Credit Card Balance Transfer Calculator | Bankrate (2024)

FAQs

How much can I get approved for a balance transfer? ›

Card issuers typically have rules surrounding the amount of debt you can transfer in relation to your credit limit. Many issuers are generous, giving cardholders the ability to transfer their full credit limit, but in some cases, your transfer limit may be capped at 75 percent of your overall credit limit.

Balance transfer credit cards typically require good credit or excellent credit (scores 670 and greater) in order to qualify.

This fee is usually charged as a percentage of your total transferred balance, with a typical minimum fee of $5 or $10. So if you transferred $1,000 to a card with a 5% balance transfer fee, you'd have $50 added to that balance for a total of $1,050.

It costs $30 to $50 in fees to transfer a $1,000 balance to a credit card, in most cases, as balance transfer fees on credit cards usually equal 3% to 5% of the amount transferred.

Credit card balance transfers are often limited to an amount equal to the account's credit limit. You typically can't transfer a balance greater than your credit limit—and you won't know your credit limit until you're approved for the account.

The easiest balance transfer credit card to get approved for is the Citi Double Cash Card because you only need fair credit to qualify. The Citi Double Cash Card also offers an introductory balance transfer APR of 0% for 18 months.

Your request for a balance transfer might be declined if the transfer amount is above your credit limit, your account is in poor standing or you're trying to transfer a balance to a card from the same credit card issuer.

You could make the problem worse

The truth is, with a balance transfer card, you're simply moving money around without improving your debt problem. In fact, if you don't practice good financial spending and repayment habits, you could make the problem worse.

If you can't repay your debt in the promotional period, are nearing the finish line on total debt repayment or are planning on applying for major financing soon, a balance transfer may not be a good move.

The problem is that transferring a balance means carrying a monthly balance. Carrying a monthly balance by not paying off the minimum amount due each month—even one with a 0% interest rate—can mean losing the card's introductory APR, its grace period and paying surprise interest on new purchases.

What is the minimum payment on a $3,000 credit card? ›

The minimum payment on a $3,000 credit card balance is at least $30, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment.

Your old credit card will remain open after the balance transfer is complete, and you can decide whether you want to keep using it, stop spending on it, or close your account.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

If you need extra time to pay off a big credit card purchase, transferring the balance to a balance transfer card can be a smart move. If you manage to pay off your balance before the intro period ends, you can successfully dodge interest that may otherwise have been added to your balance.

Is a balance transfer fee worth it? If you have a significant amount of credit card debt, the 3% balance transfer fee (or sometimes even a 5% fee) is absolutely worth paying when transferring your balance to a card that has a 0% intro APR offer, but only if you still need time to pay off a balance.

The general transfer balance cap is currently $1.9 million (2024/25) and it applies to all retirement phase income streams, including: Account based pensions. Transition to retirement pensions that are in retirement phase, and. Defined benefit pensions.

Moving debt from a high-interest credit card to one with a 0% introductory APR can help you avoid interest charges and pay down your debt more quickly. But how much you can transfer will depend on your credit limit and the issuer's balance transfer rules.

Qualifying for a top-rated balance transfer credit card is generally easier if you have a good credit score, which means a FICO score of at least 670. You might still be able to open a balance transfer credit card with a credit score below 670, but it may come with a shorter intro APR period.