No one wants to pay high interest rates. Finding a balance transfer deal is something that is appealing to just about anyone who wants to save money on paying interest fees. There are ways that you can find out exactly how much you can save with these deals.
Lowering your credit card balance is a high priority for many individuals these days. With so many credit cards offering outstanding balance transfer deals available now, it is no wonder there are many taking the opportunity to lower their debts and save a little money at the same time.
Finding the Best Balance Transfer Deal
Everyone thinks that the interest rate is the most important aspect of the balance transfer deal but it is just one factor to consider. You also want to see how long the promotional rate will be so you can determine how you will repay your balance. Some of these rates only last 6 months and then return to a much higher rate. Only you can decide if that is long enough to clear your balance. It is also important to use some tools that will allow you to see how much you will actually save if you made the switch.
One of the ways that you can calculate the savings that you will receive from a balance transfer is through a credit card calculator. A credit card calculator will be able to tell you your potential savings. All you need to do is enter the credit cards that you have currently including the balance and the interest rate on the card.
More Specifics on Using the Credit Card Balance Transfer Calculator
- Use the online credit card calculator and enter your credit cards and any loans you have into the table that is located at the top. You will need to first enter the name of the card, the interest rate and your current monthly payment.
- You will next need to enter your monthly amount that you can reasonably afford in order to pay off your debt. Put this figure into the “Minimum Payment” box. You will need to choose whether you want to pay off your highest balance first or the lowest balance first.
- You should now be able to see the monthly payment schedule you will have by selecting the “Payment Schedule” section.
- You are now able to download the spreadsheet by clicking on the “Download Spreadsheet” that can be found at the bottom of the credit card balance transfer calculator.
- A balance transfer deal may be just what you need to get ahead on your personal finances.
Featured Credit Card Comparison:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 ANZ Low Rate MasterCard – Balance Transfer |
Get up close and personal by designing your ANZ Low Rate MasterCard with an image of your choice. Your personally designed card also allows you to be on top of your spending by giving incredibly low rates on purchases, a low rate on balance transfers and 55 days interest free credit on purchases. | 0% for 3 months (reverts to 13.24%) | 0% for 3 months | $58 | 21.49% |   |
 ANZ First Visa Credit Card |
Shop with your ANZ First Visa and get double the manufacturer’s Australian warranty. Double your worry-free days. | 0% for 3 months (reverts to 19.24%) | 0% for 3 months | $30 | 20.99% | |
 HSBC Credit Card |
Get the best deal from Money Magazine’s Best Transactor Credit Card of the Year – HSBC Credit Card with its $0 annual fee for life and 0% on balance transfers for 6 months. Take advantage of interest free periods on purchases up to 55 days, access other worldwide benefits and discounts to help you catch up on debt payments whilst enjoying the features of a regular credit card. | 17.99% | 0% for 6 months with 2% handling fee | $0 | 21.99% | |
 St George Vertigo |
Splurge in style without hurting your pocket with St. George Vertigo MasterCard. It has temptingly low interest on purchases and low balance transfer rates. It’s the perfect choice for wise shoppers who want to get the best value for their money. | 13.24% | 0.99% for 12 months | $55 | 21.49% | |
 Westpac Low Rate Card |
Save with a no frills credit card which features a low ongoing rate on purchases, low balance transfer offer for the first 9 months and a low annual fee | 0% for 6 months (reverts to 13.49%) | 0% for 6 months | $45 | 21.49% | |
Posted on Saturday, June 5th, 2010 at 8:07 pm
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