No, WalletHub's credit card calculators do not require any registration or personal information like your name, Social Security number, card number, or credit score. You will need to input data such as your interest rate, balance, and monthly payment for the calculators to work, but these values are anonymous and do not even need to be exact. As long as they're in the ballpark, you should be able to get insights applicable to your situation.
Yes, credit card calculators work for all types of credit cards, except for charge cards that require full repayment every billing period. As far as a credit card calculator is concerned, it generally makes no difference whether you have a regular credit card, a secured credit card, a store card, or even a gas card.… read full answer
This will become obvious after a quick look at the credit card calculators themselves, too, as there is no place to input such distinctions. What's more, just think: Would the monthly payments required to pay off a $5,000 balance on a store credit card within 12 months be any different than those needed to pay off a Visa credit card under the same circumstances? Definitely not, assuming the cards have the same APR.
There is, of course, one exception: charge cards. You're not going to be able to calculate the cost of interest or the time it will take you to pay down debt for a card that does not allow you to revolve a balance, after all.
This type of credit card payment calculator can tell you two things: 1) The monthly payments you'll need to make to rid yourself of credit card debt within a certain amount of time; and 2) How different monthly payment amounts affect the length of time it will take to pay down what you owe.
A credit card's interest charges stem from its introductory APR and regular interest rate as well as your balance and monthly payment. A credit card interest rate calculator takes all of those things into account and enables you to quickly determine whether getting a lower interest rate will save you a lot of money or not be worth the time and effort.
The cost of a balance transfer depends on a variety of factors, including the size of your balance, the new credit card's transfer fee and 0% term, and how long it will take you to pay down what you owe. Figuring out if a given balance transfer offer will save you money necessitates comparing that cost to what you'd have to pay under the terms of your current account. It's certainly possible to do this by hand, but this type of credit card debt calculator makes it significantly easier.
Credit card companies assess interest on a daily basis, which means interest accrues on interest and it is therefore difficult to appreciate the true cost of big-ticket purchases paid off over time. Credit card debt calculators tell you exactly how much interest to account for, making them a valuable tool to use when deciding whether or not you should make a significant purchase now or wait until you have the funds to cover it.
Regardless of your exact need, the best part about WalletHub’s credit card calculators is the fact that in addition to crunching the numbers for you, they simultaneously scan more than 1,500 available credit card offers in real-time in order to provide custom money-saving recommendations.
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