Find out how much money you could save by swapping to a balance transfer card.

We’ve built this handy calculator to show you how much money you could save by swapping to a balance transfer card. Enter the following details into the calculator to see your savings in seconds:

• Your current credit card balance (or the amount you’d like to transfer)

• Your current credit card’s APR

• The 0% balance transfer card offer length (in months)

• The transfer fee % (if applicable)

The calculator works by assuming you make even payments of the balance to £0 across the balance transfer term. The total amount payable is then compared to your existing card to calculate your savings.

Ready to make some savings? See your 0% balance transfer cards now. ClearScore is a credit broker, not a lender.

How to calculate your balance transfer fee

A balance transfer fee calculator uses a simple formula: multiply the balance you're transferring by the fee percentage. The result is the one-off cost you'll pay to move your debt to a new card. Understanding this calculation helps you decide whether a balance transfer is genuinely worth it - or whether the fee eats into your savings.

The balance transfer fee formula

To calculate your balance transfer fee, use this straightforward formula:

Balance to transfer × fee percentage = fee amount

For example, if you're transferring £3,000 to a card with a 2.9% transfer fee:

£3,000 × 0.029 = £87

If you chose a card with a lower 1.5% fee instead:

£3,000 × 0.015 = £45

That's a £42 difference - which could make a meaningful impact on your overall savings, especially on smaller balances.

When the fee wipes out your savings

The break-even point is where the interest you'd save equals the fee you'd pay. To find it, compare the total interest your current card would charge over the 0% period against the transfer fee. If the fee is higher than the interest you'd avoid, the transfer isn't worthwhile.

For instance, if your current card charges 19.9% APR and you owe £1,500, you'd pay roughly £298 in interest over 12 months. A 3% transfer fee on £1,500 is just £45 - so you'd still save £253. But on a very small balance of £500, the same 3% fee (£15) might barely beat the interest saved if you could pay it off quickly anyway.

Typical fee ranges in the UK

Most balance transfer cards in the UK charge between 0% and 3.5%. Cards with longer 0% periods (24 months or more) tend to sit at the higher end - typically 2.9% to 3.5%. Shorter introductory offers (6-12 months) sometimes come with no fee at all, though these deals are less common. Some lower-fee deals may be harder to get, but eligibility depends on the lender’s own criteria and your wider financial information; credit scores can also vary between lenders and credit reference agencies. When using a balance transfer fee calculator, always check whether a lower fee with a shorter 0% window saves you more overall than a higher fee with a longer interest-free period.

How different balance transfer offers compare

Choosing between balance transfer offers can feel complicated when each card has a different combination of 0% period and transfer fee. The comparison table below shows how the same £5,000 balance performs across three common offer profiles - assuming you pay the balance down to £0 evenly across the introductory period and your current card charges 21.9% APR.

Key takeaway: longer 0% period vs lower fee

A longer interest-free window generally delivers a higher net saving even when the fee is steeper - but only if you spread your repayments across the full term. If you can afford to clear £5,000 within 12 months, the fee-free card wins because there's no upfront cost at all. However, if you need more breathing room with smaller monthly payments, the 24-month card at 2.9% still puts nearly £985 back in your pocket. Use the balance transfer comparison calculator above to plug in your own figures and find which combination works best for your budget.

How a balance transfer card could save you money

If you’re paying interest on your current credit card, you could stand to make some easy savings.

A balance transfer card lets you move your existing balance to a new card and pay it off at 0% interest for a set period of time. A balance transfer may reduce interest costs for some people, depending on fees, repayment plans and eligibility.

As well as saving money on interest, a balance transfer card can help you organise your debt into one place, making it more manageable. You’ll only have one monthly payment to worry about - instead of several - which makes it easier to stay on top of your payments.

One thing to be aware of is that some balance transfer cards will charge a fee for transferring your balance. This will be charged as a percentage of the amount you’re moving over - typically between 0% and 3.5%. Be sure to check that any handling fees you'll have to pay won't cost you more than the amount you'd save by switching to the card.

Money transfer cards vs balance transfer cards: what's the difference?

If you've searched for a money transfer calculator and landed here, you may be confusing two similar-sounding but distinct products. A balance transfer card moves an existing credit card debt from one card to another. A money transfer card, by contrast, deposits cash directly into your bank account - which you can then use to pay off an overdraft, a loan, or any non-credit-card debt.

When a money transfer card is the better choice

A money transfer card may be relevant where the debt you want to clear isn't on a credit card. For example, if you're stuck in an expensive overdraft charging 39.9% EAR, transferring cash into your current account at 0% interest for a set period could save you hundreds. Money transfer fees tend to be slightly higher than balance transfer fees - usually around 3% to 4% - but the savings over high-cost overdraft or loan interest can still be substantial.

Key differences at a glance

Balance transfer card: moves debt from one credit card to another; fee typically 0%-3.5%; used to consolidate or reduce credit card interest.

Money transfer card: sends cash to your bank account; fee typically 3%-4%; used to clear overdrafts, loans, or other non-card debts.

If your goal is specifically to pay off credit card debt more cheaply, a balance transfer card - and this calculator - may be more relevant for comparing credit-card debt transfer scenarios. If you need cash in your account to tackle other borrowing, look into money transfer card options instead.

Balance transfer calculator FAQ

What happens to my interest rate after the 0% balance transfer period ends?

Once your 0% introductory period finishes, the card's standard APR kicks in - typically between 19.9% and 24.9% on most UK balance transfer cards. Any remaining balance will start accruing interest at this higher rate immediately. That's why a balance transfer monthly payment calculator is so useful: it helps you work out the fixed amount you need to pay each month to clear the debt before the promotional rate expires. If the balance is not cleared in time, some people switch to another 0% deal before the offer ends.

Should I make minimum payments or pay off the full balance during the 0% period?

Some people choose to plan repayments to clear the balance before the promotional rate ends, rather than paying only the minimum. Dividing the balance by the number of months in the interest-free window gives a target monthly payment. For example, £4,000 over 24 months means paying roughly £167 per month. Making only minimum payments - often as low as £25 - means you'll still owe a large chunk when the 0% period ends, and you'll then face high interest charges on whatever remains.

Can I transfer balances from more than one credit card?

Yes, most balance transfer cards allow you to consolidate debts from multiple credit cards onto one card, provided the total doesn't exceed your new credit limit. This makes managing repayments simpler - one card, one monthly payment, one deadline to track. Just remember that the transfer fee applies to each amount you move, so factor the combined fees into your savings calculation.

Does a balance transfer affect my credit score?

Applying for a new balance transfer card triggers a hard search on your credit file, which can temporarily lower your score by a few points. However, if the transfer helps you reduce your overall debt and make consistent payments, your score may recover and could improve over time, though this depends on your wider financial behaviour. Avoid applying for multiple cards in quick succession, as several hard searches in a short period can signal financial difficulty to lenders.

How do I compare balance transfer offers side by side?

To compare balance transfer offers effectively, look at three key figures for each card: the length of the 0% period, the transfer fee percentage, and the card's standard APR after the offer ends. Enter each scenario into the calculator above to see your net saving - that is, the interest saved minus the fee paid. The best deal isn't always the longest 0% period; sometimes a shorter offer with no fee saves you more overall, particularly on smaller balances.

ClearScore Technology Ltd. is an independent credit broker, not a lender. We will receive a commission if you take out a product, but we never rank offers based on that.