diff --git "a/6661fe49-f687-47f2-b16e-bf3c06de9d9c.json" "b/6661fe49-f687-47f2-b16e-bf3c06de9d9c.json" new file mode 100644--- /dev/null +++ "b/6661fe49-f687-47f2-b16e-bf3c06de9d9c.json" @@ -0,0 +1,40 @@ +{ + "interaction_id": "6661fe49-f687-47f2-b16e-bf3c06de9d9c", + "search_results": [ + { + "page_name": "Monthly Credit Card Interest Calculator - Cardratings.com", + "page_url": "https://www.cardratings.com/credit-card-interest-calculator.html", + "page_snippet": "For example, let's say your balance is $1,000 and your APR is 16.99% Divide your APR by 12 (for the 12 months of the year): 16.99% / 12 = about 1.42% Multiply that number by your current balance. Remember, to multiply percentages, you have to move the decimal two places to the left.How to calculate interest based on a monthly periodic rate method \u00b7 Locate your balance and current APR on your credit card statement. For example, let's say your balance is $1,000 and your APR is 16.99% Divide your APR by 12 (for the 12 months of the year): 16.99% / 12 = about 1.42% Multiply that number by your current balance. Remember, to multiply percentages, you have to move the decimal two places to the left. For this example that means multiply $1,000 (your balance) by .0142 to get $14.20 interest for that month Divide your APR by 12 (for the 12 months of the year): 16.99% / 12 = about 1.42% Multiply that number by your current balance. Remember, to multiply percentages, you have to move the decimal two places to the left. For this example that means multiply $1,000 (your balance) by .0142 to get $14.20 interest for that month \u00b7 How to calculate interest based on a daily periodic rate method For this example that means multiply $1,000 (your balance) by .0142 to get $14.20 interest for that month \u00b7 How to calculate interest based on a daily periodic rate method \u00b7 Locate your balance, current APR and number of days in your billing cycle on your credit card statement. Again, let's stick with a balance of $1,000 and an APR of 16.99. Divide your APR by 365 (for the 365 days of the year): 16.99% / 365 = about .0465% for your daily APR \u00b7 Multiply your daily APR (.0465%) by your balance ($1,000) to find your daily periodic rate. In this case, $1,000 x .000465 (we moved that decimal point because it's a percentage) = $0.47 for your daily periodic rate. To find the interest due, multiply your daily periodic rate by the number of days in your billing cycle; therefore, 30 days x $0.47 = $14.10 in interest.", + "page_result": "\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n \n \n \n \n\n \n\n\t\n\tMonthly Credit Card Interest Calculator - Cardratings.com\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\t\t\r\n\t\t \n\n \n\n
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Monthly Credit Card Interest Calculator

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The CardRatings credit card interest calculator offers a ballpark figure using a daily periodic rate calculation. It assumes a consistent APR and balance throughout the billing cycle. Your situation may vary depending on several factors including additional purchases or payments made throughout each cycle.

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Enter your outstanding balance, your card’s annual interest rate (APR), and the number of days in your billing cycle. After inputting these values, the calculator will provide you with an estimate of your monthly interest charges, empowering you to make informed decisions about managing your credit card debt.

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in interest this month.
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When used responsibly credit cards can be incredibly valuable tools. If you're only paying your minimum monthly balance though, interest charges can quickly get out of control.

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This can especially be true if you have a rewards credit card. It's easy to overlook interest charges when you're racking up miles, points or cash back each month; however, if you aren't heavily paying down your balance, interest charges can quickly offset any rewards you might earn.

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The most obvious way to avoid paying interest charges is to pay off your credit card balance in full each month, but we get that this isn't always a realistic option. Even paying more than the minimum balance due can be difficult sometimes.

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If you are able, though, do your best to pay your statement in full each month, or at least pay off as much of your balance as you can. And to be proactive, it's best to not charge more to your card each month than you know you can afford to pay off when your statement rolls around. But again, we get this isn't always feasible, and sometimes, things happen.

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One motivating factor to pay your balance off is to actually see how much extra you're paying each month in interest charges. The CardRatings credit card interest calculator is an easy way to do this.

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Frequently asked questions

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\n How to calculate credit card interest\n

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Banks use a couple of different methods to calculate interest; generally, either a Daily Periodic Rate or a Monthly Periodic Rate. You can check your cardholder agreement or a statement to understand which your bank uses. The CardRatings credit card interest calculator uses the Daily Periodic Rate method to estimate the interest you'll pay.

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How to calculate interest based on a monthly periodic rate method

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  1. Locate your balance and current APR on your credit card statement. For example, let's say your balance is $1,000 and your APR is 16.99%
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  2. Divide your APR by 12 (for the 12 months of the year): 16.99% / 12 = about 1.42%
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  3. Multiply that number by your current balance. Remember, to multiply percentages, you have to move the decimal two places to the left. For this example that means multiply $1,000 (your balance) by .0142 to get $14.20 interest for that month
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How to calculate interest based on a daily periodic rate method

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  1. Locate your balance, current APR and number of days in your billing cycle on your credit card statement. Again, let's stick with a balance of $1,000 and an APR of 16.99. Let's say your billing cycle was 30 days.
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  2. Divide your APR by 365 (for the 365 days of the year): 16.99% / 365 = about .0465% for your daily APR
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  3. Multiply your daily APR (.0465%) by your balance ($1,000) to find your daily periodic rate. In this case, $1,000 x .000465 (we moved that decimal point because it's a percentage) = $0.47 for your daily periodic rate.
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  4. To find the interest due, multiply your daily periodic rate by the number of days in your billing cycle; therefore, 30 days x $0.47 = $14.10 in interest.
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  5. Keep in mind: With the daily period rate, your balance will increase each day by the amount of interest charged for the previous day – it's called compounding interest. For instance, based on our example above, if your balance was $1,000 on day one, it will be $1,000.47 on day two and so on. The CardRatings calculator takes this into account.
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The methods above are intended to give you a general idea of the process. They assume you aren't making payments or additional purchases throughout the billing cycle. Credit card issuers could use a daily average balance calculation, which means they average your balance out over your billing cycle to find your interest due. Or, they could use a daily balance method that individually considers your balance on each day of your cycle to find the amount of interest due, in which case, making a payment toward your balance at the beginning of a billing cycle could actually save your money.

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\n How to use this credit card interest calculator\n

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There are three bits of information that are necessary to see how much interest you'd pay based on your monthly payment, or in a specific period of time:

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Step 1: Enter your current balance on your credit card. Find the total amount of your current balance on your credit card statement and enter that amount in the first field. Do not include a dollar sign or commas in your entry, but you can include a decimal.

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Step 2: Enter the current interest rate charged by your credit card. Your interest rate may be expressed on your statement as APR, or annual percentage rate. This may have changed since you first signed up for the card, so check your latest statement for the current rate. Enter the percentage interest rate without adding a percent sign.

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Step 3: Enter the number of days in your billing cycle. You can find that on your statement.

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Now click on the \"Calculate\" button and in the dark blue bar just below you'll see the amount you'll pay in interest for the month.

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\n What is variable APR?\n

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Credit card’s often feature variable APRs (annual percentage rates). “Variable” means that your card’s APR isn’t set, and can change. How and when the rate can change will be spelled out in your cardholder agreement.

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Typically speaking, credit card issuers set their variable rates at a certain percentage plus the current prime rate. The prime rate is the interest rate used by commercial banks. It is based on an interest rate known as the federal funds rate, which is set by the Federal Reserve.

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Most credit cards feature a credit score range, with more favorable rates being reserved for those with higher credit scores. For example, someone with excellent credit might get a variable APR that is the prime rate plus 10%, while someone with good credit might get the same credit card but have an APR of the prime rate plus 20%. In both cases, an increase in the prime rate can result in an increase in the variable APR.

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Learn more about variable APR.

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\n What is the average credit card interest rate?\n

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The average credit card interest rate in Q1 2023 was 25.03% according to a quarterly CardRatings.com study.

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\n When do you pay interest on a credit card?\n

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Thanks to your credit card grace period, that is, the time between your credit card statement closing date and when your bill is due, credit card interest does not accrue right away. That said, you have your grace period, generally around 21 days, to pay off your balance before interest charges apply. The due date on your statement is the end of your grace period. If you’ve not paid your balance by this date, this is when interest will start accruing.

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\n How do you lower your credit card interest rate?\n

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The better your credit score, the more likely you’ll earn a favorable interest rate. That said, one of the best ways you can lower your credit card interest rate is to maintain a good credit score. You can do this by paying your balance on time, carrying a low balance, and keeping a low credit utilization ratio.

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You can also take advantage of promotional APR offers. If you need to make a large purchase and need extra time to pay it off, consider a 0% intro APR credit card which offers an interest-free promotional period on purchases before regular APR applies. Alternatively, you could take advantage of a balance transfer offer which would allow you to transfer a high-interest debt to a card offering 0% intro APR, thus giving you time to pay off your balance interest-free.

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Finally, you can ask your credit card issuer to lower your rate. There’s no guarantee that this route will prove successful, buf if you have demonstrated responsible spending habits, your lender may be willing to consider your plea.

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\n How do you avoid interest charges on credit card?\n

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As we mentioned above, the best way to avoid paying credit card interest is to avoid carrying a balance altogether, but again, we get this isn't always possible.

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If you can't pay off your balance in full, do be sure to try and pay it down as much as you can, and if that's still not feasible, consider transferring your balance to a balance transfer credit card with a 0% intro APR period to give yourself some more time.

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The ® Card\">CardName® Card\">discontinued, for example, offers 0% intro APR on balance transfers for 18 months. Eighteen months is a solid period of time to pay down a balance while saving yourself some money on interest charges. Just be aware though that once the intro period expires, standard ® Card\">RegAPR APR applies, so it's important to pay off your balance in full within the intro time frame to avoid paying any interest once it expires. Citi is a CardRatings advertiser.

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This card also earns up to 2% cash back – unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, just pay at least the minimum due on time.

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Keep in mind though that these new purchases will accrue interest if you're not paying them off in full each month, so if your primary purpose is to avoid paying interest fees, and you can't pay off your balance in full each month, it might be best to just use this card for its intro 0% balance transfer APR offer until you can get your finances under control.

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It's also important to note that there is a balance transfer fee: ® Card\">BalanceTransferFees This is to be expected with balance transfer credit cards though.

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If you're worried about running up new interest charges with your purchases, Citi also offers another option which might make more sense for you: the ® Diamond Preferred® Card\">CardName® Diamond Preferred® Card\">discontinued.

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This card also earns up to 2% cash back – unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, just pay at least the minimum due on time.

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Be sure to explore all of our balance transfer credit cards for more options.

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When figuring out how to minimize the amount of interest you're paying, just remember, the minimum payment on your credit card statement is designed to meet the credit card company's goal of maximizing the amount of interest they earn. By using this calculator and visualizing how much money you can save, you're one step closer to meeting your goal of getting out from under the shadow of credit card debt.

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\n What are the best low-interest credit cards?\n

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The best low-interest credit cards offer below-average rates, and often feature no annual fees, extra card perks and features, and even the opportunity to earn rewards.

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Cards by category from our partners

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\n*Disclaimer: Savings vary depending on account usage and payment behavior.
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How we calculate savings
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How we calculate savings: Our algorithm factors in the introductory balance transfer rate, length of the introductory period, balance transfer fee, ongoing interest rate, annual fee and data entered into the filter in order calculate savings and the time needed to pay off a balance. The algorithm is designed to yield reasonably accurate results.

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About Our Ratings
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Our editors rate credit cards objectively based on the features the credit card offers consumers, the fees and interest rates, and how a credit card compares with other cards in its category. Ratings vary by category, and the same card may receive a certain number of stars in one category and a higher or lower number in another.

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The ratings are the expert opinion of our editors, and not influenced by any remuneration this site may receive from card issuers.

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Advertisers in our database are highlighted, and advertisements include an option to apply using links on our site. CardRatings.com may be compensated by companies mentioned on the site when a user's application is accepted or approved by such companies.

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n", + "page_last_modified": "" + }, + { + "page_name": "Interest Calculator", + "page_url": "https://www.calculator.net/interest-calculator.html", + "page_snippet": "Free compound interest calculator to find the interest, final balance, and schedule using either a fixed initial investment and/or periodic contributions.Derek's interest charge at the end of year 2 is $11. This is added to what is owed after year 1: ... When the loan ends, the bank collects $121 from Derek instead of $120 if it were calculated using simple interest instead. This is because interest is also earned on interest. The more frequently interest is compounded within a time period, the higher the interest will be earned on an original principal. The following is a graph showing just that, a $1,000 investment at various compounding frequencies earning 20% interest. It will take 9 years for the $1,000 to become $2,000 at 8% interest. This formula works best for interest rates between 6 and 10%, but it should also work reasonably well for anything below 20%. LIBOR is a commercial rate calculated from prevailing interest rates between highly credit-worthy institutions. Our Interest Calculator deals with fixed interest rates only. Our Interest Calculator above allows periodic deposits/contributions. This is useful for those who have the habit of saving a certain amount periodically. An important distinction to make regarding contributions is whether they occur at the beginning or end of compounding periods. Periodic payments that occur at the end have one less interest period total per contribution. Let's assume that Derek wanted to borrow $100 for two years instead of one, and the bank calculates interest annually. He would simply be charged the interest rate twice, once at the end of each year. ... Derek owes the bank $120 two years later, $100 for the principal and $20 as interest. ... When more complicated frequencies of applying interest are involved, such as monthly or daily, use the formula:", + "page_result": "\r\n\r\n\r\n\tInterest Calculator\r\n\t\r\n\t\t\r\n\t\r\n\t\r\n\t\r\n\r\n
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Interest Calculator

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This Compound Interest Calculator can help determine the compound interest accumulation and final balances on both fixed principal amounts and additional periodic contributions. There are also optional factors available for consideration, such as the tax on interest income and inflation.

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Initial investment
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Results

Ending balance$54,535.20
Total principal$45,000.00
Total contributions$25,000.00
Total interest$9,535.20
Interest of initial investment$5,525.63
Interest of the contributions$4,009.56
Buying power of the end balance after inflation adjustment$47,042.54

$20,000.00 (37%)');\" onmouseout=\"ttpieHideTT();\" />$25,000.00 (46%)');\" onmouseout=\"ttpieHideTT();\" />$9,535.20 (17%)');\" onmouseout=\"ttpieHideTT();\" />$20,000.00 (37%)');\" onmouseout=\"ttpieHideTT();\">37%$25,000.00 (46%)');\" onmouseout=\"ttpieHideTT();\">46%$9,535.20 (17%)');\" onmouseout=\"ttpieHideTT();\">17%Initial investmentContributionsInterest
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Accumulation Schedule

Year$0$10K$20K$30K$40K$50K12345Total: $26,250.00
 Interest: $1,250.00
 Contributions: $5,000.00
 Initial investment: $20,000.00
');\" onmouseout=\"ttvbarHideTT();\">Total: $32,812.50
 Interest: $2,812.50
 Contributions: $10,000.00
 Initial investment: $20,000.00
');\" onmouseout=\"ttvbarHideTT();\">Total: $39,703.13
 Interest: $4,703.13
 Contributions: $15,000.00
 Initial investment: $20,000.00
');\" onmouseout=\"ttvbarHideTT();\">Total: $46,938.28
 Interest: $6,938.28
 Contributions: $20,000.00
 Initial investment: $20,000.00
');\" onmouseout=\"ttvbarHideTT();\">Total: $54,535.20
 Interest: $9,535.20
 Contributions: $25,000.00
 Initial investment: $20,000.00
');\" onmouseout=\"ttvbarHideTT();\">Initial investmentContributionsInterest


MonthDepositInterestEnding balance
1$25,000.00$101.85$25,101.85
2$0.00$102.27$25,204.12
3$0.00$102.68$25,306.81
4$0.00$103.10$25,409.91
5$0.00$103.52$25,513.43
6$0.00$103.94$25,617.38
7$0.00$104.37$25,721.75
8$0.00$104.79$25,826.54
9$0.00$105.22$25,931.76
10$0.00$105.65$26,037.41
11$0.00$106.08$26,143.49
12$0.00$106.51$26,250.00
End of year 1
13$5,000.00$127.32$31,377.32
14$0.00$127.84$31,505.15
15$0.00$128.36$31,633.51
16$0.00$128.88$31,762.39
17$0.00$129.40$31,891.79
18$0.00$129.93$32,021.72
19$0.00$130.46$32,152.18
20$0.00$130.99$32,283.17
21$0.00$131.53$32,414.70
22$0.00$132.06$32,546.76
23$0.00$132.60$32,679.36
24$0.00$133.14$32,812.50
End of year 2
25$5,000.00$154.05$37,966.55
26$0.00$154.68$38,121.23
27$0.00$155.31$38,276.54
28$0.00$155.94$38,432.49
29$0.00$156.58$38,589.07
30$0.00$157.22$38,746.28
31$0.00$157.86$38,904.14
32$0.00$158.50$39,062.64
33$0.00$159.15$39,221.79
34$0.00$159.79$39,381.58
35$0.00$160.45$39,542.03
36$0.00$161.10$39,703.13
End of year 3
37$5,000.00$182.13$44,885.25
38$0.00$182.87$45,068.12
39$0.00$183.61$45,251.73
40$0.00$184.36$45,436.09
41$0.00$185.11$45,621.21
42$0.00$185.87$45,807.07
43$0.00$186.62$45,993.70
44$0.00$187.38$46,181.08
45$0.00$188.15$46,369.23
46$0.00$188.91$46,558.14
47$0.00$189.68$46,747.82
48$0.00$190.46$46,938.28
End of year 4
49$5,000.00$211.60$52,149.88
50$0.00$212.47$52,362.35
51$0.00$213.33$52,575.68
52$0.00$214.20$52,789.88
53$0.00$215.07$53,004.95
54$0.00$215.95$53,220.90
55$0.00$216.83$53,437.73
56$0.00$217.71$53,655.44
57$0.00$218.60$53,874.04
58$0.00$219.49$54,093.53
59$0.00$220.38$54,313.91
60$0.00$221.28$54,535.20
End of year 5
YearDepositInterestEnding balance
1$25,000.00$1,250.00$26,250.00
2$5,000.00$1,562.50$32,812.50
3$5,000.00$1,890.63$39,703.13
4$5,000.00$2,235.16$46,938.28
5$5,000.00$2,596.91$54,535.20
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RelatedInvestment Calculator | Average Return Calculator | ROI Calculator
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Interest is the compensation paid by the borrower to the lender for the use of money as a percent or an amount. The concept of interest is the backbone behind most financial instruments in the world.

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There are two distinct methods of accumulating interest, categorized into simple interest or compound interest.

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Simple Interest

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The following is a basic example of how interest works. Derek would like to borrow $100 (usually called the principal) from the bank for one year. The bank wants 10% interest on it. To calculate interest:

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$100 × 10% = $10

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This interest is added to the principal, and the sum becomes Derek's required repayment to the bank one year later.

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$100 + $10 = $110

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Derek owes the bank $110 a year later, $100 for the principal and $10 as interest.

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Let's assume that Derek wanted to borrow $100 for two years instead of one, and the bank calculates interest annually. He would simply be charged the interest rate twice, once at the end of each year.

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$100 + $10(year 1) + $10(year 2) = $120

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Derek owes the bank $120 two years later, $100 for the principal and $20 as interest.

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The formula to calculate simple interest is:

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interest = principal × interest rate × term

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When more complicated frequencies of applying interest are involved, such as monthly or daily, use the formula:

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interest = principal × interest rate ×
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frequency
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However, simple interest is very seldom used in the real world. Even when people use the everyday word 'interest,' they are usually referring to interest that compounds.

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Compound Interest

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Compounding interest requires more than one period, so let's go back to the example of Derek borrowing $100 from the bank for two years at a 10% interest rate. For the first year, we calculate interest as usual.

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$100 × 10% = $10

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This interest is added to the principal, and the sum becomes Derek's required repayment to the bank for that present time.

\r\n

$100 + $10 = $110

\r\n

However, the year ends, and in comes another period. For compounding interest, rather than the original amount, the principal + any interest accumulated since is used. In Derek's case:

\r\n

$110 × 10% = $11

\r\n

Derek's interest charge at the end of year 2 is $11. This is added to what is owed after year 1:

\r\n

$110 + $11 = $121

\r\n

When the loan ends, the bank collects $121 from Derek instead of $120 if it were calculated using simple interest instead. This is because interest is also earned on interest.

\r\n

The more frequently interest is compounded within a time period, the higher the interest will be earned on an original principal. The following is a graph showing just that, a $1,000 investment at various compounding frequencies earning 20% interest.

\r\n\r\n


\"interest

There is little difference during the beginning between all frequencies, but over time they slowly start to diverge. This is the power of compound interest everyone likes to talk about, illustrated in a concise graph. The continuous compound will always have the highest return due to its use of the mathematical limit of the frequency of compounding that can occur within a specified time period.

\r\n\r\n

The Rule of 72

\r\n

Anyone who wants to estimate compound interest in their head may find the rule of 72 very useful. Not for exact calculations as given by financial calculators, but to get ideas for ballpark figures. It states that in order to find the number of years (n) required to double a certain amount of money with any interest rate, simply divide 72 by that same rate.

\r\n

Example: How long would it take to double $1,000 with an 8% interest rate?

\r\n\r\n\r\n\r\n\r\n
n =
72
8
 = 9
\r\n

It will take 9 years for the $1,000 to become $2,000 at 8% interest. This formula works best for interest rates between 6 and 10%, but it should also work reasonably well for anything below 20%.

\r\n\r\n

Fixed vs. Floating Interest Rate

\r\n

The interest rate of a loan or savings can be \"fixed\" or \"floating.\" Floating rate loans or savings are normally based on some reference rate, such as the U.S. Federal Reserve (Fed) funds rate or the LIBOR (London Interbank Offered Rate). Normally, the loan rate is a little higher, and the savings rate is a little lower than the reference rate. The difference goes to the profit of the bank. Both the Fed rate and LIBOR are short-term inter-bank interest rates, but the Fed rate is the main tool that the Federal Reserve uses to influence the supply of money in the U.S. economy. LIBOR is a commercial rate calculated from prevailing interest rates between highly credit-worthy institutions. Our Interest Calculator deals with fixed interest rates only.

\r\n\r\n

Contributions

\r\n

Our Interest Calculator above allows periodic deposits/contributions. This is useful for those who have the habit of saving a certain amount periodically. An important distinction to make regarding contributions is whether they occur at the beginning or end of compounding periods. Periodic payments that occur at the end have one less interest period total per contribution.

\r\n\r\n

Tax Rate

\r\n

Some forms of interest income are subject to taxes, including bonds, savings, and certificate of deposits(CDs). In the U.S., corporate bonds are almost always taxed. Certain types are fully taxed while others are partially taxed; for example, while interest earned on U.S. federal treasury bonds may be taxed at the federal level, they are generally exempt at the state and local level. Taxes can have very big impacts on the end balance. For example, if Derek saves $100 at 6% for 20 years, he will get:

\r\n

$100 × (1 + 6%)20 = $320.71

\r\n

This is tax-free. However, if Derek has a marginal tax rate of 25%, he will end up with $239.78 only because the tax rate of 25% applies to each compounding period.

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Inflation Rate

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Inflation is defined as a sustained increase in the prices of goods and services over time. As a result, a fixed amount of money will relatively afford less in the future. The average inflation rate in the U.S. in the past 100 years has hovered around 3%. As a tool of comparison, the average annual return rate of the S&P 500 (Standard & Poor's) index in the United States is around 10% in the same period. Please refer to our Inflation Calculator for more detailed information about inflation.

\r\n

For our Interest Calculator, leave the inflation rate at 0 for quick, generalized results. But for real and accurate numbers, it is possible to input figures in order to account for inflation.

\r\n

Tax and inflation combined make it hard to grow the real value of money. For example, in the United States, the middle class has a marginal tax rate of around 25%, and the average inflation rate is 3%. To maintain the value of the money, a stable interest rate or investment return rate of 4% or above needs to be earned, and this is not easy to achieve.

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\r\nFinancial\r\nFitness & Health\r\nMath\r\nOther\r\n
\r\n\r\n\r\n", + "page_last_modified": "" + }, + { + "page_name": "Credit Card Calculator", + "page_url": "https://www.calculator.net/credit-card-calculator.html", + "page_snippet": "Free credit card calculator to find the time it will take to pay off a balance, or the amount necessary to pay it off within a certain time frame.Note that credit card interest rates tend to be relatively high compared to other common loans such as mortgages, car loans, or student loans, and as such, the balance should ideally be paid off monthly to avoid paying large amounts of interest. Examples of credit card issuers include banks, credit unions, or retailers, and examples of credit card networks include Visa or MasterCard. American Express and Discover are both issuers and networks. Networks charge a small fee (<3%) for handling the processing of the transactions. Issuers profit from interest payments on revolving balances, late fees, annual membership fees, fees for cash withdrawals, interchange fees, etc. Issuers profit from interest payments on revolving balances, late fees, annual membership fees, fees for cash withdrawals, interchange fees, etc. ... Different cards offer varying rates of interest, often referred to as the annual percentage rate, or APR. Some cards have variable APRs, based on specific indexes, and others have fixed APRs. Exceeding the limit may require the credit card holder to pay a credit limit fee. At the end of the month, the credit card holder can choose to repay the entire amount or leave an unpaid balance that is subject to interest until it is paid off. Note that credit card interest rates tend to be relatively high compared to other common loans such as mortgages, car loans, or student loans, and as such, the balance should ideally be paid off monthly to avoid paying large amounts of interest. People who carry revolving credit month-to-month can probably consider applying for a favorable balance-transfer credit card, usually in the form of one with a low or zero introductory rate. For instance, a spender who has accrued lots of debt on a high-interest rewards credit card may want to apply for a credit card geared for balance transfers, which usually comes with a period of interest-free accumulation of debt. The interest-free period is generally 6-21 months, after which the credit card will require payment of interest on top of the principal.", + "page_result": "\r\n\r\n\r\n\tCredit Card Calculator\r\n\t\r\n\t\t\r\n\t\r\n\t\r\n\t\r\n\r\n
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\"Calculator.net\"
\r\n\t\t\t
\r\n
\r\n
\r\n

Credit Card Calculator

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This calculator helps find the time it will take to pay off a balance or the amount necessary to pay it off within a certain time frame. To evaluate the repayment of multiple credit cards, please use our credit card payoff calculator.

\"Modify
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Credit card balance
Interest rate
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How do you plan to payoff?
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or use\r\n\t\t\t\t\t\tInterest + 1% of Balance,\r\n\t\t\t\t\t\t2%,\r\n\t\t\t\t\t\t3%,\r\n\t\t\t\t\t\t4%,\r\n\t\t\t\t\t\t5%\r\n\t\t\t\t\t
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payoff inyearsmonths
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Credit Cards

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A credit card is a small plastic card issued by a bank, business, or other organization, allowing the holder to make purchases or withdrawals on credit, which is a form of unsecured loan from the issuer. There is a maximum amount of credit that a card can provide, called a credit limit, which should not be surpassed. Exceeding the limit may require the credit card holder to pay a credit limit fee. At the end of the month, the credit card holder can choose to repay the entire amount or leave an unpaid balance that is subject to interest until it is paid off. Note that credit card interest rates tend to be relatively high compared to other common loans such as mortgages, car loans, or student loans, and as such, the balance should ideally be paid off monthly to avoid paying large amounts of interest. Examples of credit card issuers include banks, credit unions, or retailers, and examples of credit card networks include Visa or MasterCard. American Express and Discover are both issuers and networks. Networks charge a small fee (<3%) for handling the processing of the transactions. Issuers profit from interest payments on revolving balances, late fees, annual membership fees, fees for cash withdrawals, interchange fees, etc.

\r\n

APR

\r\n

Different cards offer varying rates of interest, often referred to as the annual percentage rate, or APR. Some cards have variable APRs, based on specific indexes, and others have fixed APRs. There are some credit cards that are specifically advertised as having a zero, introductory, annual percentage rate (APR).

\r\n

Cash Advances

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It is possible to withdraw credit from a credit card for physical cash. This is called a cash advance, and they usually have very high APRs. There is no grace period as interest accumulates immediately, cash advances don't count towards rewards, and there is usually a cash advance fee. On top of that, the ATM used will probably also charge a fee. Normally, credit card cash advances are not very advantageous, and should generally be reserved for emergencies.

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Balance Transfers

\r\n

It is possible to transfer the balance from one credit card to another. People who carry revolving credit month-to-month can probably consider applying for a favorable balance-transfer credit card, usually in the form of one with a low or zero introductory rate. For instance, a spender who has accrued lots of debt on a high-interest rewards credit card may want to apply for a credit card geared for balance transfers, which usually comes with a period of interest-free accumulation of debt. The interest-free period is generally 6-21 months, after which the credit card will require payment of interest on top of the principal. Some cards can charge a fee of 3% or 4% of the total amount transferred. Try to avoid these unless the low or zero interest provides a bigger financial incentive to do so. Balance transfers generally do not count towards rewards or cashback features.

\r\n

Most people also have debit cards that look and function very similarly to a credit card. Banks or financial institutions provide debit cards with checking accounts, which allow purchases or withdrawals to be made that are deducted directly from the checking account. There is usually no fee associated with debit card purchases or withdrawals except under certain circumstances such as use in a foreign country or withdrawals from third-party ATMs.

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Advantages

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Different types of credit cards (each type is in a section below with more details) have different advantages. Some of these are listed below.

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    \r\n\t
  • Used as a Loan—Spending with a credit card is spending on credit, meaning that the money is borrowed. If the cardholder needs to make a purchase, but for some reason may not have sufficient funds, they may pay for it using a credit card, and pay back the borrowed amount later.
    • \r\n\t
  • Safety and Convenience—Carrying a credit card is more convenient than a wad of cash and pocket full of coins, and also safer because theft is less likely in situations involving a credit card rather than cash. Transactions made on a stolen credit card are not the liability of the cardholder (if they notify the issuer immediately that their card was stolen), whereas stolen cash ends up as a loss in almost all cases.
    • \r\n\t
  • Fraud—When a fraudulent charge is involved, the issuer, not the credit card holder, is liable for fixing the situation. Under the Fair Credit Billing Act (FCBA), a credit card holder's maximum liability for fraudulent transactions is $50, although most credit cards have zero liability for all fraudulent transactions. This tends to be a very handy perk to have in situations where the card is stolen, the holder has unknowingly made a transaction with a fraudulent merchant, or when disputing a transaction. In the case of a debit card, the holder will likely go through the difficult task of sorting out these situations themselves in order to retrieve the lost funds.
    • \r\n\t
  • Discount on All Purchases—While most debit cards do not have a cashback perk on all incurred transactions, it is somewhat common for credit cards to carry a discount, such as 1%, in the form of cashback on transactions. Some even go as high as 2% or more. If a person pays off all their expenses (groceries, utility bills, etc.) on such credit cards, they effectively receive a discount on everything. As an example, if a person has monthly expenses of $3,000, by using a 2% cashback credit card, they will save $720 a year just by using it.
    • \r\n\t
  • Purchase Protection—Almost all credit cards offer some sort of purchase protection, and they are put in place to protect the cardholder against specific transactions. Types of purchase protection vary from network to network, and purchases must be made on the specific credit card in order for protection to apply. The following are some examples of purchase protection:\r\n\t
      \r\n\t\t
    • Re-pricing of goods that have since dropped in price.
      • \r\n\t\t
    • Removal of holder liability for purchased goods that are damaged, defective, lost, or stolen. Claiming an item as lost or stolen requires a clear indication of loss or theft, and the latter will usually involve a police report. Not all items are covered, and it is best to consult the terms and agreements or contact the customer service department of the issuer for more details.
      • \r\n\t\t
    • Extension of the length of the original manufacturer's warranty, usually for one or two years. The limit on each claim is typically $10,000 with a $50,000 annual cap on the entire account. Generally, the purchased items must be new (not used or floor models), and the original manufacturer's warranty must not cover a period longer than 12 months.
      • \r\n\t\t
    • Refunding an item if the merchant won't accept the request for a refund. In most cases, issuers allow 60 to 90 days to file a request, and certain items such as jewelry, perishables, and tickets are not covered.
      • \r\n\t
    • \r\n\t
  • Perks—Credit cards also tend to come with certain perks that vary from issuer to issuer and credit card to credit card. In general, credit cards with annual fees will have more perks, and each perk will have more benefits. For instance, a credit card with no annual fee may provide basic roadside assistance such as towing, tire replacement, and jump-starting a vehicle, but a $450 annual fee card may additionally include fuel delivery, locksmith services, and battery replacement. Perks may be any of the following:\r\n\t
      \r\n\t\t
    • Rental insurance—Car rentals can be insured, and a credit card can be used to pay for car rental insurance if the entire cost of the rental is charged to that specific credit card.\r\n\t\t
    • Concert tickets—Some credit cards may offer presale concert tickets to card members well before they are actually available to the public for purchase. This comes in handy for extremely sought-after tickets that tend to be sold out quickly.\r\n\t\t
    • Roadside assistance—Many credit cards offer emergency help for card members who find themselves stuck on the side of the road, similar to an AAA membership (offered in the U.S.) that requires an annual fee.\r\n\t\t
    • Travel insurance—Oftentimes, travelers may find that they need to cancel or delay a flight due to sickness or another situation. This usually results in a financial loss that can't be recuperated, but some credit cards offer trip cancellation perks as long as the trip was paid for using that specific credit card.\r\n\t\t
    • Luggage—Lost or stolen luggage may be covered if the entire purchase was paid for by a credit card with lost luggage protection. Also, some credit cards help waive checked bag fees. These perks are generally found more with travel rewards cards.\r\n\t\t
    • Free Admission—Admission to museums, art galleries, botanical gardens, and other venues may be free of charge to certain cardmembers. Free admission is generally limited to the first weekend of the month.\r\n\t
    • \r\n\t
  • Improve Credit Rating—By using a credit card responsibly, one can also improve their credit rating, resulting in drastic savings through more favorable loans when the time comes to buy a car or home. Generally, the better a person's credit score, the better the range of credit cards they will qualify for. Excellent credit allows access to credit cards with generous rewards rates, a plethora of perks, and the lowest rates.
    • \r\n
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Disadvantages

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Impulsive use of credit cards can cause people to find themselves in financial trouble. It is understandably easy for credit card holders to use them recklessly and to be suddenly confronted with payments that can't be met each month. This is playing right into the hands of the issuers because they make their profits from insolvency. Not only will this spell financial trouble for most people, but their credit scores will also be affected negatively due to late or missing payments.

\r\n

In the case that a credit card holder falls very deeply into debt, debt consolidation, which is a method of combining all debt under a new line of credit, can offer temporary relief. For more information or to do calculations involving debt consolidation, please visit the Debt Consolidation Calculator. However, for the average Joe, the most effective approach is probably to scale back standards of living and work diligently towards paying back all debts, preferably starting on the highest APRs first. People who find themselves in this situation should also consider getting a secured credit card and using it in a responsible manner to immediately begin repairing their damaged credit score. For more information about or to do calculations involving paying off multiple credit cards, please visit the Credit Cards Payoff Calculator.

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Although undisciplined use of credit cards can result in significant debt, when credit cards are used responsibly, they can be an excellent payment method.

\r\n\r\n

Types of Credit Cards

\r\n

Different types of credit cards suit the needs of different types of spenders. For simplicity, it would be wise to find one that aligns best with the user's financial intentions; for instance, a person who is not an extravagant spender and not interested in anything except getting the best bang for their buck can probably live with just a no-fee cash back card. However, it is very possible for people to carry multiple credit cards for their different advantages, even if it requires a bit of management. What's important is that they are all paid off in a timely manner.

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Cashback: These offer cashback on all purchases, usually 1%, 1.5%, or 2%. Another type may have up to 5% cashback on selected categories of merchandise or services, which normally rotate quarterly.

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Rewards: These make up the bulk of most credit cards. The types of rewards usually range between airline miles, hotel bookings, and dining benefits. Credit cards that offer more rewards or miles will generally require annual fees, and it is up to each spender to evaluate their spending habits to decide whether a no- or low-fee card with low rewards is preferable to a high-fee card with high rewards.

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Charge: These usually work the same way as any other credit card, except that they have either no spending limits or very high limits, and balances cannot be rolled over from one month to the next. It is expected for the holder to pay the balance in full at the end of every month. The only real benefit of having one is the heavy spending a charge card allows; just make sure to pay it in full at the end of every month.

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Balance Transfer: These are best for spenders who plan on carrying lots of credit card debt in the future because the interest rates on credit cards are quite high. It is possible to transfer an existing balance from one credit card to another. Unlike most credit cards, some carry low, or even zero, introductory APRs for the first 6-21 months, which allows the holder to effectively roll debt from one card to another without paying interest. Balance transfer credit cards are typically more useful for people who have significant amounts of existing debt on high APR cards.

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Secured: Secured credit cards are useful for younger people with no credit history who are interested in getting started or people with bad credit history. To be issued a secured credit card, the applicant must make a security deposit that acts as collateral; if they prove to be financially responsible with the secured credit card and no longer wish to use it (as there are many other credit cards on the market to be had that do not require a security deposit after the requisite credit score), they can close the account and receive their deposit back.

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Prepaid: A prepaid credit card is more akin to a debit card in that it is preloaded with an amount to be used, and cannot exceed this amount. In general, there are reloadable cards, multi-use cards, and single-use cards. These are often given as gifts or mailed back from companies as compensation for rebates on their purchased goods.

\r\n

Store: Some retail stores issue credit cards that offer big discounts only at that particular chain. They are usually offered at department stores by a cashier during checkout and packaged with a discount like 10% on the sum of purchases. These tend to be more useful for users that shop at the stores frequently enough to warrant their financial benefits. They also make good options for people with bad credit looking to rebuild because they often accept lower credit scores relative to other credit cards. However, interest rates on store credit cards are generally higher than other types of credit cards.

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Business: There are some cards geared to help benefit business needs. They offer things such as discounts on products and services for the business, intricate ways to help track expenses, emergency travel assistance, medical assistance, and travel agent services. Business credit cards are useful for separating personal expenses from business expenses when it comes time to do taxes.

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How to Calculate Interest Charges on Credit Cards

\r\n

Average Daily Balance Method

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The most widely used method credit card issuers use to calculate the monthly interest payment is the average daily balance, or the ADB method. Since months vary in length, credit card issuers use a daily periodic rate, or DPR, to calculate the interest charges. DPR is calculated by dividing the APR by 365, which is the number of days in a year.

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Daily Periodic Rate, DPR = 
APR
365
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Then find the ADB. The equation for finding this is a bit more tedious, but just add up all the balances for each day in the statement billing cycle and divide by the total number of days in the billing cycle.

\r\n\r\n\r\n\r\n
ADB = 
(day 1 balance) + (day 2 balance) + ... + (day n balance)
number of days in the billing cycle
\r\n\r\n

Finally, multiply this by the Daily Periodic Rate calculated before it and the number of days in the billing cycle to determine the interest for that month's statement.

\r\n

Monthly interest payment = DPR × ADB × number of days in the billing cycle

\r\n

Example: Jon needs help calculating the interest payment for one of his credit cards in the month of June. It carries an APR of 15%. Calculate his DPR using the equation above:

\r\n\r\n\r\n\r\n\r\n
DPR = 
0.15
365
 = 0.00041
\r\n

During the first 15 days of the June billing cycle, there was a balance of $500. Midway through the month, Jon made a payment of $100, so the remaining 15 days had a balance of $400. Calculate his ADB utilizing the equation above:

\r\n\r\n\r\n\r\n\r\n
ADB = 
15 × 500 + 15 × 400
30
 = $450
\r\n

Multiply the DPR, ADB, and number of days in the billing cycle to find the monthly interest payment:

\r\n

Monthly interest payment = 0.00041 × 450 × 30 = $5.54

\r\n

Jon's interest payment for the month of June is $5.54.

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There are several other ways in which credit card issuers calculate the monthly interest payment, including the previous balance method and the adjusted balance method, though they aren't used all that often.

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Previous Balance Method

\r\n

Multiply the DPR by the previous month's balance by the number of days in the billing cycle. Assuming that Jon's balance at the end of the previous month was $300:

\r\n

Monthly interest payment = 0.00041 × 300 × 30 = $3.69

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Adjusted Balance Method

\r\n

Multiply the DPR by the adjusted balance, which is the previous month's balance less payments made. Then multiply that result by the number of days in the billing cycle. Assuming that Jon's balance in May was $300, but he made payments totaling $200:

\r\n

Monthly interest payment = 0.00041 × (300 - 200) × 30 = $1.23

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The calculation of monthly payments will lead providers to charge a minimum payment, which is mostly an interest payment. It is important to make this payment. Failure to do so may lead to a cancellation of the card, legal proceedings, and a steep drop in the credit rating of the holder.

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Unless a credit card has a zero or low introductory APR, interest on the balance is quite high. Credit card APRs average about 20%, which is relatively high for any loan. Good APRs average about 8-12%, though it is possible for someone with excellent credit to get even lower rates. This is because credit card debt is unsecured, meaning there is no collateral backing the loan. If the borrower defaults, the lender cannot seize any assets, and this risk is reflected in the high interest rate. Secured debt, in comparison, requires collateral, such as real estate. If the borrower defaults on the secured debt, the lender can foreclose and take possession of the real estate.

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\r\n\r\n\r\n", + "page_last_modified": "" + }, + { + "page_name": "Credit Card Calculator", + "page_url": "https://www.calculator.net/credit-card-calculator.html", + "page_snippet": "Free credit card calculator to find the time it will take to pay off a balance, or the amount necessary to pay it off within a certain time frame.Note that credit card interest rates tend to be relatively high compared to other common loans such as mortgages, car loans, or student loans, and as such, the balance should ideally be paid off monthly to avoid paying large amounts of interest. Examples of credit card issuers include banks, credit unions, or retailers, and examples of credit card networks include Visa or MasterCard. American Express and Discover are both issuers and networks. Networks charge a small fee (<3%) for handling the processing of the transactions. Issuers profit from interest payments on revolving balances, late fees, annual membership fees, fees for cash withdrawals, interchange fees, etc. Issuers profit from interest payments on revolving balances, late fees, annual membership fees, fees for cash withdrawals, interchange fees, etc. ... Different cards offer varying rates of interest, often referred to as the annual percentage rate, or APR. Some cards have variable APRs, based on specific indexes, and others have fixed APRs. Exceeding the limit may require the credit card holder to pay a credit limit fee. At the end of the month, the credit card holder can choose to repay the entire amount or leave an unpaid balance that is subject to interest until it is paid off. Note that credit card interest rates tend to be relatively high compared to other common loans such as mortgages, car loans, or student loans, and as such, the balance should ideally be paid off monthly to avoid paying large amounts of interest. People who carry revolving credit month-to-month can probably consider applying for a favorable balance-transfer credit card, usually in the form of one with a low or zero introductory rate. For instance, a spender who has accrued lots of debt on a high-interest rewards credit card may want to apply for a credit card geared for balance transfers, which usually comes with a period of interest-free accumulation of debt. The interest-free period is generally 6-21 months, after which the credit card will require payment of interest on top of the principal.", + "page_result": "\r\n\r\n\r\n\tCredit Card Calculator\r\n\t\r\n\t\t\r\n\t\r\n\t\r\n\t\r\n\r\n
\r\n\t
\r\n\t\t
\"Calculator.net\"
\r\n\t\t\t
\r\n
\r\n
\r\n

Credit Card Calculator

\r\n

This calculator helps find the time it will take to pay off a balance or the amount necessary to pay it off within a certain time frame. To evaluate the repayment of multiple credit cards, please use our credit card payoff calculator.

\"Modify
\r\n\r\n\t\r\n\t\t\r\n\t\t\r\n\t\r\n\t\r\n\t\t\r\n\t\t\r\n\t\r\n\t\r\n\t\t\r\n\t\r\n\t\r\n\t\t\r\n\t\r\n
Credit card balance
Interest rate
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How do you plan to payoff?
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\r\n\t\t\t\t\tpay per month\r\n\t\t\t\t\t
or use\r\n\t\t\t\t\t\tInterest + 1% of Balance,\r\n\t\t\t\t\t\t2%,\r\n\t\t\t\t\t\t3%,\r\n\t\t\t\t\t\t4%,\r\n\t\t\t\t\t\t5%\r\n\t\t\t\t\t
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payoff inyearsmonths
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Credit Cards

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A credit card is a small plastic card issued by a bank, business, or other organization, allowing the holder to make purchases or withdrawals on credit, which is a form of unsecured loan from the issuer. There is a maximum amount of credit that a card can provide, called a credit limit, which should not be surpassed. Exceeding the limit may require the credit card holder to pay a credit limit fee. At the end of the month, the credit card holder can choose to repay the entire amount or leave an unpaid balance that is subject to interest until it is paid off. Note that credit card interest rates tend to be relatively high compared to other common loans such as mortgages, car loans, or student loans, and as such, the balance should ideally be paid off monthly to avoid paying large amounts of interest. Examples of credit card issuers include banks, credit unions, or retailers, and examples of credit card networks include Visa or MasterCard. American Express and Discover are both issuers and networks. Networks charge a small fee (<3%) for handling the processing of the transactions. Issuers profit from interest payments on revolving balances, late fees, annual membership fees, fees for cash withdrawals, interchange fees, etc.

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APR

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Different cards offer varying rates of interest, often referred to as the annual percentage rate, or APR. Some cards have variable APRs, based on specific indexes, and others have fixed APRs. There are some credit cards that are specifically advertised as having a zero, introductory, annual percentage rate (APR).

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Cash Advances

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It is possible to withdraw credit from a credit card for physical cash. This is called a cash advance, and they usually have very high APRs. There is no grace period as interest accumulates immediately, cash advances don't count towards rewards, and there is usually a cash advance fee. On top of that, the ATM used will probably also charge a fee. Normally, credit card cash advances are not very advantageous, and should generally be reserved for emergencies.

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Balance Transfers

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It is possible to transfer the balance from one credit card to another. People who carry revolving credit month-to-month can probably consider applying for a favorable balance-transfer credit card, usually in the form of one with a low or zero introductory rate. For instance, a spender who has accrued lots of debt on a high-interest rewards credit card may want to apply for a credit card geared for balance transfers, which usually comes with a period of interest-free accumulation of debt. The interest-free period is generally 6-21 months, after which the credit card will require payment of interest on top of the principal. Some cards can charge a fee of 3% or 4% of the total amount transferred. Try to avoid these unless the low or zero interest provides a bigger financial incentive to do so. Balance transfers generally do not count towards rewards or cashback features.

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Most people also have debit cards that look and function very similarly to a credit card. Banks or financial institutions provide debit cards with checking accounts, which allow purchases or withdrawals to be made that are deducted directly from the checking account. There is usually no fee associated with debit card purchases or withdrawals except under certain circumstances such as use in a foreign country or withdrawals from third-party ATMs.

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Advantages

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Different types of credit cards (each type is in a section below with more details) have different advantages. Some of these are listed below.

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  • Used as a Loan—Spending with a credit card is spending on credit, meaning that the money is borrowed. If the cardholder needs to make a purchase, but for some reason may not have sufficient funds, they may pay for it using a credit card, and pay back the borrowed amount later.
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  • Safety and Convenience—Carrying a credit card is more convenient than a wad of cash and pocket full of coins, and also safer because theft is less likely in situations involving a credit card rather than cash. Transactions made on a stolen credit card are not the liability of the cardholder (if they notify the issuer immediately that their card was stolen), whereas stolen cash ends up as a loss in almost all cases.
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  • Fraud—When a fraudulent charge is involved, the issuer, not the credit card holder, is liable for fixing the situation. Under the Fair Credit Billing Act (FCBA), a credit card holder's maximum liability for fraudulent transactions is $50, although most credit cards have zero liability for all fraudulent transactions. This tends to be a very handy perk to have in situations where the card is stolen, the holder has unknowingly made a transaction with a fraudulent merchant, or when disputing a transaction. In the case of a debit card, the holder will likely go through the difficult task of sorting out these situations themselves in order to retrieve the lost funds.
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  • Discount on All Purchases—While most debit cards do not have a cashback perk on all incurred transactions, it is somewhat common for credit cards to carry a discount, such as 1%, in the form of cashback on transactions. Some even go as high as 2% or more. If a person pays off all their expenses (groceries, utility bills, etc.) on such credit cards, they effectively receive a discount on everything. As an example, if a person has monthly expenses of $3,000, by using a 2% cashback credit card, they will save $720 a year just by using it.
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  • Purchase Protection—Almost all credit cards offer some sort of purchase protection, and they are put in place to protect the cardholder against specific transactions. Types of purchase protection vary from network to network, and purchases must be made on the specific credit card in order for protection to apply. The following are some examples of purchase protection:\r\n\t
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    • Re-pricing of goods that have since dropped in price.
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    • Removal of holder liability for purchased goods that are damaged, defective, lost, or stolen. Claiming an item as lost or stolen requires a clear indication of loss or theft, and the latter will usually involve a police report. Not all items are covered, and it is best to consult the terms and agreements or contact the customer service department of the issuer for more details.
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    • Extension of the length of the original manufacturer's warranty, usually for one or two years. The limit on each claim is typically $10,000 with a $50,000 annual cap on the entire account. Generally, the purchased items must be new (not used or floor models), and the original manufacturer's warranty must not cover a period longer than 12 months.
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    • Refunding an item if the merchant won't accept the request for a refund. In most cases, issuers allow 60 to 90 days to file a request, and certain items such as jewelry, perishables, and tickets are not covered.
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  • Perks—Credit cards also tend to come with certain perks that vary from issuer to issuer and credit card to credit card. In general, credit cards with annual fees will have more perks, and each perk will have more benefits. For instance, a credit card with no annual fee may provide basic roadside assistance such as towing, tire replacement, and jump-starting a vehicle, but a $450 annual fee card may additionally include fuel delivery, locksmith services, and battery replacement. Perks may be any of the following:\r\n\t
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    • Rental insurance—Car rentals can be insured, and a credit card can be used to pay for car rental insurance if the entire cost of the rental is charged to that specific credit card.\r\n\t\t
    • Concert tickets—Some credit cards may offer presale concert tickets to card members well before they are actually available to the public for purchase. This comes in handy for extremely sought-after tickets that tend to be sold out quickly.\r\n\t\t
    • Roadside assistance—Many credit cards offer emergency help for card members who find themselves stuck on the side of the road, similar to an AAA membership (offered in the U.S.) that requires an annual fee.\r\n\t\t
    • Travel insurance—Oftentimes, travelers may find that they need to cancel or delay a flight due to sickness or another situation. This usually results in a financial loss that can't be recuperated, but some credit cards offer trip cancellation perks as long as the trip was paid for using that specific credit card.\r\n\t\t
    • Luggage—Lost or stolen luggage may be covered if the entire purchase was paid for by a credit card with lost luggage protection. Also, some credit cards help waive checked bag fees. These perks are generally found more with travel rewards cards.\r\n\t\t
    • Free Admission—Admission to museums, art galleries, botanical gardens, and other venues may be free of charge to certain cardmembers. Free admission is generally limited to the first weekend of the month.\r\n\t
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  • Improve Credit Rating—By using a credit card responsibly, one can also improve their credit rating, resulting in drastic savings through more favorable loans when the time comes to buy a car or home. Generally, the better a person's credit score, the better the range of credit cards they will qualify for. Excellent credit allows access to credit cards with generous rewards rates, a plethora of perks, and the lowest rates.
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Disadvantages

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Impulsive use of credit cards can cause people to find themselves in financial trouble. It is understandably easy for credit card holders to use them recklessly and to be suddenly confronted with payments that can't be met each month. This is playing right into the hands of the issuers because they make their profits from insolvency. Not only will this spell financial trouble for most people, but their credit scores will also be affected negatively due to late or missing payments.

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In the case that a credit card holder falls very deeply into debt, debt consolidation, which is a method of combining all debt under a new line of credit, can offer temporary relief. For more information or to do calculations involving debt consolidation, please visit the Debt Consolidation Calculator. However, for the average Joe, the most effective approach is probably to scale back standards of living and work diligently towards paying back all debts, preferably starting on the highest APRs first. People who find themselves in this situation should also consider getting a secured credit card and using it in a responsible manner to immediately begin repairing their damaged credit score. For more information about or to do calculations involving paying off multiple credit cards, please visit the Credit Cards Payoff Calculator.

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Although undisciplined use of credit cards can result in significant debt, when credit cards are used responsibly, they can be an excellent payment method.

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Types of Credit Cards

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Different types of credit cards suit the needs of different types of spenders. For simplicity, it would be wise to find one that aligns best with the user's financial intentions; for instance, a person who is not an extravagant spender and not interested in anything except getting the best bang for their buck can probably live with just a no-fee cash back card. However, it is very possible for people to carry multiple credit cards for their different advantages, even if it requires a bit of management. What's important is that they are all paid off in a timely manner.

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Cashback: These offer cashback on all purchases, usually 1%, 1.5%, or 2%. Another type may have up to 5% cashback on selected categories of merchandise or services, which normally rotate quarterly.

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Rewards: These make up the bulk of most credit cards. The types of rewards usually range between airline miles, hotel bookings, and dining benefits. Credit cards that offer more rewards or miles will generally require annual fees, and it is up to each spender to evaluate their spending habits to decide whether a no- or low-fee card with low rewards is preferable to a high-fee card with high rewards.

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Charge: These usually work the same way as any other credit card, except that they have either no spending limits or very high limits, and balances cannot be rolled over from one month to the next. It is expected for the holder to pay the balance in full at the end of every month. The only real benefit of having one is the heavy spending a charge card allows; just make sure to pay it in full at the end of every month.

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Balance Transfer: These are best for spenders who plan on carrying lots of credit card debt in the future because the interest rates on credit cards are quite high. It is possible to transfer an existing balance from one credit card to another. Unlike most credit cards, some carry low, or even zero, introductory APRs for the first 6-21 months, which allows the holder to effectively roll debt from one card to another without paying interest. Balance transfer credit cards are typically more useful for people who have significant amounts of existing debt on high APR cards.

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Secured: Secured credit cards are useful for younger people with no credit history who are interested in getting started or people with bad credit history. To be issued a secured credit card, the applicant must make a security deposit that acts as collateral; if they prove to be financially responsible with the secured credit card and no longer wish to use it (as there are many other credit cards on the market to be had that do not require a security deposit after the requisite credit score), they can close the account and receive their deposit back.

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Prepaid: A prepaid credit card is more akin to a debit card in that it is preloaded with an amount to be used, and cannot exceed this amount. In general, there are reloadable cards, multi-use cards, and single-use cards. These are often given as gifts or mailed back from companies as compensation for rebates on their purchased goods.

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Store: Some retail stores issue credit cards that offer big discounts only at that particular chain. They are usually offered at department stores by a cashier during checkout and packaged with a discount like 10% on the sum of purchases. These tend to be more useful for users that shop at the stores frequently enough to warrant their financial benefits. They also make good options for people with bad credit looking to rebuild because they often accept lower credit scores relative to other credit cards. However, interest rates on store credit cards are generally higher than other types of credit cards.

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Business: There are some cards geared to help benefit business needs. They offer things such as discounts on products and services for the business, intricate ways to help track expenses, emergency travel assistance, medical assistance, and travel agent services. Business credit cards are useful for separating personal expenses from business expenses when it comes time to do taxes.

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How to Calculate Interest Charges on Credit Cards

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Average Daily Balance Method

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The most widely used method credit card issuers use to calculate the monthly interest payment is the average daily balance, or the ADB method. Since months vary in length, credit card issuers use a daily periodic rate, or DPR, to calculate the interest charges. DPR is calculated by dividing the APR by 365, which is the number of days in a year.

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Daily Periodic Rate, DPR = 
APR
365
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Then find the ADB. The equation for finding this is a bit more tedious, but just add up all the balances for each day in the statement billing cycle and divide by the total number of days in the billing cycle.

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ADB = 
(day 1 balance) + (day 2 balance) + ... + (day n balance)
number of days in the billing cycle
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Finally, multiply this by the Daily Periodic Rate calculated before it and the number of days in the billing cycle to determine the interest for that month's statement.

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Monthly interest payment = DPR × ADB × number of days in the billing cycle

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Example: Jon needs help calculating the interest payment for one of his credit cards in the month of June. It carries an APR of 15%. Calculate his DPR using the equation above:

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DPR = 
0.15
365
 = 0.00041
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During the first 15 days of the June billing cycle, there was a balance of $500. Midway through the month, Jon made a payment of $100, so the remaining 15 days had a balance of $400. Calculate his ADB utilizing the equation above:

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ADB = 
15 × 500 + 15 × 400
30
 = $450
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Multiply the DPR, ADB, and number of days in the billing cycle to find the monthly interest payment:

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Monthly interest payment = 0.00041 × 450 × 30 = $5.54

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Jon's interest payment for the month of June is $5.54.

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There are several other ways in which credit card issuers calculate the monthly interest payment, including the previous balance method and the adjusted balance method, though they aren't used all that often.

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Previous Balance Method

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Multiply the DPR by the previous month's balance by the number of days in the billing cycle. Assuming that Jon's balance at the end of the previous month was $300:

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Monthly interest payment = 0.00041 × 300 × 30 = $3.69

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Adjusted Balance Method

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Multiply the DPR by the adjusted balance, which is the previous month's balance less payments made. Then multiply that result by the number of days in the billing cycle. Assuming that Jon's balance in May was $300, but he made payments totaling $200:

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Monthly interest payment = 0.00041 × (300 - 200) × 30 = $1.23

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The calculation of monthly payments will lead providers to charge a minimum payment, which is mostly an interest payment. It is important to make this payment. Failure to do so may lead to a cancellation of the card, legal proceedings, and a steep drop in the credit rating of the holder.

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Unless a credit card has a zero or low introductory APR, interest on the balance is quite high. Credit card APRs average about 20%, which is relatively high for any loan. Good APRs average about 8-12%, though it is possible for someone with excellent credit to get even lower rates. This is because credit card debt is unsecured, meaning there is no collateral backing the loan. If the borrower defaults, the lender cannot seize any assets, and this risk is reflected in the high interest rate. Secured debt, in comparison, requires collateral, such as real estate. If the borrower defaults on the secured debt, the lender can foreclose and take possession of the real estate.

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\r\n\r\n\r\n", + "page_last_modified": "" + }, + { + "page_name": "Credit Card Interest Calculator | Discover", + "page_url": "https://www.discover.com/credit-cards/calculator/credit-card-interest-calculator/", + "page_snippet": "Every month, your credit card company ... is usually a dollar amount for your minimum monthly payment, and it may be written like, "$35 or 2% of your balance plus fees, whichever is greater."...There is usually a dollar amount for your minimum monthly payment, and it may be written like, \"$35 or 2% of your balance plus fees, whichever is greater.\" Each credit card issuer calculates your minimum monthly payment differently. Consult your Discover statement and the terms of your account for information on how your Discover card minimum monthly payment is calculated. First take your APR (Annual Percentage Rate, which is your interest rate) and divide it by 365 (the days in the year) to get your daily interest rate. This calculator factors in a balance, interest rate (APR) and monthly payment amount to estimate a payoff period and the total interest paid. Our Credit Card Payoff Calculator assumes the following: Monthly payment is at least the Minimum Payment Due, which is calculated as the higher of $35 or 2% of the balance Every month, your credit card company adds your current balance to any interest you owe for your monthly statement total. That month's minimum payment is a percentage of that total. There is usually a dollar amount for your minimum monthly payment, and it may be written like, \"$35 or 2% of your balance plus fees, whichever is greater.\" That month's minimum payment is a percentage of that total. There is usually a dollar amount for your minimum monthly payment, and it may be written like, \"$35 or 2% of your balance plus fees, whichever is greater.\" Each credit card issuer calculates your minimum monthly payment differently.", + "page_result": "\r\n\r\n \r\n \r\n Credit Card Interest Calculator | Discover\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\t\r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\n \r\n \r\n \r\n\r\n \r\n \r\n \r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \n\r\n \n\r\n \n \n\n\n\n\r\n \r\n \n \n\n\n\n\r\n \r\n \r\n \r\n\r\n \r\n \r\n\r\n \r\n \r\n \r\n \r\n \r\n\t\r\n\t\r\n\r\n\n \r\n \r\n
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\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\t\r\n\t\t\t\r\n\t\t\t\r\n\t\t
\r\n\t
\r\n
\r\n\r\n\t
\r\n\t\t
\r\n\t\t
\r\n\t\t\t
\r\n\t\t\t\t\r\n\t\t\t\t
\r\n\t\t\t\t\t
    \r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\tCredit Card Products\r\n\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\tCredit Cards by Feature\r\n\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\tTools and Resources\r\n\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\r\n\t\t\t\t\t
\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t\"Click\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Three\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tAll Credit Cards\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Discover\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover it\u00ae Cash Back\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tEarn cash back rewards\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Discover\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover it\u00ae Student Cash Back\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tStart building credit in college\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Discover\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover it\u00ae Student Chrome\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tEarn restaurant & gas rewards as a student\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Discover\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover it\u00ae Secured\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tBuild or rebuild your credit\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Discover\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover it\u00ae Miles\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tExplore with the travel rewards credit card\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"Discover\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tDiscover it\u00ae Chrome\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tEarn restaurant & gas rewards\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"NHL\u00ae\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tNHL Credit Card\r\n\t\t\t\t\t\t\t\t\t\t\t\t\tRepresent your team & earn cash back\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t
\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t\"Click\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tCash Back Credit Cards\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tAirline Travel Credit Card\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t Low Interest Credit Cards\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tBalance Transfer Credit Cards\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t Credit Cards for College Students\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tCredit Cards for No Credit History\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tCredit Cards to Build Credit\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tNo Annual Fee Credit Cards\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t
\r\n\t\t\t\t\t\r\n\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t\"Click\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\tCredit Card Interest Calculator\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t
\r\n\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t
    \r\n\t\t\t\t\t\t\t\t\t\t\t\t
  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
    • \r\n\t\t\t\t\t\t\t\t\t\t\t\t
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  • \r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t- Getting a credit card\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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\r\n\t

Credit Card Interest Calculator

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\r\n\t\tCalculate the credit card interest you'll owe for a given balance\r\n\t\tand interest rate. Choose your monthly payment and learn the\r\n\t\tpayoff time, or enter the payoff time to calculate the monthly\r\n\t\tpayment amount.\r\n\t
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\r\n\t\tPlease fix the errors below\r\n\t\t

Information within the form is either missing or incorrect:

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    \r\n\t\t\t\tPayoff Calculator\r\n\t\t\t\t
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    \r\n\t\t\t\t\t\t\tChoose how you'd like to calculate:\r\n\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\t$\r\n\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\t\t$\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t\tmo.\r\n\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t\t\r\n\t\t\t\t
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    \r\n\t\t\tThis calculator is just an educational tool and your results may\r\n\t\t\tvary depending on your situation.\r\n\t\t

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    Months to pay off
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    \r\n\t\t\t\t\t\t0mo.\r\n\t\t\t\t\t
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    Monthly payment
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    \r\n\t\t\t\t\t\t$0.00\r\n\t\t\t\t\t
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    \r\n\t\t\t\t\t\tTotal Interest Paid:\r\n\t\t\t\t\t
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    \r\n\t\t\t\t\t\t
    Pie chart with 3 slices.
    Chart graphic.
    Created with Highcharts 7.2.0
    End of interactive chart
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    \r\n\t\t\t\t\t\t\t$0.00\r\n\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\tTotal Interest Paid:\r\n\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\tInterest:\r\n\t\t\t\t\t\t\t$\u2013\u2013\r\n\t\t\t\t\t\t
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    \r\n\t\t\t\t\t\t\tPrincipal:\r\n\t\t\t\t\t\t\t$\u2013\u2013\r\n\t\t\t\t\t\t
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    \r\n\t\t\t\tThis calculator is just an educational tool and your results may\r\n\t\t\t\tvary depending on your situation.\r\n\t\t\t

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    \r\n\t\t\tWant to save on interest?\r\n\t\t\tYou could be pre-approved for a low intro APR Discover®\r\n\t\t\t\tCard.\r\n\t\t

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    \r\n\t\t\t\tHere\u2019s what would happen if you adjusted the monthly payments:\r\n\t\t\t

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    \r\n\t\t\t\t\tHow the calculator works\r\n\t\t\t\t

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    \r\n\t\t\t\t\tThis calculator factors in a balance, interest rate (APR) and\r\n\t\t\t\t\tmonthly payment amount to estimate a payoff period and the\r\n\t\t\t\t\ttotal interest paid.\r\n\t\t\t\t

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    Our Credit Card Payoff Calculator assumes the following:

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    • \r\n\t\t\t\t\t\tMonthly payment is at least the Minimum Payment Due, which is\r\n\t\t\t\t\t\tcalculated as the higher of $35 or 2% of the balance\r\n\t\t\t\t\t
      • \r\n\t\t\t\t\t
    • \r\n\t\t\t\t\t\tMonthly payment is made at the beginning of the billing cycle\r\n\t\t\t\t\t
      • \r\n\t\t\t\t\t
    • \r\n\t\t\t\t\t\tThere are no other existing balances or new transactions made\r\n\t\t\t\t\t\ton the account\r\n\t\t\t\t\t
      • \r\n\t\t\t\t\t
    • \r\n\t\t\t\t\t\tInterest compounds daily (and daily balance method is used)\r\n\t\t\t\t\t
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    • There is a fixed APR
      • \r\n\t\t\t\t\t
    • \r\n\t\t\t\t\t\tPayment stays consistent during entire pay-down period, even\r\n\t\t\t\t\t\tif the Minimum Payment Due decreases\r\n\t\t\t\t\t
      • \r\n\t\t\t\t\t
    • Your interest charges will vary
      • \r\n\t\t\t\t\t
    • \r\n\t\t\t\t\t\tFor specific advice about your unique circumstances, you may\r\n\t\t\t\t\t\twish to consult a qualified professional\r\n\t\t\t\t\t
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    How can I pay less credit card interest?

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    Paying off your balance in full and on time with every monthly statement lets you avoid credit card interest charges on your purchases
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    When you pay off your credit card balance in full and on time, you don't accumulate interest charges on your purchases for that billing cycle. So if you do that every month, you could avoid paying interest entirely.

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    Pay more than your minimum payment due
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    Every month, your credit card statement shows you a minimum amount due that you can pay to avoid penalty fees. But remember that any unpaid balance will continue to accrue interest charges\u2014so you\u2019ll pay less in interest if you pay off the balance faster.

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    Transfer your balance for a lower promotional interest rate
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    Many credit cards offer a balance transfer at a lower promotional interest rate. By transferring balances at higher interest rates to another credit card account with a low promotional APR, you can save on interest during the promotional period.

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    Find a credit card with a low introductory interest rate
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    Look for a credit card company that has cards that offer a low introductory interest rates on purchases, balance transfers, or both. This is a good way to save on interest during the promotional period, especially if you plan to make a large purchase or transfer higher-rate debt. Remember, after the promotional period ends, your standard purchase APR will apply.

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    Read more about interest payments and credit card debt

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    How To Pay Off Credit Card Debt
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    Whether you just received your first credit card or you want to improve your credit, learn how to use a credit card responsibly.

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    What Is A Balance Transfer
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    A balance transfer credit card with a low intro APR can help you pay off higher interest rate debt. Understand the tools you need to make a balance transfer work for you.

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    Steps To Overcome Debt For Good
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    Debt can feel overwhelming, but you're not alone. Here, we go over some of the many ways to manage your debt.

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    Common questions about credit card interest

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    Every month, your credit card company adds your current balance to any interest you owe for your monthly statement total. That month's minimum payment is a percentage of that total. There is usually a dollar amount for your minimum monthly payment, and it may be written like, "$35 or 2% of your balance plus fees, whichever is greater." Each credit card issuer calculates your minimum monthly payment differently. Consult your Discover statement and the terms of your account for information on how your Discover card minimum monthly payment is calculated.

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    First take your APR (Annual Percentage Rate, which is your interest rate) and divide it by 365 (the days in the year) to get your daily interest rate. (Note that there may be different APRs that apply to different transactions on the same bill. A cash advance interest rate may differ from your purchase rate, there may be promotional interest rates on certain purchases.) Every day, your credit card issuer will multiply the daily interest rate for each transaction that hasn't been paid off by the dollar amount of the transaction. That's how much interest you'll be charged for that day. This interest gets compounded, which means it's added to what you owe. Each day, you'll have a new daily balance, and the credit card issuer will calculate the interest on this amount. The daily interest charges are all added up to determine your monthly interest payment, which keeps compounding until you pay your bill in full.

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    It\u2019s much easier to use a credit card interest calculator like the one on this page, but if you want to do it by hand, here\u2019s what you need to calculate:

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    Your daily balance (each day\u2019s transactions plus interest)

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    Monthly balance (total of your daily balances for the month)

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    Subtract your payments from your monthly balance, then calculate the new daily balances. Do this until your total is $0. Then count how many days that took.

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    Believe it or not, an interest rate calculator and credit card payoff calculator are actually two different versions of the same thing. If you have your interest rate and you know what your monthly payment will be, the calculator will help you determine how long it will take to pay off your balance and how much you\u2019ll pay in interest each month.

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    It\u2019s helpful to pay more than the minimum payment to work towards being debt-free. To do this, we recommend coming up with a budget plan (and sticking with it) so you can better understand how you're spending your money, and how you can cut costs. Even an extra $5 or $10 a month can help you pay less in interest and may make more of an impact than you might think.

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    While carrying a balance doesn't affect your credit score, your credit utilization does. This is how much of your available credit you have spent (and owe back to your lender). A high utilization could be seen as a high risk for potential lenders, while a low utilization shows them you're able to pay off your balances in a timely manner. Keep in mind, credit utilization typically makes up almost a third of how your credit score is calculated.

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