Credit Card Balance Transfer Calculator

If you’re looking for a way to reduce your monthly credit card payment and save on interest, a credit card balance transfer may be the solution. Transferring existing debt from one credit card to another credit card with a lower rate allows you to lower your interest and monthly payments, so you can pay off your balances sooner.

Benefits of a credit card balance transfer

• Lower Interest Rates: Balance transfers often come with lower interest rates, helping you save money on interest
• Consolidate Debt: Combine multiple debts into one monthly payment, simplifying your finances
• Pay Down Debt Faster: With lower interest, more of your payment goes toward the principal balance (the original amount of money you borrowed)
• Boost Credit Score: Reducing your credit card balances can improve your credit utilization ratio (a general rule of thumb is to keep the amount of credit you’re using below 30% — if you really want to be an overachiever, aim for 10%)

What to consider before transferring your balances

While a balance transfer is a great way to reduce and pay off high-interest credit card debt, it’s important to avoid incurring new debt on the credit card from which you’ve transferred your balances.

It may be helpful to freeze your old card once the balance has been transferred to your new BCU card, or consider closing the card if it’s not the oldest account on your credit report (otherwise, closing the card can lower your credit age and impact your overall credit score).

Choosing the right credit card for a balance transfer is another important piece of the puzzle. You’ll want to ensure that the card you transfer your balance to has a lower rate and fewer annual fees (or none at all). BCU offers several card options to choose from.

• No annual fees
• No penalty APR
• Secure, contactless payments with Tap To Pay or Digital Wallet
• Free credit score reporting and monitoring
• Special offers including double points, rebates, special promotional rates, and more

When done right, a credit card balance transfer can be a game-changer for your financial health. Use our Credit Card Balance Transfer Calculator to see how much you could save by transferring 

high-rate credit card balances from other qualifying financial institutions to a new BCU credit card with 0% introductory APR!