Balance Transfer Calculators - Test 0% Balance Transfer Credit Cards
Transferring a balance online can result in huge savings by eliminating costly interest accrual. Though a very simple process, identifying a 0% balance transfer offer that results in actual savings is not as easy to come by as one may think. There are several attributes that many "deals" come with that hamper the amount of savings, if any. By giving the balance transfer test, we allow you to input your credit card balances into our card-specific balance transfer calculator to find out how much you will save by performing these transactions. Each balance transfer calculator will notify you an extemely close approximation of how much you will save by performing an online balance transfer to that card. If the resulting calculation results in the negative, you will also be notified of that.
Best 0% Balance Transfer Credit Card
In Depth Understanding of Our Balance Transfer Calculators
The factors that determine whether or not you will save money by performing a 0% balance transfer are the introductory balance transfer APR, the duration of the intro APR, the annual fee, and the balance transfer fee (if applicable). Our balance transfer calculators use the values for each of these attributes for each individual card to allow you to determine whther or not the resulting transaction will provide savings. The only information you will need are the attributes of the credit card that you are currently carrying debt. When you launch a balance transfer calculator, input those values and find out if you will save money.
No Fee Balance Transfers
As recently as a year ago, there were several 0% balance transfer credit cards that offered no fees. Due to recent regulatory actions, the once ubiquitous deals are now few and far between. This is the case because the whole financial landscape has changed and banks have been forced to revamp their credit card portfolios in a manner where they can still make money even though the financial health of many consumers has weakened due to the economic crisis. However, 0% balance transfer credit cards with balance transfer fees can still result in savings. Typical balance transfer fees range from 3% to 5% of the total amount moved from one card to the other. Some have fee caps, while others do not.
0% APR Balance Transfers
0% APR's for those unfamiliar with the term are introductory periods where no interest is accrued. When relating to balance transfer credit cards, the 0% term is what will facilitate the bulk of the savings. The longer the interest free period, the greater the savings. This gives a consumer the ability to chip away at their debt without compiling more. If the entire balance is paid off during this period, the balance transfer is essentially the same as an interest free loan.
Balance Transfer Fee Minimums
A credit card that contains a balance transfer fee will typically have a minimum. This means that if you move your debt to the card, the you will pay at least this amount. The minimums are set very low so that the bank insures that they will get something. The minum balance transfer fee for almost every credit card offer on the market is usually between $5 to $15 dollars. Our product specific balance transfer calculators factor these values into the equations when you use them even though in most cases they are irrelevant due to the fact that they come into play when debt is less than $100. Most consumers use these types of offers when moving larger amounts unless they are just shopping for a more attractive card to use for purchases and don't want to have multiple accounts with several issuers.
Balance Transfer Fee Caps
Caps, commonly referred to as balance transfer fee maximums, are the fee limits that you will pay when transferring a balance. Typically the contract will read "3% of the balance with a cap of $75," depending on the offer. This means that you will pay 3% of your debt as a fee, butyou will not be charged in excess o $75. The values change from offer to offer. Balance transfer fee caps are very important in determining savings with larger amounts. Using the cited example, if you were to transfer $5000 from one card to another, you would only pay $75 as a balance transfer fee because there is a $75 cap. If there were no maximum, you would pay $150 because 3% of $5000 is $150. Caps are extremely consumer-friendly when dealing with higher balance transfer fee attributes as they limit the size of the transaction fee. Again, our calculators factor in such values for your convenience to eliminate complex and sometimes confusing calculations.