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Credit Card Calculator
Credit card payment calculator
How It Works
Free credit card calculator to estimate the time and total interest required to pay off a credit card balance.
Credit cards are a form of revolving credit that allows cardholders to borrow funds up to a pre-approved limit. Unlike amortized loans, credit cards do not have fixed repayment schedules. Cardholders can carry a balance from month to month, paying interest on the outstanding amount.
The interest rate on credit cards is typically expressed as an APR (annual percentage rate). Interest is calculated on the daily balance and compounds if the balance is not paid in full. Making only minimum payments can result in years of payments and significant total interest costs.
Strategies for paying off credit card debt include the debt avalanche method (paying off the highest-interest card first) and the debt snowball method (paying off the smallest balance first for psychological motivation). Balance transfers to cards with 0% introductory APR offers can also help accelerate debt repayment.
Results
Enter values to see results
Quick Tips
- • Results update automatically as you type
- • Use Tab to navigate between fields
- • Press Enter to calculate