Credit Card Payment & Interest Calculator
Careful planning is the key to financial success. Unfortunately, financial math can be a bit tricky. After all, most people don’t deal with the kind of mathematical relationships you get in finance, loans, and credit every day.
Thankfully, there’s a host of helpful tools available online. You can use these tools to give you the information you need to effectively plan your finances. We’ll cover how to use these tools. Then we’ll go through the different types of credit card calculators available online. Each section will cover the best online calculators we’ve found for that category.
Use the information in this article to plan your finances. Understanding how much you need to pay to get out of credit card debt is the first step to becoming debt free. You can also use these tools to understand how much you’re paying in interest. This lets you make smart financial decisions with how you use your cards.
Credit Card Payoff Calculators
Interest Calculator for Credit Cards
Credit Card Consolidation Calculators
Multiple Credit Card Payoff Calculator
Credit Card Payoff Calculators
These are the most straightforward credit card calculators. They tell you how long it will take you to pay off your credit card debt assuming certain payment amounts. This can help you understand when you’ll be able to engage in the debt payoff strategies discussed above. It can also help you understand how your payment amount affects your debt.
The credit.com payoff calculator has everything you’d look for in a basic credit card calculator. The tool lets you put in your balance, APR, and monthly payment. Then it calculates when you’ll be debt free. It also shows the total amount that you’ll pay.
This calculator has the advantage of letting you input multiple credit cards. You can use this feature and tweak the numbers to see what the most effective payoff method is for you.
This is one of the most versatile credit card payoff calculators on the net. It has several great features. First, it lets you input multiple accounts. That means it’s easier to do comparative work. Second, you can add more than just credit cards. The calculator can also handle student loans, auto loans, mortgages, personal loans, medical bills, and more.
As a result, this is an incredibly effective tool to plan how to get out of debt. It’s rare to find a tool that lets you calculate your payoffs for your total debt load. This is important because credit cards are usually only one source of debt. Also, just like avalanching and snowballing can payoff multiple credit cards effectively, this tool lets you use those methods for your whole debt.
Credit Karma’s debt repayment calculator is also a great tool. It’s more straightforward, but still has some flexibility. You enter the balance owed and the interest rate. Then you can enter either an expected monthly payment or a desired payoff date. This lets you see when you’ll pay off the debt at different payment levels as well as what your payment has to be in order to be debt fee by a specific date. That means it can help you plan your snowball and avalanche moves.
Interest Calculator for Credit Cards
A credit card interest calculator works a bit differently. Many of these calculators have some or all of the same features as the best credit card payoff calculators. However, these tools also show you how much you’ll pay in interest.
This is an extremely helpful financial tool because it helps you understand the true cost of your purchases. It also lets you check ahead of time before you make a purchase, so you can tell if it’s worth the money or not.
This is a great example of what you’re looking for in an interest calculator for credit cards. You enter the amount owed, the annual APR, the minimum payment percent and minimum payment amount. Then the calculator will tell you how much you’ll pay in interest over the course of repayment. It will also break down the number of monthly payments and number of years it will take you to pay off the credit card. As a result, you can see the true cost of your credit card purchases.
This tool is a great source for information about the interest you’re paying on your credit card bill. You simply enter your current balance, APR, and how much you’re paying per month. The calculator will tell you how much of your payment will go to interest and principal. It will also give you the total amount of interest you’ll pay over the course of repayment. The calculator also offers the information you’d want from a payoff calculator. Specifically, it tells you when your card will be paid off, how many monthly payments remain, and how many years remain.
The Financial Mentor calculator is also an easy-to-use tool to see how much you’re paying on interest. It takes the card balance, APR, and monthly payment. It uses these to calculate how much of each payment goes to principal and how much goes to interest. It also shows how much interest will be paid once you payoff the card. Finally, it tells you when you’ll be done making payments.
Credit Card Consolidation Calculators
Consolidation is a popular way to tackle credit card debt. This method involves putting all of your debt into one place. That place can be a loan or a balance transfer credit card. The new debt will have a lower interest rate than your current accounts. As a result, you can save money and pay your debt off faster at the same time.
This calculator is extremely flexible and powerful. It allows you to enter all of your outstanding debts, not just credit cards. You enter your APR, current balance, and monthly payment. Then the calculator determines how much money you’ll pay on interest over all of those debts. It will also show you how long it will take you to pay off your credit card debt.
You need to be careful though, as Wells Fargo will use this as a way to offer you a debt consolidation loan. The rates they quote as comparisons are for people with an excellent credit rating. Therefore, the rates they offer you can be different.
BankRate also offers an incredibly powerful tool. The best thing about this credit card consolidation calculator is that you can use it to compare different consolidation loan options. Additionally, you can enter other types of debt. This is a bit better than the Wells Fargo calculator because it lets you compare how different terms on a consolidation loan will affect your debt.
This means that it’s a great tool once you’ve decided to consolidate your debt and have received offers from multiple lenders. However, it’s not very useful before then because you’ll have no consolidation loans to input into the tool.
This calculator offers all of the advantages you could want in a consolidation calculator. You can enter in all of your different credit cards and other debts. Then you can enter the terms of a new consolidation loan so you can compare the two situations. As a result, you can see exactly how much you’ll save in interest and overall. You’ll also be able to see the difference in payoff dates between leaving your debt structured as it is and using consolidation to restructure it.
Multiple Credit Card Payoff Calculator
Many people have more than one credit card. These calculators can help you understand how to structure your credit card payments to be debt free as fast as possible. That’s why they’re also sometimes referred to as debt snowball calculators. At the very least, you can see which of your cards you want to focus on first.
That’s two entries for Financial Mentor in our list of the best credit card calculators. This calculator is set up differently from their payoff calculator. This one takes the balance owed, interest rate, and payment amount. Then it gives you the interest cost and the number of payments left for each account.
You can use this information to see which cards to target first. Then you can dedicate more funds to making a bigger payment on other cards. As a result, you’ll be out of debt faster than you realize!
This is probably our favorite multiple credit card payoff calculator. It uses the debt avalanche method to tell you exactly which cards to pay off first. You enter your balance, minimum payment and interest rate for each account. Then you enter the monthly budget set aside for credit cards. The tool takes this information and helps you determine exactly what payment to make on what card. As a result, you can be sure you’re approaching your debt in a responsible way.
This tool offers the flexibility of the two previous ones. You enter in all of the same information. The calculator lets you pick which debt reduction method you want to use. You can tell it to focus on the highest balance, or you can leave that option unchecked. As a result, you get to see how much you’ll pay in interest and what your payoff date is for each card. The calculator can also give you an overall payoff debt based on the payoff method you select.
How to Use These Tools
There are several things you can use these tools for. First, you can use them for their obvious intended functions. For example, using the credit card payoff calculators to figure out when you’ll be done paying off credit card debt.
However, these calculators are much more powerful than that. For example, you can use a credit card interest calculator to see how much you’ll spend on interest for a credit card purchase. This will let you understand the real price you’re paying for the goods or services you want.
As a result, you can use information like this to make a more informed financial decision. After all, if you spot something on sale and then put it on your credit card, you want to be sure you’re actually saving money. Otherwise you’re not seeing the true cost of your purchases.
You can also use these tools to contribute to your budget. In order to craft a workable budget, you need to understand what your debt obligations will be. Many of these calculators can help you understand exactly what those obligations are. They will also let you see how those obligations will change as you pay down your balance. This is essential if you want to engage in two of the most effective debt payoff techniques, avalanching and snowballing.
Avalanche Debt Payoff
This method of debt payoff focuses on finding the account with the highest interest rate. Then you pay it off first. Once you’ve paid off that balance, you use the money you had dedicated to it to add to your payments on your next highest interest account. You repeat this process until you’re out of debt. Also consider moving to low interest credit cards.
Avalanching your credit card debt can be one of the best ways to save the most money in the long term. That’s because you’ll spend less on interest overall. However, sometimes it’s not as fast as the other credit card debt payoff method, snowballing.
Snowballing Debt Payoff
Snowballing takes a different approach. This method involves paying off the smallest balance first. Then you dedicate the payment you were making to that balance to the next smallest balance until it’s gone. This process then repeats until you’re out of debt.
This method can potentially get you out of debt faster than avalanching. However, the actual details of your debt and debt structure determine whether this is how you’ll save the most money. Thankfully, some of these calculators can help.
As you can see, credit card calculators are powerful tools. They can help you make smart financial planning decisions. Planning is the key to get out of debt. It allows you to know how much you need to pay and lets you set a budget that works for your financial situation. Otherwise, you’ll just pay the minimum balance and spend lots of extra money on interest charges you could have avoided.
General Questions About Calculations for Credit Cards
This section covers general questions about different types of credit card calculations.
How to calculate 30 percent of credit card?
It’s easy to calculate 30% of your credit card. Just take your credit card limit and multiple that by 0.3. That will give you 30% of your card.
How to calculate average daily balance on credit card?
You can calculate your average daily balance on your credit card by adding together the balance you had at the end of each day and then dividing that total by the number of days in your billing cycle.
How to calculate credit card debt ratio?
A credit card debt can be calculated by diving the total balance across all of your card by the total credit limit of all of your cards. This will tell you how much of your credit limit you’re using, thus providing the ratio you need.
How to calculate how long to pay off credit card debt?
Calculating how long to pay off your credit card can be done by using an amortization table. This will show you what each minimum payment will be each month and show you what your credit card balance will be at the end of the month assuming you don’t spend any more money on the card.
Credit Card Interest Calculations
We’ll answer your questions about how to calculate your interest rates on a credit card in this section.
How to calculate APR on credit card?
You can calculate the APR on a credit card by adding up all of the interest charges and fees you pay for the year, and then dividing that by the total amount you’ve paid on the card over the course of the year. Remember to do this even for no interest credit cards so you’re not surprised by the payments when the introductory period is over.
How to calculate APR on credit card balance?
APR on a credit card balance can be calculated by adding up all the interest and fees you pay on a credit card over the course of the year, and then dividing that number be the total balance of the credit card.
How is APR calculated monthly on credit card?
The APR on a credit card can be calculated monthly by dividing the APR by 12 and then applying it to the credit card balance. If you have a business then you may be able to get 0 apr business credit cards using your business credit if its good.
How to calculate percentage rate on credit cards?
The percentage rate on a credit card can be calculated by adding up the total amount of finance charges you’ve paid over the course of a year and then diving that figure by your average daily balance.
How do you calculate finance charges on a credit card?
You calculate finance charges on a credit card by diving your APR by 365. Then, multiple that number by your balance at the end of a given day, which will give you your finance charges for the day.
How to calculate monthly finance charges on a credit card?
You can find the monthly finance charges on your credit card by dividing your APR by 12 and then multiplying the resulting figure by your credit card balance at the end of the month. That will show you your finance charges for the month.
Credit Card Payment Calculations
This section answers questions about how different credit card payments are calculated.
How to calculate monthly credit card payments?
First, find out your APR. Then, divide that number by 12, as there are 12 months in a year. Multiply the monthly rate you get times your balance. Add that number to the minimum payment percentage stipulated by your credit card agreement to determine your monthly credit card payment.
How to calculate credit card payment?
You’ll need information from your credit card agreement to calculate your credit card payment. Your agreement will tell you how the company will calculate your specific credit card payment, as each company and product calculates the minimum payment in different ways.
How to calculate credit card payments in excel?
You can calculate your credit card payments in excel by creating rows for your interest rate, number of payments per year, present balance, future balance, and payment amount. Then, enter the appropriate information in each cell. Finally, use the PMT function to have excel calculate your payments.
How is credit card minimum monthly payment calculated?
Individual credit card companies have different specific standards, but generally you’ll be required to pay a certain percentage, usually 1-2% of your total balance plus finance charges each month.
How do I calculate my credit card minimum payment?
Calculating your credit card minimum payment is a matter of taking your balance at the end of your billing cycle, multiple it by the percentage listed in your credit card agreement, usually 1%, and then add the monthly finance charges.
How is the minimum payment calculated on Chase credit cards?
The minimum payment for a Chase credit card is 1% of the current balance plus finance charges or $25, whichever is greater. If you don’t have a balance then you won’t have a minimum payment.
How to calculate credit card repayments?
First convert your annual interest rate, or APR to a monthly rate by dividing it by 12. Then multiple your current balance by that number. That will be your finance charges. Then, multiple your balance by the amount specified in your agreement, usually about 1%. This is your minimum balance payment. Your minimum payment due is your minimum balance payment plus any finance charges.
How is my credit card payment calculated?
That depends on your credit card company. Each company has different requirements for minimum payments. Most companies use 1% of the total principal plus finance charges, although some cards, like the Discover card, use a 2% figure.
How to calculate minimum amount due on credit card?
The minimum amount due on a credit card is different for each credit card company, as they each have different policies on how to determine minimum payments. As a general guideline, most companies will charge you 1% of your current balance plus finance charges.
Credit Card Debt and Balance Calculations
We’ll answer your questions about how different types of credit card debt and balances are calculated in this section.
Which method is best for calculating a credit card balance?
The best way to calculate your credit card balance to take the amount you’ve spent on the card, add any previous balance, and then add the amount you’ve spent times your APR/12. That will tell you your current balance.
How is credit card balance calculated?
A credit card balance can be calculated differently based on your specific card agreement. Generally, your balance is equal to your previous balance plus the purchases you made in your last statement, times your interest rate.
How is credit card debt calculated for unpaid amount?
Yes, any unpaid balance will be calculated into your finance charges on your next billing cycle when it comes to credit cards.
How to calculate outstanding balance on credit card?
You can calculate the outstanding balance on a credit card by adding the previous balance, the purchase amounts for this statement, and your interest charges. After that, subtract any payments you made. That will show you your outstanding balance.
Credit Card Rewards Calculations
Credit card rewards points can be confusing. We’ll try to help you understand how to calculate your rewards in this section.
How to calculate credit card reward points?
That depends on your specific credit card. Some companies offer extra points for money spent on things like gas or groceries. Check with your credit card provider to see how to calculate your reward points. Most cash back credit card sites will show you how many points you have accumulated.
How to calculate credit card points?
You can calculate your credit card points by multiplying the number of dollars you spent on your card by the number of points you earn per dollar. Remember to adjust for special circumstances like extra rewards when you use your credit card for gas.
How to calculate HDFC credit card reward points?
That depends on which HDFC credit card you have. The Platinum Times card gives bonus points for spending on dining on weekdays, for example, whereas the JetPrivilege card calculates based on the number of flights booked from the Jet Airways website. Compare the best credit card with rewards right now.
Credit Card Fee Calculations
It can be difficult to understand how credit cards charge you fees. We’ll answer questions about different credit card fee calculations in this section.
How to calculate surcharge on credit card?
You can calculate a credit card surcharge by multiplying the invoice you’re sending by your credit card processing fee and adding that total amount to the bill.
How to calculate credit card late payment charges?
That depends on your specific credit card agreement. Your agreement will explain how late payment charges are calculated for your specific credit card.
How to calculate your Best Buy credit card annual fee?
The Best Buy card doesn’t have an annual fee, so your calculations are rather easy, the answer is $0.
How to calculate credit card processing fees?
You can calculate your credit card processing fees by taking the total number of credit card transactions over a billing cycle and using that number to divide the total amount of fees you paid to your processor. This will show you the processing fee per transaction.
Other Credit Card Calculations
This section covers types of credit card calculations that don’t fit into our other sections.
How to calculate cash advance on credit cards?
You can calculate what you’ll pay for a cash advance on your credit card by applying your interest rate to the cash advance starting from the day that you take the cash advance out until you repay it.
How to calculate credit card utilization?
It’s easy to calculate your credit card utilization. First, add together the credit limit on all of your credit cards. Next, add the balances of each card together. Finally, divide the balance by the total limit, and you’ll get your utilization percentage.
How to calculate which credit card to pay off first?
That depends on what your credit card debt situation is. You can use an online credit card repayment calculator to show you how long it will take to get rid of all of your credit card debt using the snowball and the avalanche debt repayment methods.
How is PPI calculated on a credit card?
The PPI is calculated based on the PPI policy figure, the interest on the PPI Policy amount, and the statutory interest for all PPI claims. Each PPI calculation will be different based on the product and circumstances of the cardholder.
How to calculate what credit card limit can I get?
That depends on if you’re getting a secured or unsecured card. For a secured card, your limit will be equal to your security deposit. For an unsecured card, it depends on the company. They’ll look at your credit score, employment history, income, current debt, and more to determine how much of a credit limit they’re comfortable giving you.
How to calculate annual income for credit card?
It’s easy to calculate your annual income for a credit card. The best way is to add up all of the sources of income you have over a year and total them. You can also look at your tax returns from the previous year to see what your annual income was.
How is credit card debt calculated for mortgage?
Credit card debt is factored into your debt to income ratio when you’re applying for a mortgage. This will help determine if you get approved and what interest rate you’ll get if you are approved.
Is credit utilization calculated per card?
No, credit utilization is calculated as a total figure. It’s your total balance divided by your total credit limit across all cards.
How to calculate effective rate for credit card processing?
You can calculate the effective rate for credit card processing by diving the total rate you paid to your processing service by the number of credit card transactions you had over that billing cycle.
How to calculate paying off credit card debt?
That depends on your particular situation. Most people use either the debt avalanche or debt snowball methods. We recommend using an online debt calculator to determine which method is best for you.
How is PPI calculated on credit cards?
That depends on your specific interest rates, PPI policy wording, and your credit card spending and payment history. You’ll need to talk to your credit card company or a financial advisor for more information about your case.
How to calculate CIBIL score for credit card?
The formula for CIBIL scoring isn’t published publicly. All the information that’s available are the things the score takes into account – repayment history, credit balance, amount of time for which you have used credit, new credit you’ve applied for or taken out, and your mix of credit.
How service tax is calculated on credit card?
For most situations, the service tax will be 15% of the taxable services on the card. You’ll need to check with regulators to find out which services are taxable.
How to calculate your debt-to-credit ratio credit card?
You can calculate your debt to credit ratio by adding all of your debt and dividing that number by the total amount of credit you have access to.
How credit limit is calculated for credit card?
Every company calculates credit limits their own way. Most companies don’t publish this information for the general public. You’ll need to talk to your credit card company to see what other information they can provide you.
How is usage calculated for credit cards credit score?
Credit card usage is calculated as a total figure for your credit score. That means your credit utilization is the total amount of balance you owe divided by the total amount of credit you have across all cards. If your score is low take a look at the best unsecured credit card for bad credit.
How to calculate income for credit card application?
One of the easiest ways to calculate income for a credit card application is to review your tax returns for the previous year. As long as nothing major has changed, your income will be about the same as it was last year. Take a look at instant approval credit card offers with varying requirements.
How to calculate assets for credit card?
You’ll need to talk to a CPA or business accountant to understand what assets you specifically can use when you’re calculating your assets for a credit card, as the restrictions and qualifications on assets can be very specific and technical.
Financial Advisor - MoneyBeagle.com
David is our in-house financial advisor with years of experience in the credit card industry. He became interested in credit cards after working for several years at a major bank. He holds a Masters Degree in Finance.