Balance Transfer Savings Calculator that allows users to input their current credit card balance, interest rate, new balance transfer interest rate, and transfer fee to calculate potential savings.
Balance Transfer Savings Calculator
This calculator helps you estimate potential savings when transferring your credit card balance to a lower interest rate offer. Follow the steps below to use the calculator effectively.
How to Use the Calculator:
1. Enter your Current Credit Card Balance: This is the amount you currently owe on your credit card.
2. Enter your Current Interest Rate: This is the annual percentage rate (APR) you are currently being charged on your existing balance.
3. Enter the New Balance Transfer Interest Rate: This is the promotional or lower interest rate you will be offered upon transferring your balance.
4. Enter the Balance Transfer Fee: Most balance transfer offers charge a fee (typically a percentage of the balance transferred). Enter the percentage as given by the bank.
5. Click the Calculate Savings button to get your estimated savings.
6. The result will show you the difference between your current interest cost and the new offer, factoring in any transfer fees.