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Would this tool to calculate CC cost be useful?
cgcockcroft
Posts: 275 Forumite
in Credit cards
There is probably something that does this already but I couldn't find it so sorry if I'm wasting your time.
I have just been doing some calculations in a spreadsheet to find out the difference in cost between a fixed rate card and a low rate for life card. I thought this could be developed into a useful tool for others.
It's very rough at the moment (no point spending too long on it if there is something better out there already) but you can hopefully see from the screen shot below that you enter a starting balance and the intended monthly payments. It then compares the time to repay, overall cost and possible saving using a standard rate card, rotating 0% cards & a fixed rate for life card.
It shows the monthly balances but this could be too confusing so there could easily be a button to show/hide these columns.
What do you think?
I have just been doing some calculations in a spreadsheet to find out the difference in cost between a fixed rate card and a low rate for life card. I thought this could be developed into a useful tool for others.
It's very rough at the moment (no point spending too long on it if there is something better out there already) but you can hopefully see from the screen shot below that you enter a starting balance and the intended monthly payments. It then compares the time to repay, overall cost and possible saving using a standard rate card, rotating 0% cards & a fixed rate for life card.
It shows the monthly balances but this could be too confusing so there could easily be a button to show/hide these columns.
What do you think?
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