Wednesday May 16th, 2012
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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.

 

Credit Card Optimizer

You could save INTEREST_SAVINGS in interest!

**GRAPH**

You owe a total of CC_OUTSTANDING_BALANCE. Your current minimum monthly payment is CC_MONTHLY_PAYMENT. If you continue to make the minimum payments it will take you CURRENT_PAYOFF to payoff this debt. The total interest paid will be INTEREST_CURRENT.

By optimizing your credit cards you could save INTEREST_SAVINGS in interest. It will take you NEW_PAYOFF to payoff your optimized credit card balances.

Recommended credit card transfers

The following is a list of credit card transfers that are recommended to create optimal balances on your accounts: CREDIT_CARD_TRANSFERS

Your resulting credit card balances are summarized below:

 
Current
Optimized
 BalancePaymentBalancePayment
TotalsCC_OUTSTANDING_BALANCECC_MONTHLY_PAYMENTCC_OUTSTANDING_BALANCENEW_MONTHLY_PAYMENT

Optimized Payment Schedule
**REPEATING GROUP**

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.



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This Financial Calculator requires SUN's JavaT Plug-in. If you see this message you will need to download SUN's JavaT Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing "Install ActiveX Control".

    You can also get SUN's JavaT Plug-in here: Get the JavaT Plug-in!

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. Your minimum monthly payment is calculated as 2% of your current outstanding balance. 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.

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 can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes.