Balance Outstanding on your existing credit card is SLR 100,000. According to the credit card agreement, you have been paying default interest at the rate of 30% per annum.
| BEFORE THE BALANCE TRANSFER | ||
| Current Credit Card Balance | = | SLR 100,000.00 |
| Interest @ 30% for 1 year | = | SLR 30,000.00 |
| AFTER THE BALANCE TRANSFER | ||
| New Credit Card Balance | = | SLR 100,000.00 |
| Interest Rate @0% for 6 mts | = | SLR 0.00 |
| Interest Rate @20% for 6 mts | = | SLR 10,000.00 |
| Balance Transfer Fee | = | SLR 0.00 |
| Savings Expected | = | SLR 20,000.00 |
Total Savings for the first year after the balance transfer will be
SLR 20,000.00
