Balance Transfer Analysis

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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):
Balance Transfer Fee Minimum Amount ($) (larger of this entry and percentage will be used):

Initial Interest Rate(%):	%
Initial Interest Lasts for this many Months:
Is initial interest listed as DEFERRED INTEREST

Final Interest Rate(%):	%

Minimum Payment Each Month (%) (as percent of balance):
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!