Credit Card Optimizer

The Credit Card Optimizer helps you determine the best distribution of your credit card debt. By entering your credit card balances, rates and credit limits this calculator determines which balance transfers will produce the greatest savings.

Calculator Goes Here.

Definitions

  • Credit cards
    Enter up to 5 credit card accounts, one on each line.
  • 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 payoff 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. We calculate your minimum monthly as 4% of your current outstanding balance or $15 which ever 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 payoff 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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.