This free online Compare Credit Card Balance Transfer Calculator will calculate a side-by-side comparison of up to three different balance transfer offers.
Unlike most credit card offer comparison calculators that only calculate the comparative results for the first year, this compare credit card balance transfer calculator will calculate the comparative results from now until the the amount you owe is paid off.
Plus, you also have the option of choosing between making a fixed payment or making declining minimum payments.
Do you comparison shop for gasoline? If so, no big surprise. Nearly everyone I know comparison shops when it comes to buying gasoline for their automobiles. Oddly enough, most will even drive miles out of their way just to save one or two cents per gallon.
On the other hand, of all the people I know who comparison shop for gasoline, none to my knowledge comparison shop for credit card balance transfer offers.
Why is that?
I believe it's because there are so many variables from one credit card offer to another, comparing them can be confusing even for passionate number crunchers such as myself (credit card calculators are the most complex and time consuming of all the calculators I create). The average, math-phobic person doesn't stand a chance.
Now, just imagine if every gas station sold its gasoline in different units of volume. Some stations sell gasoline by the ounce, some sell by the liter, some by the quart, some by the pound, and so on.
Now further imagine that every gas station sold gasoline brands that varied in combustibility, meaning each brand would propel a vehicle different distances given equal volumes.
If that were true, do you think people would comparison shop for gasoline? Probably not. It would likely cause the death of gasoline comparison shopping -- a death due to complications.
You see, this is what gives credit card companies a blank check when it comes to ripping off consumers. They have made their offers so complex and so full of ticking time bombs that the average person has no way of knowing which credit card transfer offer is the best of those that are being offered -- much less which will cause them to become a future soup kitchen patron, and which may not.
And while our government has made a minimal effort to force credit card companies to disclose their ticking financial time bombs to consumers, little has been done to educate consumers to the point they can clearly see just how devious and manipulating credit card companies are.
If the government has to step in and force a company to disclose the drawbacks of its product, and the company complies by displaying its mandated disclosures in unreadable, fine print, how can anyone trust that company enough to become one of their customers? Millions do every day.
If you ask me, making declining minimum payments to a credit card company is like shopping from a neighborhood grocery store who restocks its shelves with groceries stolen from the neighborhood.
With that, let's use the following compare credit card balance transfer calculator to calculate a comparison between two or three different credit card transfer offers.
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Balance transfer amount: The total of dollar amount you are considering transferring to another credit card. A balance transfer is where you move the amount you owe from one credit card to another. If you're like most people, you probably get 2 or 3 of these offers in the mail every day. Imagine how many trees are being cut down every day just for the paper needed to send out millions of these offers on a daily basis. Staggering!
Monthly payment: Select your preferred monthly payment method. If you choose the Make fixed payment option, enter the fixed payment amount. For all other options the compare credit card balance transfer calculator will compute the minimum payment for you based on the transfer amount and your minimum payment percentage selection. I sincerely hope for the sake of your financial future you are not opting to make declining minimum monthly payments.
Monthly qualifying purchases: If any of the transfer offers include a cash back offer, enter the dollar amount of your estimated monthly purchases that would qualify. Note that the compare credit card balance transfer calculator assumes you will pay off these purchases each month.
Intro rate entry row: The introductory rate for each transfer offer. Enter as a percentage (for .039, enter 3.9%). If 0%, simply enter a zero. Note that you if you want to compare keeping your balance on an existing card to transferring the balance to a specific card, please visit the Balance Transfer Calculator.
Intro months entry row: For each transfer offer, enter the number of months the introductory interest rate will last for.
Post intro rate entry row: For each transfer offer, enter the annual interest rate that will go into effect once the introductory term has ended. Enter as a percentage (for .1790, enter 17.9%). Note that this is the only required field in each column. If you leave this field blank, the compare credit card balance transfer calculator will not calculate that column.
Annual fee entry row: If a balance transfer offer carries an annual fee, enter the amount on this line. Otherwise leave blank or enter a zero.
Transfer fee entry row: For each balance transfer offer, enter the balance transfer fee percentage (usually 3% to 5%). Enter as a percentage (for .03, enter 3%).
Transfer fee cap entry row: For each balance transfer offer, enter the balance transfer fee cap or maximum (usually $50 to $75). If no balance transfer fee cap leave this field blank.
Cash back entry row: If a balance transfer offer includes a cash back incentive, enter the cash back percentage (usually 1% to 2%). Enter as a percentage (for .01, enter 1%). Otherwise leave blank or enter a zero.
Months to pay off result row: This row displays the number of months it will take you to pay off your transferred balance for each entered offer. Note that the compare credit card balance transfer calculator assumes that you will pay off all future charges in the month they were charged.
Balance transfer fee result row: This row displays the dollar amount of the balance transfer fee for each entered offer. The calculated result is the balance transfer percentage multiplied by the amount transferred, or the balance transfer cap, whichever is smaller. Note that the compare credit card balance transfer calculator assumes that the balance transfer fee will be added to the balance owed.
Total annual fees result row: This row displays the total of all annual fees for each entered offer. The result is calculated by multiplying the number of years (payments divided by 12) by the annual fee. Note that the compare credit card balance transfer calculator assumes that the annual fees will be added to the balance as they come due.
Total finance charges result row: This row displays the total finance charges you will end up paying for each entered offer, between now and when you finally pay off the balance.
Total cost result row: This row displays the total of the transfer fee, annual fees, and finance charges for each entered offer.
Less cash back result row: For each entered offer that comes with a cash back incentive, this row will display the cash back rewards that will be accumulated between now and when you pay off your balance.
Net cost result row: For each entered offer, this row will display net cost. The net cost is calculated by subtracting the cash back amount from the total cost amount.