Promo Payoff Calculator
Have a 0% or “no interest if paid in full” balance? Find out exactly what to pay each month to clear it before the promo ends, and what happens if you fall short.
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Understanding promo rates
A 0% intro rate or balance transfer can save a lot of money, as long as the balance is gone before the promo ends. After that, the regular rate applies to whatever is left.
What is deferred interest?
Many store cards advertise “no interest if paid in full” within a certain number of months. That isn’t the same as 0%. Interest quietly adds up the whole time, and if even a small amount is left when the promo ends, all of it is charged at once, back to the purchase date. On a $2,000 purchase at a typical store card rate, that can mean several hundred dollars.
How the monthly amount is figured
Each balance is divided by the number of payments left before its end date. If you can’t pay the full amount, the calculator puts your money toward the deferred-interest purchases it can still save, earliest deadline first, because a partly-paid deferred balance still triggers all of its back interest.
Several promos on one card
Store cards often carry a separate promo for each purchase, each with its own end date. List them separately here; your statement usually shows each one with its deadline.
Juggling promos along with other debts? The Debt Payoff Calculator and the Money Plan show the whole picture.