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Balance Transfer Optimizer

The Balance Transfer Optimizer helps you determine the best distribution of your credit card debt. By entering your credit card balances, rates and credit limits this calculator determines which balance transfers will produce the greatest savings.

Balance Transfer Optimizer Definitions

Balance
Your current balance on your credit card.
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. We calculate your minimum monthly payment as 3% of your current outstanding balance or $45 whichever is more. 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.
New credit card limit
The total amount of credit you have for the new credit card.
Promotional rate
The Introductory promotional annual percentage rate you will pay on the new credit card. The rate you enter is used to calculate the interest on payments for the number of months entered in the term field.
promotional rate term
The number of months you will receive the lower promotional rate for your balance transfer.
Non-promotional rate
The annual percentage rate for the new credit card after the promotional period has ended.