Credit card payment calculator?

jsg2

OFFICIAL MSE INSERT

Since the post was originally made, the Best Balance Transfer guide now contains a credit card interest calculator.

Back to the original post...............


Is there a calculator out there for working out interest payments for a number of months?

The reason is that I want to know whether I would be better off keeping about £1000 on my credit card (at 16.9%) - knowing I can pay it off in about 3 months time, or whether to balance transfer to 0% (which I have a deal on another card) - but would have to pay a £30 fee.

Is there a website with a calculator to do this kind of thing?

hur575

The snowball calculator http://www.whatsthecost.com but be warned it is addictive!

chattychappy

jsg2 wrote: »

Is there a calculator out there for working out interest payments for a number of months?

The reason is that I want to know whether I would be better off keeping about £1000 on my credit card (at 16.9%) - knowing I can pay it off in about 3 months time, or whether to balance transfer to 0% (which I have a deal on another card) - but would have to pay a £30 fee.

Is there a website with a calculator to do this kind of thing?

I use Excel for this kind of thing. On the figures you give, there's not a lot in it. If you're paying off most of the £1000 near the end of the 3 months, then you are better off with the BT. If you're going to be paying it off evenly over the 3 months, then you're better off not shifting (just). About 10 quid in it, either way - so the cost of making the wrong decision isn't huge.