Credit Card Interest Calculator
for Multiple Rate Balances

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Help you to estimate the current interest charge on a card having more than one type of rate (charges, cash advances, introductory).

This free online Credit Card Interest Calculator will calculate the current interest charges for a card balance containing up to 3 different APRs.

This calculator is an alternate version of the finance charge calculator as requested by an insightful visitor to free-online-calculator-use.com.

Instead of entering a fixed payment amount, the credit card interest calculator allows you to enter the actual minimum payment percentage and smallest minimum payment dollar amount as stated on your monthly statement. The calculator then determines the minimum payment amount for you.

Additionally, instead of just showing a 60-month payment allocation comparison, this version shows the comparison all the way until the both allocation methods have paid off the balance.

With that, let's use the following credit card interest calculator to calculate the minimum payment and various interest charges for the current billing cycle, plus create a month-by-month comparison of the additional costs created by the underhanded payment allocation method used by credit card companies.

Credit Card Interest Calculator
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Instructions: Enter the minimum payment percentage, the smallest minimum payment dollar amount, the annual fee (if applicable), the penalty APR, and select the number of months left in the introductory rate (if applicable).

Next, enter the beginning balance, new charges, and annual interest rate for each balance type included in your balance, then click the "Calculate Credit Card Interest" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Credit Card Interest Calculator.

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Help Minimum payment percentage (%):
Help Smallest minimum payment dollar amount ($):
Help Annual fee ($):
Help Penalty annual percentage rate (%):
Help Number of months introductory rate in effect (#):
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Balance Type
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Begin
Balance ($)
Help
New
Charges ($)
Help
APR (%)
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End
Balance ($)
Help Transfer:
Help Purchase:
Help Cash:
Help Total credit card balance:
Results for Current Billing Cycle
Help Minimum payment for current billing cycle:
Help Transfer interest charges:
Help Purchases interest charges:
Help Cash advance interest charges:
Help Annual fee:
Help Total finance charges and fees:
Help Interest charges if penalty APR is in effect:
Help
Payment Allocation Comparison
Help
Number of
Payments
Help
Interest
Charges
Help Lowest rate balance first:
Help Highest rate balance first:
Help Cost of unethical payment allocation:
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Credit Card Interest Calculator Glossary of Terms

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Minimum payment percentage: The minimum payment percentage from your most recent credit card statement. The credit card interest calculator will use this entry along with your card's balance to calculate your minimum payment amount.

Smallest minimum payment dollar amount: Enter the smallest payment allowed by your credit card company. For example, if your statements reads, 2% of the balance or $15, whichever is greater, you would enter $15 as the smallest minimum payment amount.

Annual fee: If your credit card charges one, enter the annual fee. The credit card interest calculator will take one-twelfth of the fee and add it to your present interest charge.

Penalty annual percentage rate (APR): The penalty APR as stated on your monthly statement. The credit card interest calculator will use this entry to show you what would happen to your current interest charge if you were late making the last payment.

Number of months introductory rate in effect: If you will be entering a balance transfer amount, select the number of months the intro rate will be in effect for.

Balance Type column: This column lists the 3 most common balance types that make up your total card balance.

Begin Balance entry column: The balance amount for each type as listed on your latest monthly statement.

New Charges entry column: The total of all purchases that have been charged since your last statement.

APR entry column: Enter the current APR for each balance type included on your card.

End Balance result column: This column calculates the total of your card's balance and your new charges for each balance type, and then gives the overall total in the final row.

Transfer entry row: This row refers to any transferred balances to your card that carry a low intro interest rate.

Purchase entry row: This row refers to balances that are charged the purchases interest rate.

Cash entry row: This row refers to the portion of your card's total balance from cash advances. Typically cash advance portions are charged a much higher than the purchases rate.

Total balance on credit card: This is the total of all balance types and new charges on your credit card.

Transfer finance charge: This is the current interest charge for the low intro rate portion of your card's balance.

Purchases interest charge: This is the current interest charge for the purchases portion of your balance.

Cash advance interest charge: This is the current interest charge for the cash advance portion of your balance.

Annual fee: This is one-twelfth of the yearly fee you are paying on the card.

Total interest charges and fees: This is the total current interest charges plus one-twelfth of the yearly fee.

Interest charges if penalty APR in effect: This is how much your interest charges would be if you had been late making one of your past monthly payments.

Payment Allocation Comparison column: This column lists the two extreme payment allocation methods, followed by a row to show the difference between the two.

Number of Payments result column: This column will show the number of payments for the two extreme payment allocation methods, followed by a row to show the difference between the two.

Interest Charges result column: This column will show the total interest charges for the two extreme payment allocation methods, followed by a row to show the difference between the two.

Lowest APR balance first result row: This row shows the number of payments and interest cost that will result if you make only the minimum monthly payments and if your card company allocates the principal portion of your payment to reducing the lowest APR balance on your card (unethical payment allocation).

Highest APR balance first result row: This row shows the number of payments and interest cost that will result if you make only the minimum monthly payments and if your card company allocates the principal portion of your payment to reducing the highest APR balance on your card (ethical payment allocation). Note that if you only entered data for 1 balance type, then this row will be blank.

Cost of unethical payment allocation result row: This row shows the additional payments and interest costs due to the unethical payment allocation by credit card companies. Note that if you only entered data for 1 balance type, then this row will be blank.

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