Balance Transfer Calculator

Balance Transfer Calculator - Credit Card Calculator

Should you transfer an existing credit card balance from one credit card to another? Use this balance transfer calculator to help determine the best distribution of your credit card debt, and whether or not seeking a balance transfer is the right move for you. By entering your credit card balances, rates and credit limits this calculator determines which balance transfers will produce the greatest savings.

• Enter your current credit card balances by clicking the "Details" button up top.
• Enter a potential new credit card rate and credit limit below (estimates OK).
• Check the "Click here to include a new low interest card" box.
• Click the "View Report" button for a detailed look at the results.

This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

Definitions of terms included in this calculator

Definitions

Credit cards Enter up to 5 credit card accounts, one on each line. Balance Your current balance on your credit card. Interest rate The annual percentage rate you pay on this credit card. The rate you enter is used to calculate the interest on all future payments for the credit card. The length of time to payoff this credit card may be much greater than calculated if you enter a low promotional interest rate that is only fixed for short period of time. Payment This is your initial minimum monthly payment. You minimum monthly payment is calculated as 2% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments. Credit limit This is the total amount of credit you have on this credit card. The optimizer will not allow you to have credit card balances that are over your credit limit.

Note: This information is for general use only. Use this information as part of a full research process. General financial advice does not always apply directly to individual financial matters. Please consult a financial expert with specific and complex questions about your individual situation.

About our Balance Transfer Calculator

This balance transfer calculator is just one of more than 30 personal finance calculators that we offer to consumers to help make knowledgeable decisions in all-important financial situations. Please use the balance transfer calculator as part of a thorough research process. For more news, advice and resources, visit our knowledge center.