you do differentiate if you use the card to pay for your debt with other bank( balance transfer) or when you using the card to pay for purchases? I mean does the system can differentiate that or we need to set up that this amount is balance transfer and that is for purchases? Sorry i am not familiar with these hence if you could explain that would be great. So if i choose to pay for my current debt with bank A with 0 % for 6 months with bank B, do i need to pay any interest if i can finish my debt in 6 months? Also how do you define 0% for 6 months as in when does the 6 months start? Once you do the balance transfer or once you get approval on your card?
Hi Chriz. Thanks for your question. These videos will answer your questions.
The system will automatically differentiate purchases from the balance transfer amount when calculating interest.
- How does a balance transfer work?
- What happens after you do a balance transfer?
Please let me know if there’s anything else you need to know.
Jacob.