Are Credit Card Balance Transfers Worth It?

Current Credit Card
Worksheet
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Current Credit Card
New Credit Card
Interest and Transfer Fees Paid over Repayment Term
Current Credit Card New Credit Card
Total Interest
Transfer Fees
Total Interest and Transfer Fees
Credit Card Debt Worksheet
Card Balance
Interest Rate
Monthly Payment
Card 1
Card 2
Card 3
Card 4
Card 5
Card 6
Total
At some point in time, you are likely to receive an offer in the mail. Transfer an existing credit card balance to a new card and receive a promotional interest rate for a set number of months. Are these offers worth it? It depends on the promotional interest rate, the length of the promotional period, what the standard interest rate is once the promotional period expires and what the fee is to transfer your balance from one card to another. During the promotional period, you might be paying a lower rate, or 0% depending on the offer. Are the interest savings greater than the balance transfer fee? Whether they are a good deal or not also depends on how long it takes you to pay off the card balance once you move it to a new card.
The accuracy of this calculator is not guaranteed by First Citizens Bank [or its affiliates] and is intended for informational purposes only. The calculator displayed does not constitute the advice of, or reflect actual products, services, rates and/or terms available from First Citizens Bank [or its affiliates] and nothing contained in the calculator shall constitute an offer or solicitation of a product or service by First Citizens Bank [or its affiliates].