Shopping around for a credit card can save you money on fees and interest. Find a credit card with features that match your needs. This information can help you:
- Understand the terms of credit cards
, terms and fees
- Know your rights when using your credit card
- Immediately file a complaint if you have a problem with your credit card
The calculator optimizes and determines the best distribution of your credit card debt that will generate the greatest savings. By entering your card balances, rates and credit limits this calculator determines which credit card balances should be transferred and paid off.
Enter up to 5 credit card accounts, one on each line.
Balance - Your current balance on your credit card debt.
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 pay off 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 credit card debt. 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.