The credit card calculator is one of those financial tools which are highly effective and allow the consumers to mitigate their mounting interest amounts on the credit cards and to help in the escalation of the reward programs. There are several credit card calculators which are available in the market but in this article let us keep a note of the ones which are widely known. Some of these calculators are highly complex and quite scary in fact! However let us begin with our discussion on the credit card calculators and the first one that comes to our mind is the Minimum payment calculator which is not very popular, but instead quite disheartening and available in a number of websites. Even the Federal Reserve is compliant with this calculator which shows that credit card debts are one of the most terrible financial fallacies that can ever happen to a consumer. It states further that credit card debts are very expensive and not easy to eliminate. Even if the consumer is having credit card debts around $6000, by entering the rest of the variables it is possible to find out that the amount of debts to be paid to the creditors are more than the original debts. The trick is that by entering a generally high interest amount, the calculator will show that the debts will never be eliminated.
Followed by this is the balance transfer calculator which is another type of credit card calculator which is not only popular but effective as well. This calculator enables the consumer to save on their debts by transferring their balances to another credit card with 0% interest rate. For instance, if a consumer enters a particular debt amount with a specific rate of interest in a balance transfer calculator, they are likely to get an idea about the money that they will be able to save through the use of this calculator. These calculators carry several benefits and there is hardly any scope of doubt. However, those consumers who are still not sure about its benefits can try their hand on the same. The next in line is the Credit Card Reward Calculator which is generally used by those consumers who are not tied down with much debts but willing to earn maximum benefits from their credit cards. These rewards are usually provided in the form of cash back, flier points etc. This type of credit card calculator also helps the consumers to get an idea about their spending pattern or how they should actually spend on the cards to maximize their benefits. This will require the consumer to spend on certain categories and assess the results of the same in the form of rewards.
We have discussed about some of the credit card calculators which are used by the consumers for most of the times and assist them in making the credit card payments correctly without getting scared about the debts.