The Balance Transfer Strategy
A balance transfer card lets you move high-interest credit card debt to a new card with a 0% introductory APR, typically for 12 to 21 months. During the promo period, every dollar you pay goes to principal instead of interest. It's one of the most effective tools for accelerating debt payoff, if used correctly.
Top Cards to Consider
Cards with the longest 0% periods give you the most runway. Currently, several major issuers offer 15–21 month promotional windows. Capital One has competitive balance transfer options with straightforward terms and no annual fee.
Transfer fees matter. Most cards charge 3–5% of the transferred amount. On a $6,000 balance, that's $180–300. Factor this into your savings calculation, it's still almost always less than the interest you'd pay at 20%+ on the original card, but it's not free.
Running the Numbers
The Credit Card Calculator on DebtCalc helps you model a balance transfer. Enter your current balance and rate, then compare against a 0% card with the transfer fee. The calculator shows how much you save and what monthly payment clears the balance before the promo expires.
Critical: divide your balance by the number of promo months to get your required monthly payment. $6,000 over 18 months is $333/month. If you can't commit to that payment, you risk getting hit with the post-promo rate on whatever remains.
The Traps to Avoid
Don't use the new card for purchases, many balance transfer cards charge regular interest rates on new purchases while giving 0% only on the transferred balance. Don't miss a payment, some cards revoke the promo rate after a single late payment. And have a payoff plan before you transfer. The goal is debt elimination, not debt relocation.