money manager ex calculate interest on credit card payments

This assumes you do not make any purchases with the card. By making the same monthly payment of $276 for 11 months with one final $54 payment in month 12, you’d save $160 in interest charges. Your new starting balance would then tally $3,090. If you transfer that balance to a credit card that offers a 0 percent introductory APR for 12 months on balance transfers, the new card may charge a transfer fee, typically around 3 percent of the balance. You would incur $250 in interest charges if you paid that off with 12 monthly payments of $276. How balance transfers workĬonsider another example: You have a $3,000 balance on a credit card with an 18 percent APR. For example, if you have a high balance on a store credit card with a 21 percent APR, you may be able to transfer that debt to a credit card with a lower introductory rate, saving money on interest if you pay off the balance by the end of the balance transfer introductory period. What is a balance transferĪ balance transfer is when you transfer debt (such as from credit cards or loans) to another credit card account, usually one with an introductory balance transfer interest rate.

Some balance transfer credit cards don’t have an annual feeĪ credit card balance transfer can be a great way to save money on interest when transferring high interest debt, but you may have some basic questions: What is a balance transfer? What is a balance transfer fee? How do you know if a balance transfer is right for you?Ĭonsider these tips when evaluating a balance transfer credit card: 1. Transferring a balance can help you pay off debt faster

A balance transfer credit card may come with a low intro APR

Money manager ex calculate interest on credit card payments