1. What Is This Calculator?

This calculator estimates the time required to pay off a credit card balance transferred to a 0% interest offer, using Wallet's methodology. It assumes no additional purchases and consistent monthly payments.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• \( T \) — Time to payoff (months)
• \( P \) — Principal balance including transfer fee ($)
• \( D \) — Monthly payment ($)

Explanation: This calculation assumes 0% interest during the promotional period and no additional purchases on the card.

3. Importance of Calculation

Details: Knowing your payoff timeline helps ensure you clear the balance before the promotional period ends, avoiding retroactive interest charges.

4. Using the Calculator

Tips: Enter your total transferred balance (including any transfer fees) and your planned monthly payment amount. Both values must be greater than zero.

5. Frequently Asked Questions (FAQ)

Q1: Does this include the transfer fee?
A: Yes, the principal amount should include any balance transfer fee (typically 3-5% of the transferred amount).

Q2: What if I make additional purchases?
A: This calculator assumes no additional purchases. Adding purchases may change your payoff timeline due to different interest rates on purchases vs transfers.

Q3: How accurate is this estimate?
A: This provides a baseline estimate assuming consistent payments and no interest. Actual results may vary if payments change.

Q4: What happens if I don't pay in full before promo ends?
A: Most cards charge retroactive interest on the original transferred amount if not paid in full by the promo end date.

Q5: Should I pay more than the minimum?
A: Yes, paying more than the minimum ensures you clear the balance before the promotional period ends and interest begins.