Balance Transfer Calculator UK

When balance transfers pay off

Almost always — if you can clear the balance within the 0% window and avoid new spending. The fee (2-3%) is usually a fraction of the interest you avoid (20-30% APR for 2+ years).

What to watch for

• Minimum payment: you must make at least the FCA minimum each month or lose the 0% rate.
• Reversion APR: any balance left after the window reverts to a high rate (usually 20-30%).
• New spending: most 0% balance transfer cards do NOT give 0% on purchases. Keep spending off the card.
• Credit score: opening a new card dips your score briefly; closing an old one can affect utilisation.

How to size your payment

Divide balance by 0% months and add a buffer. On £3,000 over 24 months, aim for £130/month minimum — ideally £150 so you clear fully before reversion.

Frequently asked questions

Can I transfer to a card from the same bank?

Usually no — most issuers block transfers between their own cards.

What if I can't clear it in the window?

You still save during the 0% period. The remaining balance then reverts to the standard APR. Consider a second transfer if your credit profile allows.

Does a balance transfer hurt my credit?

Short-term dip from the new application (hard search). Long-term it helps if you reduce total debt.