Tool
0% balance transfer planner
The fee against the interest saved, and what to pay each month to clear it before the 0% ends.
A share of the balance, added to it.
The same on either card.
Transfer fee
£120
Added to the balance: £4,120 on the new card.
Clears it before the 0% ends
£171.67
A month, for 24 months.
Left when the 0% ends
£520
At £150 a month. At 24.9% it takes 4 more months and £26 of interest to clear.
Saved against staying put
£1,741
At £150 a month: £1,887 of interest where it is, against the fee and £26 of interest after the 0%.
A late or missed payment can end the 0% early, and the new card still asks for a minimum payment each month. Spending on it usually isn't at 0%.
How this is worked out
Each month the interest - the yearly rate divided by 12 - is added, then the payment taken off, as in the Debt payoff planner. Staying put means paying the same each month on the card the balance is on now until it's clear.
An illustration from the figures above, not a forecast. Facts, not financial advice.
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