How to Use the Credit Card Payoff Comparison

What the tool does

For each option the tool shows the payoff time, the interest, the fees, and the balance left when an introductory period ends. A sentence at the top sums up the comparison before the detail. It uses a fixed payment each month, so the minimum-payment rules of a real card are not modeled.

How to use it

1. Enter your current balance, its APR and what you plan to pay each month.
2. Enter the transfer offer: the transfer fee, the introductory APR and how many months it lasts, the APR afterward, and what you plan to pay each month.
3. Optionally add an extra monthly amount to either option.
4. Read the sentence at the top, then each option's payoff time, interest, fees and the balance left when the introductory period ends.

A worked example

Use the Load the balance transfer example button to fill in sample numbers, then change them to your own. The comparison shows whether the fee on a transfer is more or less than the interest you would avoid, and what balance remains if the introductory rate ends before you finish paying.

Things to know

• Payments are fixed each month, made at the end of the month, with no new purchases.
• Interest uses the APR divided by 12 on the start-of-month balance. Issuers may use daily balances, so real interest can differ.
• The transfer fee is added to the balance being paid off, and the entire current balance is transferred.
• A 0% introductory APR is promotional. It lasts only for the months you enter.
• This is an estimate, not financial advice or an offer. Check terms with the issuer.

Common questions

Does it tell me which card to pick? No. It compares your own debt under the options you enter and does not rank cards.

Why enter the APR after the introductory period? Because the balance that remains when the offer ends starts costing interest at that rate.

Credit Card Payoff Comparison: Open the Credit Card Payoff Comparison and try your own numbers.