SAN FRANCISCO, Oct. 26, 2012 /PRNewswire/ -- NextAdvisor.com, a leading consumer and small business information web site, has announced the launch of their Balance Transfer Calculator. This independent calculator automatically estimates the total finance charges and other fees consumers can expect to pay after transferring existing credit card balances onto popular balance transfer cards. Fifteen different credit cards were included, from the well known Slate® from Chase and Citi Simplicity® cards to the Capital One® Platinum Prestige and Discover® More cards.
The Balance Transfer Calculator is unique because users don't need to manually plug in interest rates, introductory APR time frames or other complicated information. NextAdvisor has already done the work, thoroughly researching each card's terms and conditions and carefully reading through interest charge calculation formulas. Consumers just need to enter the amount they plan to transfer, how much they'll be paying towards this balance each month and their current credit level. The Balance Transfer Calculator will show the best balance transfer cards for the user, estimating the total finance charges and other fees they'll pay and how long it will take to pay off the balance.
"With each card having a different combination of ongoing APR, introductory 0% APR period, and fees, it's a daunting task for any consumer to determine which credit card they should transfer a balance to in order to save the most money," said Tasha Lockyer, Director of Product Management at NextAdvisor.com. "NextAdvisor.com's Balance Transfer Calculator removes the complexity for the consumer, allowing them to enter three simple pieces of information and see how much interest and fees they would pay with each card."
Many factors went into the back end calculation for the Balance Transfer Calculator, including the varying interest rates charged by each card, balance transfer fees, annual fees and the determination of how to calculate the interest charges. After substantial amounts of research, NextAdvisor was able to estimate the finance charges for the different cards and determine the length of time it would take to pay off balance transfers.
"I think of the Balance Transfer Calculator as both a tool that provides personalized user results for the best balance transfer card and as an educational device," said Lockyer. "By allowing users to experiment with the balance transfer amounts and monthly payments, they can see how their fiscal decisions affect their estimated finance charges. It's eye-opening to see how increasing your monthly payment by just $50 can significantly reduce the amount of interest you pay in the long run, thereby saving you hundreds of dollars."
In addition to the Balance Transfer Calculator, NextAdvisor.com provides independent reviews of each balance transfer credit card included in the calculator. The site also provides other tools for consumers including its popular cash back credit card calculator. NextAdvisor.com reviews many other types of credit cards, including travel rewards cards, low APR cards, cash back cards and cards designed for those with average or bad credit.
You can see and use the NextAdvisor.com Balance Transfer Calculator here:
NextAdvisor.com provides independent reviews of online services for consumers and small businesses. The company's mission is to help its visitors save money and make optimal buying decisions by presenting them with useful comparisons and reviews of service providers and a clear explanation of each service and how it works. The company currently reviews, compares and explains many different types of services including credit cards, credit monitoring, identity theft protection, diet plans, voice over IP, online dating, online backup, Internet security software, internet fax and web hosting.