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Balance Transfer Credit Card Analysis
Perhaps you got an offer to consolidate your debt with a new 'balance transfer' credit card. It appears to offer a very low (perhaps 0%) initial interest rate. This
might
be a good thing. If you can really pay it off. But, if you can't, look out! It can get really, really expensive.
Total Debt to put into New Credit Card($):
Maximum Monthly Amount you could pay on this debt($):
 
Balance Transfer Fee (%)
(as percent of transfer amount):
"
0
0.25
0.5
0.75
1
1.25
1.5
1.75
2
2.25
2.5
2.75
3
3.25
3.5
3.75
4
4.25
4.5
4.75
5
"
Balance Transfer Fee Minimum Amount ($)
(larger of this entry and percentage will be used):
 
Initial Interest Rate(%):
%
Initial Interest Lasts for this many Months:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Is initial interest listed as DEFERRED INTEREST
No
Yes
 
Final Interest Rate(%):
%
 
Minimum Payment Each Month (%)
(as percent of balance):
"
0
0.25
0.5
0.75
1
1.25
1.5
1.75
2
2.25
2.5
2.75
3
3.25
3.5
3.75
4
4.25
4.5
4.75
5
5.25
5.5
5.75
6
6.25
6.5
6.75
"
Minimum Payment Amount ($)
(Larger of this entry and percentage will be Used):
To see Calculation Results you must have both Total Debt and Maximum Payment Amount Filled Out.
Definitions:
Balance Transfer Credit Card: A balance transfer credit card is designed to help you pay off debt. These cards often come with a 0% introductory rate on the balances you transfer over. After the introductory period on a balance transfer credit card ends, you will then pay a higher interest rate. And many balance transfer cards are only deferring the interest during the 0% period. In this type of card, if you do not pay off the new balance in the 0% period, you will be charged retroactively to the beginning of the balance at the higher second rate!