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Looking to optimize your credit card debt and save money on interest payments? Look no further than our Credit Card Optimizer. By inputting your credit card balances, interest rates, and credit limits, our calculator determines the best distribution of your debt and identifies which balance transfers will produce the greatest savings. With just a few clicks, you can save money and take control of your finances. Don’t let high interest rates hold you back any longer – use our Credit Card Optimizer today and start achieving your financial goals.
Credit Card Optimizer Calculator 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. The tool calculates your minimum monthly payment as 4% of your current outstanding balance or $15 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.
Include a new low interest credit card
Check this box to include a new credit card in the optimization. This allows you to transfer your existing balances to a new low interest card and see the results.
New credit card limit
The total amount of credit you have for the new credit card.
New credit card rate
The annual percentage rate you will pay on the new 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 rate that is only fixed for a short period of time.