Credit Card Optimizer


Definitions

Credit cards
Enter up to 5 credit card accounts, one on each line.

Balance
Your current balance on your credit card.

Interest rate
The annual percentage rate you pay on this credit card. The rate you enter is used to calculate the interest on all future payments for the credit card. The length of time to payoff this credit card may be much greater than calculated if you enter a low promotional interest rate that is only fixed for short period of time.

Payment
This is your initial minimum monthly payment. You minimum monthly payment is calculated as 2% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.

Credit limit
This is the total amount of credit you have on this credit card. The optimizer will not allow you to have credit card balances that are over your credit limit.


Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

About This Calculator

YOUNG MONEY calculator helps calculate best distribution of credit card debt. Enter credit card balances, rates and credit limits to determines which balance transfers yield the greatest savings.

Other Credit Card and Debt Management Calculators:
Total unsecured debt?
(must have $10,000 to qualify)
 
What is your current payment
status on your credit cards?
 
First Name:
Last Name:
Email:
Primary Phone:
Cell Phone:
State:
Zip:
Best Time to Call:

Related Articles

advice budget business career college college students credit credit card credit cards credit report credit score debt Employment entrepreneur entrepreneur advice financial aid Internet investing job money recession save money start a business starting a business stock market student students unemployment university video