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Nowadays, you can find a large variety of balance transfer cards issued by different credit card companies. Each card vary in fees, APR interest rate and the introductory period so it is necessary to do the calculation if you want to determine which card is the best for you.

There are a few information you need to prepare if you want to calculate how much you can save with your new balance transfer card. First, you must prepare the APR rate and the outstanding amount you owe on your existing credit card. Next, you must get the APR and term of your new credit card as well as the normal APR that you will be charged after the introductory period ends. Other information that you will need for the calculation are the fees that are charged by both the old cards and new cards including balance transfer fee, balance transfer maximum fee, desired monthly payment and annual fee.

Besides, you must ask yourself whether it is possible for you to settle the entire sum of outstanding balance within the introductory period. You will have to take into account the normal APR if you know you canít pay back within the introductory period after the calculation. The normal APR is usually higher than the introductory APR.

If you plan to use the card to buy things, there is a possibility that you will get charged with normal APR interest unless you settle the balance in full. Fortunately, many balance transfer cards that offer zero percent APR interest for balance transfer also do not charge any APR interest for purchases. The amount you save is the difference in between the outstanding debt in the old APR rate and fees compared to that of the new card. If you donít know how to calculate the savings, you can use the online balance transfer savings calculator.

The online balance transfer savings calculator will display the total amount of money you will save during the introductory period. If you use the online balance transfer card, you will also need to provide information on the credit score. There are graphs that show you the difference of the repayment cost in between the current card and new card.

The online balance transfer calculator allows you to add the details of one or more credit cards of which you plan to transfer the balance. Most calculators will also display a list of recommended balance transfer credit cards based on the information you have entered.

It is important that you have all these information when you are comparing between different balance transfer credit cards. You can find out the information that you need for entering into the balance transfer savings calculator in the terms and conditions. You can confirm these information by giving the credit card companyís representative a call.