Credit Card Optimizer

The Credit Card Optimizer helps you determine the best distribution of your credit card debt. By entering your credit card balances, rates and credit limits this calculator determines which balance transfers will produce the greatest savings.

Definitions:

Credit cards

Enter up to 5 credit card accounts, one on each line.

Balance

Your current balance on your credit card.

Interest rate

The annual percentage rate you pay on this credit card. The rate you enter is used to calculate the interest on all future payments for the credit card. The length of time to payoff this credit card may be much greater than calculated if you enter a low promotional interest rate that is only fixed for short period of time.

Payment

This is your initial minimum monthly payment. You minimum monthly payment is calculated as 2% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.

Credit limit

This is the total amount of credit you have on this credit card. The optimizer will not allow you to have credit card balances that are over your credit limit.

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Insurance products are offered through Think Insurance (MN license # IA-538), not Think Mutual Bank. Insurance products are not FDIC insured, are not insured by any federal agency, and are not a deposit or guarantee of Think Mutual Bank. This is not a policy. For a complete statement of coverages and exclusions, please see the policy contract.

The financial advisors of Think Financial Planning offer securities and advisory services through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Investments are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Funds are subject to investment risks, including possible loss of principal investment. Think Mutual Bank is not a registered broker-dealer or Registered Investment Adviser. Think Mutual Bank and Commonwealth are separate and unaffiliated entities. Fixed insurance products and services offered by CES Insurance Agency, Think Insurance, or Think Financial Planning. Think Financial Planning is headquartered at 5200 Members Pkwy NW, Rochester, MN 55901. Check the background of this firm on FINRA's BrokerCheck.

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