This is a credit card interest calculator that will tell you how much interest you are paying with your current credit card and how long it will take to pay off the debt in full.
The tool also shows how much money, if any, you can save by transferring a balance from your store or credit card to a new one. The savings will come from the lower interest charges offered by a balance transfer card.
No it's completely free for now.
Piggybanker is a price comparison website, but unlike other comparison websites Piggybanker presents a personalised comparison to take the guessing out of comparing credit cards.
By entering the information above we can calculate whether a balance transfer will save you money. It includes the 'balance transfer fee' for each credit card. If it won't save you money we'll tell you so.
By transferring a balance from a store or credit card to a balance transfer card, you are able to repay the debt on those cards at a much better rate (lower interest charge).
Having large amounts of credit card debt costs you more of money the longer you hang take to pay it off. Paying small amounts off your balance each month might be more comfortable for you, but the credit card companies actually prefer that you only make the minimum payments because it makes them more money.
The calculator shows you what the cost of your borrowing will be in the long term. While the interest charges might be low in the short term, the total interest might shock you when you see it over a period of 12 or 24 months. Using the calculator, you can see what the quickest way of paying your debt is.
For example, if you have a debt of £3000 on a credit card with 17.9% APR and you make the monthly payment of £75, it will take you 59 months to pay off your credit card. In the meantime, you will have to pay £1355.15 in interest charges!
However, if you switch to the balance transfer card at the top of our comparison table, you will only have to pay £642.69 in interest over the same number of months, with the same monthly payments. That is a massive saving of £712.46!