New credit card calculators on compareandsave.com
There are actually not many good calculators and tools out there for credit cards. On this site, I pride myself on my cash back credit card calculator. A few days ago, the folks from www.compareandsave.com, a UK finance site told me about some of their new card calculators and wanted to announce them here for any UK readers. So here is a little announcement from these chaps!
You can now take control of your credit card finances with the three new calculators we have just launched on compareandsave.com.
All three of our new calculators are easy to use and will display your results in writing, as a graph and in a table, giving you the information you need to know what to do next. We have also updated our Balance Transfer Calculator so it now has the functionality to allow you to input more than one existing card balance when working out how much you’d save by moving your debt.
It’s only by using credit card calculators such as these that you can really get a true idea of how much it could cost you if you don’t manage your balances properly.
Use this great new tool to see how long it will take you to pay off your current credit card balance and also to set a repayment plan if you want to clear the balance in a set number of months. You can also set a desired monthly payment and work out how long it will take to pay off your credit card balance based on how much you can afford each month.
Balance transfer vs low rate credit card calculator
Last year saw the launch of low rate credit cards which offer a low admin fee and a low typical APR of around 6-8% on your credit card balance for a set amount of time. However, along with the launch of this new type of credit card came the question of whether it is cheaper to use a low rate credit card or a balance transfer credit card. This calculator has been designed to answer that question for you.
Minimum repayment credit card calculator
Did you know that paying off just the minimum repayments towards a balance of £2,000 on a credit card charging 15.9% would take 29 years and four months to pay off (2% minimum repayments) and cost you an extra £2,997.83 in interest fees? This handy credit card tool will show you the true cost of making minimum repayments and how long it will take you to clear your debt. You can also play around with it a bit and see what a big difference it makes if you increase your monthly repayments slightly.
