Listed on this page are Credit Card Finder’s own free calculator applications which have been developed for your benefit.
- The Credit Card Balance Transfer Calculator:
- Used for measuring how much money you can save on your repayments by carrying out a balance transfer. An easy way to find out which balance transfer will work out best as a long term credit card repayment scheme for you. If you are looking for a list of leading balance transfer credit cards you can compare offers in our balance transfer guide.
- Our calculators are free for users and webmasters to share on the internet, provided credit is given back to Credit Card Finder.
To share the Interest calculator.
To share the Balance Transfer calculator, click the ‘Share’ tab on the calculator.
The Credit Card Interest Repayment Calculator
- How do I use the calculator?
- Input your credit cards and/or loans into the respective slots at the top of the table. Enter the name of the card, its balance, the interest rate and the current (or average) minimum repayment necessary per month.
- Input the average amount of balance you will repay in the in the ‘Monthly Payment’ box.
- Choose the payment ‘Strategy’ from the drop-down box.
‘Highest Interest First’ calculates your repayments by choosing to pay those off with the highest interest rates first.
‘Lowest Balance First’ calculates your repayments by choosing to pay those off with the lowest balances first.
‘Order Entered in Table’ disregards any strategy and calculates by choosing to pay the credit cards from first to last as you have listed them.
At the bottom of the calculator, your results will be displayed. Try testing the amount of interest repaid by choosing different payment strategies. You can now download an excel spreadsheet for your own management, by clicking ‘Download Spreadsheet’ in the bottom right.
See our article on Biggest Credit Card Debt Trap about the affects of only paying the minimum monthly balance each month and the accumulation of credit card debt.
The Credit Card Balance Transfer Calculator
- How do I use the calculator?
- Input your credit card(s) balances (the amount you owe on each), and their current standard interest rate.
- Below, enter the introductory rate of the balance transfer card you are transferring to, along with the length of the balance transfer period, the card’s regular interest rate, and its annual fee. Press calculate.
- You’ll now be shown a graph with three different bars.
The First bar shows how much you would repay on your regular credit card.
The Second bar shows how much you would repay if you carried out the balance transfer (including the cost of the annual fee).
The Third bar shows how much you’ve saved (Bar 1 minus Bar 2).
Click on ‘Find a Balance Transfer Card Now!’ below your results to be directed towards the best balance transfer offers in the Australian credit card market.
How to use the Balance Transfer Calculator
Input your credit card balances and interest rates.
Input the credit card you are looking to transfer to.
Calculate your savings.
Credit Card Comparison Calculator: Interest Repayments
The credit card comparison calculator for interest repayments will help you create a repayment strategy, in line with your budget, by allowing you to analyse different ways you can pay off your credit card balances. This is especially useful if you have a number of different cards and want to work out which ones you should pay off first to save the most money in interest costs.
Of course, if you are only paying off the minimum every month then you might think that you have little use for a credit card comparison calculator but this is not quite accurate. You can use a calculator to figure out exactly how long it will take you to clear your balance as well as how much the interest charges will amount to. This will help you decide whether or not you should consider getting a balance transfer credit card so that you can at least reduce your debt at a much lower rate.
How to Use the Credit Card Interest Repayment Calculator
Using the credit card interest repayment calculator to work out the most effective debt reduction strategy is quite simple as long as you have all the necessary data. All you have to do is enter the details of your cards or loans, including the name of the card, the balance, the interest rate and the minimum monthly payment, which you can get off your statement.
Next, enter how much extra you intend to pay every month over the minimum payment and choose a repayment strategy. You can either choose to pay off the cards or loans with the highest interest rates first, those with the lowest outstanding balance or in the order you entered them in the table. Once you have done this, you will see your results. You can then test different strategies to see which one yields the most savings.
Logic would state that you would want to pay off the cards with the highest rate first, as you would probably save the most amount of money this way. However, sometimes it’s better to clear your lowest balances first because clearing a loan completely can boost your motivation to continue. However, if you don’t feel you need the extra motivation or if the difference in savings is quite large, then you should try to pay off the debt with the highest interest rate first.
When you decided on the perfect payment strategy, you can then download your results in an excel spreadsheet and use it to ensure you are on track with your plan.
Using a Credit Card Comparison Calculator to Analyse Balance Transfer Deals
A credit card comparison calculator is also a great way to analyse the various balance transfer deals available to make sure you are getting the best deal possible. The calculator will not only show you how much you will be paying in interest charges on your outstanding debts if you don’t do the balance transfer but it will also show you how much interest you would pay once you made the balance transfer and the savings you would incur. And all with a single click of the button!
Using a credit card comparison calculator is the only truly effective way to determine which balance transfer deal is best for your particular situation because you will be able to see actual dollar figures rather than percentages, giving you a more accurate picture.
While comparing credit cards based on features and rates is all well and good, to be able to actually translate those percentages into dollars can be complicated. However, it is the only way to personalise each offer to your own situation and see whether it’s worth it or not. That is why a credit card comparison calculator is invaluable because you can obtain all the information you need with just a little data and a click of the button.
Balance Transfer Credit Card Deals
Rates last updated August 31st, 2014.