How does a balance transfer work? This Balance Transfer calculator helps you to calculate the cost benefits for a balance transfer.
Balance Transfer Calculator Tips
- The balance transfer needs to be a credit card from a different bank than the one with existing credit card debt.
- You can transfer debt from up to 3 different credit cards into a single balance transfer.
- Don’t make new purchases on your credit card after the balance transfer. The lower interest rates only apply on the balance transferred and not on new debt.
- Credit cards have a tiered interest rate on your outstanding balance on daily compounding. Tiered interest rates:-
- Paid on time for 12 consecutive months: 15%
- Paid on time 10 out of 12 months: 17%
- Not paid on time less than 10 times out of 12 months: 18%