Here is a listing of all of our credit card calculators to help you instantly make on the fly calculations and find the very best credit card:
The cash back credit card calculator lets you choose the amount of money that you spend each month in various categories like travel, groceries, gasoline, etc. and then instantly calculates how much cash back you would earn with the top cash back credit cards. The cash back calculator instantly updates as you adjust your monthly spending amounts so that you can see how much cash back you could earn with various cash back cards on a monthly, annual, and 25 year basis.
The lifetime credit card cost calculator shows you just how much you will end up paying for a given item if you buy the item on credit but don’t pay your credit card balance off in full right away. You can input the credit card interest rate, the number of months until the balance is paid off, and then even enter your own purchase price of any item you want in order to determine just how much that item will cost after you factor in all of the interest charges you will pay by carrying a credit card balance.
The credit card payment calculator instantly calculates how much your credit card payment should be when you enter in your current credit card balance, the number of months until you want the card to be paid off, and the interest rate on your credit card. The calculator will calculate not only your monthly payment but also the total amount you will have paid after paying off the balance and the total amount of interest you will have paid after paying off the balance.
The credit card balance transfer calculator helps you determine if you are better off transferring your credit card balances to a new credit card or just keeping your balance on your current credit cards. The calculator lets you input your current credit card’s interest rate and balance (for as many credit cards as you currently have) and then the specifics of the new balance transfer credit card so that you can decide if you should make the transfer or not.
The credit card minimum payment calculator lets you input your current credit card balance, your current credit card interest rate, and then offers you a choice of the different ways that credit card minimum payments are calculated depending on the type of credit card that you have so that you can choose the method that your credit card uses and then the calculator will instantly calculate how much your required minimum credit card payment will be.
The credit card interest calculator will let you enter your current credit card interest rate, current balance, and your current credit card payment and then instantly calculate just how much interest that you will end up paying for the current month. The calculator will also instantly calculate how much interest you will end up paying over the life of the credit card balance and how much principal you will end up repaying for the current month.
The credit card payoff calculator will help you to calculate how long it will take you to payoff your credit card. The calculator will let you enter in your current credit card balance, current credit card interest rate, and current credit card payment and then it will instantly calculate how many months it will take until your credit card is paid off while also showing you the total interest paid and the total amount paid over the course of the entire credit card payoff period.
Credit card calculators are a valuable tool for managing your debt, credit rating and finances. Some people don’t pay much attention to their credit card statements when they carry a balance. They think that just because they are meeting their required minimum payment everything is fine. Well, there are many other options available if you carry a balance on one or more credit cards such as negotiating with creditors or transferring balances. Credit card calculators can help you determine many different factors about your credit card debt and help you make decision about your credit. Read on to discover just how they work.
How Credit Card Calculators Can Help You
Credit card calculators help you determine how much interest you will pay over the life of your balance and how long it will take you to pay off the balance at that interest rate. Seeing the results of a credit card calculator can help you realize just how much you will be paying in interest as opposed to the principle amount owed. This can be very eye opening. It may lead you into seeking out a card that you transfer your balance to in order to get a lower rate and save a lot of money. If you have the opportunity to do a balance transfer, you can put the interest into the calculator and determine exactly how much you can save with the balance transfer.
Types Of Credit Card Calculators
There are several different types of credit card calculators available as mentioned above but here is a rundown of some of the general purpose credit card calcs that are commonly used.
- Minimum Payment Calculator: A Minimum Payment Calculator is the most basic type of calculator. It will show you how much interest you will pay and how long it will take to pay off. For example, if you owe $3,000 and your interest rate is 8.99% a credit card calculator will tell you that it will take you 95 months to pay off the debt and you will pay $850 in interest.
- Payoff Calculator: Another type of credit card calculator is a Payoff Calculator. This calculator can let you know how much you will need to pay each month to have your balance paid off by a certain date. For example, on the same $3000 credit card, if you want to pay it off in 12 months at your interest rate of 8.99% you will have to pay $263 a month. This type of calculator will also tell you how much you can save in interest by paying off the balance early.
- Comparison Calculator: A third type of credit card calculator is a comparison calculator. One example of this is a low rate vs. cash back comparison. For example, if you plan on putting $3,000 on a credit card over the course of 3 years you can compare low interest cards vs. cash back cards. A low interest card will save you $91 in interest, unlike the cash back card; but the cash back card will give you $162 cash back. Now you can see which is the better deal.
- Cash Back Calculator: Another comparison calculator is a cash back vs. airline miles. If you take the same scenario as above this comparison calculator will tell you how many airline miles you could earn over the three year period. The typical amount of miles over a three year period is 22,600; but, you will pay almost twice as much in interest. This type of calculator will help you determine if the mileage you would earn is worth paying double the interest rate.
- Balance Transfer Calculator: The last type of credit card calculator is a balance transfer calculator. This type of calculator allows you to enter all your current balances from up to 4 cards along with their interest rates. You can then enter the introductory interest rate from the card you want to transfer to as well as the interest rate after the introductory rate. You can also enter any balance transfer fees. The calculator will tell you how much you will save by doing the balance transfer.
Credit card calculators are meant to be self-help tools. You can enter your information and use the results to help you decide if switching credit card companies or increasing your minimum monthly payment will help you. They are not meant to offer financial advice or to help you get out of a tough financial situation. The best way to keep your balances under check is to manage your credit well by making payments on time or paying off your balance every month
Compare Credit Card Options Now!
If you are still trying to decide what credit card is right for you, there is a no charge comparison tool on this page that you can use right now to “chase” down the best credit card companies. Our credit card chaser can help you decide what credit card is right for you. Take control of your finances right now!