Credit Card Calculator
Calculate payments, payoff time, and interest costs for your credit card debt
Choose Payment Strategy
Credit Card Details
Your total credit card debt
Your card's annual percentage rate
Minimum Payment Strategy
Typical range: 2-4% of balance
Minimum payment amount regardless of balance
Payment Analysis
$0
Monthly Payment
0
Months to Pay Off
$0
Total Interest
$0
Total Paid
Payment Breakdown
Credit Card Debt Management Guide
How Credit Card Interest Works
Credit card companies calculate interest using these key components:
- APR (Annual Percentage Rate): The yearly interest rate on your balance
- Daily Rate: APR divided by 365 days for daily interest calculations
- Average Daily Balance: Your balance averaged over the billing cycle
- Minimum Payment: Typically 2-4% of your balance or a minimum dollar amount
Payment Strategies
- Minimum Payments Only: Longest time, highest interest
- Fixed Payment: Consistent monthly payment
- Debt Avalanche: Extra on highest APR
- Debt Snowball: Extra on smallest balance
Key Formula
Monthly Interest:
Interest = Balance × (APR / 100) / 12
Payoff Time (fixed payment):
Months = log(Payment / (Payment - Balance × Monthly Rate)) / log(1 + Monthly Rate)