Ever wonder how long it will take you to pay off your card if you only pay the minimum balance? Or how much total interest you’ll end up paying by the time you have paid your balance off?
Credit card calculators are useful tools that can help you pick the right card – after all, you wouldn’t rent a flat without seeing it or knowing what all the costs will be so why would you sign up for a card with fees and rates you don’t fully understand?
In addition, calculators can also help you better understand the cards you already have and how to manage them.
The Minimum Repayment Calculator tells you how long it will take you to pay off your balance if you only make the minimum repayments. It’s important to know this information and in some countries, such as Canada, it is now even required that this information be disclosed. However, anyone can find out just how long it will take with this calculator. If this answer doesn’t surprise you than the total amount of money you will pay in interest will. With these two pieces of information it may become more important to get that credit card paid off or to transfer the balance to a card with a better rate.
The Balance Transfer Calculator can help if you’re thinking about switching cards, but not sure if it will really help.
There are many 0% balance transfer credit cards out there but, depending on the length of the introductory periods, the difference balance transfer fees charged on different cards and what the typical APRs revert to at the end of your 0% offer, a switch might or might not lessen your payments. This calculator is ideal to use if you need to get a new card, but are not sure which will be most effective for transferring your balance.
The Balance Transfer vs. Low Rate Calculator can also help you manage your credit card’s balances at the lowest cost. With balance transfer cards that have an initial 0% APR period it can be tempting to try and jump between offers to keep costs as low as possible. However, a low, fixed APR can actually be better than paying a larger admin fee for a shorter initial 0% APR period that may come with a transfer card. This tool will help you decide whether you are better off with a balance transfer offer at 0% interest with an admin fee or a low rate card with a very low admin fee but not 0% offer.
Finally, the Credit Card Payoff Calculator can help you plan for the cards that you currently have. It determines how long it will take you to pay off your card, or the amount you will have to pay to clear your balance by a certain time. This, like other tools, can help you manage the total interest that you will end up paying. Likewise, if you need to charge something that you know you won’t be able to be able to pay off right away, this calculator will provide you with an easy way to set up a payment plan to get the card paid off.
All in all, credit card calculators can help you manage your balances more effectively and help anyone find the best card for them.
