Credit Card Payoff Calculator

If you want to pay off your credit card debt faster, then a balance transfer credit card might be the best way to go about it. In our Credit Card Payoff Calculator, we break down what your monthly payments might look like for an 18 month 0% introductory rate card.

In order to make the most of that window of interest-free bliss, you may need to make higher monthly payments. Provided you have the financial wiggle room, a balance transfer card is a fast way to handle that credit card debt.

• They provide an easy way to pay off your balance as soon as possible by taking advantage of the 0% introductory rate.
• You’ll save money during that window of 0% interest.

• To make the most of your 0% introductory rate, you might have to make higher monthly payments than you would on a balance spread out over several years.
• Some balance transfer credit cards come with transfer fees that will add to your outstanding balance.

First and foremost, look for a balance transfer credit card with nine to 18 months. Under federal law, the intro rate must last at least six months. Try to give yourself enough breathing room to pay off your outstanding balance without worrying about interest.

You’ll also want to use our Credit Card Balance Transfer Calculator to help you determine if you can pay off that balance before the promotional period ends. While many balance transfer cards offer a large window of 0% introductory rates, the caveat can be high interest once the period ends.

It’s also important to limit any additional credit card charges. Our Home Budget Calculator can help with that. This tool – used in conjunction with our Credit Card Payoff Calculator – can paint a clearer picture of where your money is going so you can prioritize your spending and avoid any impulsive card charges.

If you follow these tips, you’ll be well on your way to effectively using your balance transfer card to get yourself out of debt.