Lower interest, not your credit score.
Here’s a simple plan that finishes before the promo clock runs out—plus the gotchas to avoid.
Is a balance transfer worth it?
- Compute the real cost.
- Transfer fee (often 3–5%) + your payoff plan. Many 0% offers still charge a fee; that’s allowed even when the promo APR is 0%.
- Compare vs. staying put.
- If the fee is smaller than the interest you’d otherwise pay during your payoff window, the transfer can make sense. (Example below.)
Fast math (example):
Move $4,000 at 18% APR to a 0% card for 15 months with a 4% fee.
Total to eliminate = $4,000 + $160 fee = $4,160 → Pay $278/mo and you’re done by month 15.
The “no surprises” timeline
- Day 0–1: Apply for a 0% balance transfer card you can pay off within the promo window.
- Day 1–3: Request the transfer from the new issuer’s portal.
- Day 5–14: Track status. Transfers typically land in about a week, but some take two to three weeks—keep paying the old card until you see $0 there.
- When it posts: set autopay on the new card (at least the minimum + your planned extra).
Gotchas that cost people money
- Purchases on the new card. Carrying a transferred balance usually means no grace period on new purchases; those can accrue interest from the purchase date. Solution: treat the BT card as payoff-only until you’re done.
- Late payment = promo at risk. Intro rates must last at least 6 months, unless you’re 60+ days late—then issuers can yank it. Set autopay and calendar reminders.
- “Why didn’t my extra payment hit the 0% part?” By law, anything you pay above the minimum must go to the highest APR balance first. Helpful if you accidentally made a purchase at a higher APR—but don’t rely on it; avoid new charges.
A payoff plan that actually finishes on time
1) Pick your deadline: the last day of the promo (e.g., 15 months).
2) Add the fee to your balance. (If 4% on $4,000, add $160.)
3) Divide by months: $4,160 ÷ 15 = $278/mo.
4) Automate it: autopay the minimum + a fixed extra that totals your target payment.
5) Add a buffer month: aim to finish one month early in case a transfer posts late or a paycheck shifts.
Snowball option: If you get a tax refund or bonus, throw it at the balance mid-promo—every dollar lowers the amount that could face the go-to APR later.
Credit score: protect it while you save
- Application = hard inquiry + new account, which can dip scores a bit at first. (That’s normal.) Paying down the balance steadily helps over time.
Quick example table (copy into your post if you like)
| Starting Balance | Promo Length | Fee | Total To Kill | Monthly Target |
|---|---|---|---|---|
| $3,000 | 12 mo | 3% | $3,090 | $258 |
| $4,000 | 15 mo | 4% | $4,160 | $278 |
| $7,500 | 18 mo | 5% | $7,875 | $438 |
(Total To Kill = Balance + Fee; Monthly Target = Total ÷ Months)
Final checklist before you apply
- You can pay it off within the promo window using the math above.
- You’ll avoid purchases on the BT card (no grace period).
- You’ll set autopay and alerts (protect the promo).
- You’ll keep paying the old card until the transfer posts. Bankrate
WalletAware shares education, not individualized financial advice. Always confirm current terms on the issuer’s site before applying.