The Balance Transfer Calculator calculates the estimated monthly repayments of your current credit card and the estimated future repayments of a balance transfer credit card.
As with most financial calculators, all months are assumed to be of equal length. In reality, interest accrues on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.
One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
When calculating 'current monthly repayments' and 'new monthly repayments', the calculator assumes that you are intending to pay the balance off by the end of the nominated 'repayment period'.
The calculator does not take into consideration any current or future fees such as annual card fees or late payment fees nor does it consider any minimum monthly repayments that are required.
The calculator assumes that no extra repayments are being made to your credit card(s).
The calculator does not consider any other interest charges you might have related to other balances that might be owing on your balance transfer credit card, including retail purchases and cash advances
The calculator assumes that payments and interest charges occurs at the same frequency (monthly).
The values in this calculator are rounded to the nearer cent. In practice, the accuracy in these amounts is dependent on the rounding protocols used for interim amounts of interest credited to the account.
The results from this calculator is based on the assumptions above. Information such as interest rates quoted and default figures used in the assumptions are subject to change. The results do not represent a quote on the offer of the financial product or any representations that you have pre-qualified for the financial product. This calculator does not take into account your objectives, financial situation (including the change in the cost of living between when this calculator was used and at a future time) or needs. This calculator is not intended to be relied on for the purposes of making a decision in relation to the financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions.