A credit card calculator helps you determine what amount you’ll be paying as interest rate. It can also add up interest rates and arrive at how much time you will take to pay off the dues. You can also know the amortisation schedule for your credit cards through credit card calculators. Periodical and total interest can be calculated for up to 10 credit cards in some calculators.
To use the credit card calculator, you need to input the following values:
- Enter the outstanding amount.
- Enter the interest rate.
- Enter the monthly payment you intend to make.
With this, you can find out how many months it would take for you to pay back the amount.
Use the “Add more cards” option if you want to make calculations about more than 1 credit card. You can use it to calculate the amounts for any kind of credit card – be it personal or corporate.
However, a credit card calculator fails to take into account new purchases that will be added to the card from the time you are calculating to the time you are hoping to pay off the amount. You will have to manually change amounts for more accurate calculations.
Credit Card Balance Transfer Calculator
Credit card rates and bills are often quite tricky to understand. Sometimes it is confusing to know the right formula to apply to find out your payment requirements. This is why there are online credit card calculators designed to help you make calculations as close to reality as possible.
Balance Transfer Schemes are offered by banks to allow you to transfer your credit card dues from one bank to another for a lower interest rate. This lower interest rate is available to you for a period of 1 year or more, depending on the bank. This helps you save some amount in terms of interest.
Credit Card Balance Transfer Calculator allows you to make differential calculations based on varying interest rates. You can also add a column of monthly credit card expenses that helps you factor in the future costs. You can compare up to 3 credit cards using this instrument.
To calculate using a Credit Card Balance Transfer Calculator, input the following values into the calculator:
- Balance Transfer amount – the total amount being transferred from one card to another.
- Monthly payment – either a fixed amount you intend to pay per month, or the percentage of the bill that you intend to pay monthly.
- Minimum Monthly Purchases – an estimate of the amount you’d spend using your credit card in a month.
- Interest rates – you can enter the initial interest rate being offered by the bank to which you are transferring the credit card amount.
- Term – the period for which a particular interest rate is applicable.
- Annual fee – the amount that the bank charges as annual fee for credit card account maintenance.
- Other fields – details such as cashbacks on purchases, and transfer fee applicable.
Once you get the results, you will be able to realistically estimate how you need to make payments, what the interest amount would be and how much time it would take you to pay off the debt.