Credit Card Savings Calculator

Using our Credit Card Interest Calc 1 & Interest Earned on Deposit Calc 2, see how much you can save if you pay off your credit card using your savings. 

For example, assuming it takes 4 years to clear my credit card balance.

The credit card balance is €8000, the interest rate is 18%, and the total interest payable over 4 years is €5,760.  If I have €8,000 on deposit at 3.5% interest over the same 4 years I will receive €1,120.00 in interest.  Savings by using this money to clear the Credit Card is €4,640.