2017 RANKING & REVIEWS
TOP RANKING BEST BALANCE TRANSFER CALCULATORS
Introduction: The Top Balance Transfer Calculator to Help You Resolve Your Financial Situation
Having a piece of plastic in your wallet or purse makes it quite easy to spend a little more than you should at the mall on a Friday evening.
One of the most common causes of debt buildup in the United States is through credit card use.
When you have several different credit cards, all with thousands of dollars of debt on them, a credit card debt repayment calculator can be a helpful tool to help you successfully manage that debt.
Learning the ins and outs of using credit cards responsibly takes time. The fine print that comes with any credit card is hard to understand unless you majored in finance or accounting.
Without a proper understanding of how a credit card should be used, it is easy to get into financial troubles. A balance transfer fee calculator is a simple tool that can help anyone find ways to successfully manage their debt.
Award Emblem: Top 5 Best Credit Card Balance Transfer Calculators
In this brief article, AdvisoryHQ will review five of the top balance transfer credit card calculators that can be found online. We will begin by explaining what a balance transfer fee calculator is before offering a comparative table of the top features of different credit card debt repayment calculators.
In our FAQ section, we turn our attention to why it is important for you to learn how to calculate interest on a credit card balance.
We also explain what features to look for in the top credit card balance calculators or credit card transfer calculators. Finally, we offer a complete review of each credit card interest calculator on our list.
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What Is a Credit Card Balance Transfer Calculator?
Imagine a young person fresh out of college looking for his first job. While sending out applications to numerous places, he is also trying to stay on top of a rather heavy student loan debt as well as not get evicted from his apartment for paying rent late.
Since he didn’t qualify for a loan from his local bank, his only option has been to apply to several credit cards in order to cover his expenses until he finds a job.
Since his credit rating is low, the credit limit on the cards he receives is usually no more than $1,000, meaning that he has had to take out several cards in order to pay for certain expenses. Once he eventually finds a job, he needs to find some way to do away with those multiple bills that make it to his mailbox each month.
Once he learns how to calculate interest on his credit card balance, it also becomes apparent to him that he is paying far too much in interest on most of the cards that have high balances. A simple credit card interest calculator is an easy-to-use tool that he could find online.
Image Source: Calculating Credit Card Balance
With a credit card balance calculator or credit card transfer calculator, our suffering college graduate could find different paths toward restructuring his credit card debt in a way that could potentially save him thousands of dollars.
Credit card companies are always sending offers in the mail, but few of us actually take the time to read the different terms and conditions that come with those offers. While one credit card may offer a fantastic rewards program, others might specialize in a low annual percentage rate on their cards.
Other cards, however, might specialize in balance transfer deals and offers. With a credit card debt repayment calculator, you can easily find out how much money you stand to save by transferring all or a part of your multiple credit card debts onto a different card that offers a lower rate and low (or no) balance transfer fees and penalties.
Simply put, then, a balance transfer calculator is a debt management tool that anyone and everyone should learn how to use. Even if you feel that you have your finances under control, learning how to use a balance transfer fee calculator might end up saving you important cash.
AdvisoryHQ’s List of the Top 5 Best Credit Card Balance Transfer Calculators
List is sorted alphabetically (click any credit card interest calculator below to go directly to the detailed review section for each credit card interest rate calculator):
- Bankrate Calculator
- Barclays Card Calculator
- Calc XML Calculator
- Creditcards.com Calculator
- Finder Calculator
Top 5 Best Credit Card Balance Transfer Calculators | Brief Comparison & Ranking
Credit Card Balance Transfer Calculator Name | Allows for Multiple Card Balances to be Transferred? | What Balance Transfer Fees Does the Calculator Include? | Free or Paid |
| Bankrate Calculator | Yes | Minimum fee, percentage fee, and cap | Free |
| Barclays Card Calculator | Yes | Minimum fee, percentage fee, and annual fee on the new card | Free |
| Calc XML Calculator | Up to 4 cards | Minimum fee, percentage fee, and annual fee on the new card | Free |
| Creditcards.com Calculator | Up to 4 cards | Minimum fee, percentage fee, and annual fee on the new card | Free |
| Finder Calculator | No | Annual Fee | Free |
Why Do You Need to Learn How to Calculate Interest on Credit Card Balance?
Many of us feel that trying to decipher that hard-to-understand language in the fine print of credit card applications is simply not worth our time. Credit card companies seem to specialize in making things hard to understand, especially for people not well versed in how the financial world works.
The problem, of course, is that when you don’t understand how to calculate interest on credit card balance, you might end up with a card where you’re paying the minimum payments on close to 30% interest. With that type of deal, you might never make your way out of debt.
If, however, you did understand how to calculate interest on credit card balance, you might be more reluctant to build up credit card debt in the first place. Additionally, people who know how to calculate interest on credit card balance will also know what features to look for in the credit cards they apply for.
If you have a tendency to run high balances on your credit cards, you would know that finding a card with great rewards programs but high interest rate probably isn’t for you.
If you have several thousand dollars in credit card balance, choosing the card with the lowest possible annual percentage rate would end up saving you much more money than what you could possibly earn through cash back rewards program.
Furthermore, learning how to calculate interest on credit card balance is also important when using a balance transfer credit card calculator.
Though the credit card transfer calculator will do the math for you, understanding how the interest works will help you make comparisons and choose the best credit card for your future balance transfer.
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What Features to Look for in the Best Balance Transfer Credit Card Calculators
When looking for the best credit card balance transfer calculator, there are a number of features and characteristics that you should be on the lookout for. Firstly, a balance transfer calculator that only allows you to input your debt information for one credit card won’t be very helpful.
Most people who build up credit card debt usually have several credit cards with debt that they would like to lump together into one flat payment. A quality balance transfer calculator, then, should allow you to input data for at least four or more credit card debts.
Furthermore, since many credit card companies charge sometimes expensive fees for balance transfers, a good credit card balance transfer calculator should also ask for the different balance transfer fees involved in your transaction.
While one credit card balance transfer calculator might only allow you to input data for a flat fee, the best balance transfer calculator will ask you for the minimum balance transfer fee, the percentage fee you will be charged, and any cap limits that your balance transfer might come up against.
While not all credit cards will charge each of these fees, the best balance transfer calculator will allow you to input that data if need be.
Lastly, a good credit card balance transfer calculator will also offer you clear, concise, and easy-to-understand information results regarding how much you stand to save by transferring your debt to a certain credit card.
With the best credit card debt repayment calculator, you might even be able to save the results of previous calculations to compare the different options on the table for your eventual balance transfer.
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AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.
Detailed Review—Top Ranking Balance Transfer Calculators
Below, please find the detailed review of each credit card balance calculator. We have highlighted some of the factors that allowed each credit card transfer calculator to score so high in our selection ranking.
Bankrate Calculator Review
Bankrate offers a quality and easy-to-use balance transfer calculator. You can add as many different credit cards with outstanding balances as you want, making this credit card balance transfer calculator a great option for people with large amounts of debt.
Image Source: Bankrate
Additionally, the Bankrate balance transfer credit card calculator is one of the few calculators online that allows you to input data for any sort of cap or limit that will affect your balance transfer.
If you were using a balance transfer fee calculator that didn’t offer this option, but your new card did have a cap, the results of your calculation would be incorrect.
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Barclays Card Calculator Review
The Barclays Card Calculator is the only credit card balance transfer calculator that we have included here that is not from an independent company or website. Barclays is one of the largest financial institutions around the world and a leader in the credit card business.
Image Source: Barclay Card
We have included their balance transfer calculator here because of its ease of use. Furthermore, Barclays Bank offers some of the best rates for balance transfers, including 40 months of zero interest on balance transfers made within 60 days of opening your account.
While this deal and this credit card interest calculator are designed for customers in the United Kingdom, the credit card balance calculator can be used by people anywhere.
Calc XML Calculator Review
The Calc XML credit card balance calculator or credit card transfer calculator is another quality option to help you find ways to better manage your debt.
With this balance transfer calculator, you can quickly and efficiently find the best way to save money through transferring your balance.
This balance transfer fee calculator is unique in that it also allows you to input data for any sort of promotion that certain credit cards might offer including a certain amount of interest free introductory months.
Creditcards.com Calculator Review
Creditcards.com offers another great credit card balance transfer calculator. With this balance transfer calculator, it is possible to find ways to restructure the debt you have on up to four different credit cards.
Another quality feature of this balance transfer credit card calculator is that you can see the results of your calculations in graph form, which makes it helpful to understand the potential savings that you stand to make.
This is the only credit card interest calculator reviewed here that comes with graphed results.
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Finder Calculator Review
The Finder Calculator is another quality credit card balance transfer calculator.
This balance transfer calculator is designed for people from Australia and allows you to choose from current providers including banks and major credit cards that offer their services in Australia.
Additionally, with this credit card debt repayment calculator, you will be offered information on different companies and the rates they offer.
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Conclusion—A Balance Transfer Calculator to Help You Retake Control of Your Financial Livelihood
Learning how to calculate interest on credit card balance is a necessary and important piece of financial knowledge that everyone should know. A quality credit card balance transfer calculator can help you do that and also help you find ways to better manage your debt.
Getting into debt is all too easy to do. Finding a way to get out of debt without breaking the bank is significantly harder. A balance transfer calculator can help you do just that while also potentially saving you thousands of dollars in the process.
Whether you choose the Bankrate Calculator, the Barclays Card Calculator, the Calc XML Calculator, the Creditcards.com Calculator, the Finder Calculator, or any other quality credit card balance calculator or credit card transfer calculator on the web, you should find yourself on the right path to retaking control of your financial situation for the better.
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AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
