Ideally the transfer card is empty, but if this is an existing card that has a balance and is offering a promotional rate, it will throw off the estimates depending on how your bank applies payments to the promotional balance vs. the existing balance.
Is the balance on this card currently $0?
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Promotional Balance Transfer
Before doing this transfer, make sure you understand the terms and fees associated with it.
You should first try to set a fixed monthly payment on your current credit card before initiating a promotional balance transfer.
By having your budget for paying down this debt, we can use that to help you determine the best transfer strategy.
Then, make sure to write down or screen shot your budgeted total interest paid and pay off date.
This way you will be able to compare your new payoff numbers to see if paying the transfer fee is worth it.
After you apply the transfer, the calculator will show you how long it will take to pay off your new balance and how much interest you will pay.
This works best when:
You have already set a fixed monthly payment on your current credit card
The promo rate is significantly lower than your current rate (preferably 0%)
You transfer most or all of your current balance
You plan to pay the new balance off before the promotional period ends
Transfer Details
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New Card Terms
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New Card Min Payment Rules
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Options
Transfer Card Settings
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These settings affect Transfer Scenario minimum payment calculations and credit limit validation.
Current Card Settings
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A divisor of 30 means 1/30th of your balance is added to that month's interest to arrive at the estimated minimum. Your card agreement may use a different divisor. The bank floor is charged if the formula result falls below it.