A promotional rate can save real money — but the transfer fee and the rate after the promo ends can eat the savings. This compares staying put against transferring, fee included, so you see the true number.
How this works. We run your fixed monthly payment against both cards. On the current card, interest accrues at today's rate until the balance clears. On the transfer card, the balance starts higher by the transfer fee, uses the promo rate during the promo window, then switches to the "rate after promo." Your saving is the current-card interest minus the transfer-card interest and the fee. Real offers vary — some charge higher fees, apply the go-to rate to any remaining balance, or lose the promo rate if you miss a payment. This is an independent tool, not financial advice.
Most Canadian balance-transfer offers charge a one-time fee of 1%–3% of the amount moved. On a $6,000 balance that's $60–$180 up front. A low fee with a long 0% window is usually worth it; a high fee with a short window often isn't.
The best-case scenario is paying the balance off before the promo rate ends. Anything left over reverts to the "rate after promo," which is often as high as — or higher than — a regular card. Set your monthly payment so the balance reaches zero inside the window.
Avoid new purchases on the transfer card — they may not get the promo rate and can complicate how payments are applied. Once the balance is gone, keep the habit going with the credit card payoff calculator, or if you have several debts, compare strategies with the debt payoff calculator.