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Calculator Preferences
Credit Card Interest Calculator Sign
Credit Card Interest Calculator

This calculator is an alternate version of the finance charge calculator as suggested by an insightful visitor. This version calculates the minimum payment amount for you based on the minimum payment percentage and minimum dollar amount, and includes a month-by-month payment allocation comparison for as long as it takes to pay off both allocation methods (instead of for just the first five years).

Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Min pmt %:Minimum pmt %:Minimum payment percentage:Minimum payment percentage:

Minimum payment percentage:

Enter the minimum payment percentage for the card (usually somewhere between 2% and 5% of the balance). Enter as a percentage, but without the percent sign.

Min pmt $:Minimum pmt $:Minimum payment dollar amount:Smallest minimum payment dollar amount:

Smallest minimum payment dollar amount:

Enter the smallest payment allowed by your credit card company, but without the dollar sign. 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:Annual fee:Annual fee:Annual fee:

Annual fee:

If your credit card has one, enter the annual fee, but without the dollar sign. The calculator will take 1/12th of the fee and add it to your current finance charge.

Penalty APR:Penalty APR:Penalty annual percentage rate:Penalty annual percentage rate:

Penalty annual percentage rate:

Enter the penalty APR as stated on your credit card statement, but without the percent sign. The calculator will use this entry to show you what will happen to your monthly finance charge if you are late making a payment.

Intro months:Introductory months:Number of introductory months:Number of months introductory rate in effect:

Number of months introductory rate in effect:

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

Enter Balances and RatesEnter Balances and Rates:Enter Balances and Rates:Enter Balances and Rates:

Enter Balances and Rates:

Expand the description in each of the following rows to enter the beginning balance, current charges, and interest rates for each interest rate balance.

TransTransferTransferred balanceTransferred balance (0%):
Begin balance:
New charges:
APR:
End Balance:

Transferred balance:

Expand the entry form in this row and enter the beginning balance, current month transfers (if any) and the interest rate for this portion of the overall balance. Leave off all dollar signs, percent signs, and commas.

$0.00
PurchPurchasesPurchases balancePurchases balance (0%):
Begin balance:
New charges:
APR:
End Balance:

Purchases balance:

Expand the entry form in this row and enter the purchases beginning balance, current month purchases (if any) and the interest rate for purchases. Leave off all dollar signs, percent signs, and commas.

$0.00
CashCashCash advance balanceCash advance balance (0%):
Begin balance:
New charges:
APR:
End Balance:

Cash advance balance:

Expand the entry form in this row and enter the cash advance beginning balance, current month cash advances (if any) and the interest rate for cash advances. Leave off all dollar signs, percent signs, and commas.

$0.00
Total bal:Total balance:Total credit card balance:Total credit card balance:

Total credit card balance:

This is the total of all sub-balances and new charges on your credit card.

$0.00
Current Billing CycleResults for Current Billing Cycle:Results for Current Billing Cycle:Results for Current Billing Cycle:
Minimum pmt:Minimum payment:Current minimum payment:Minimum payment for current billing cycle:

Minimum payment for current billing cycle:

This is your current minimum payment based on the entered minimum payment percentage. If this result does not match the actual payment, you may need to adjust the minimum payment percentage in the top section of the calculator.

Transfer int:Transfer interest:Transfer interest charges:Transfer interest charges:

Transfer interest charges:

This is the current interest charge for the low introductory rate portion of your balance.

Purchases int:Purchases interest:Purchases interest charges:Purchases interest charges:

Purchases interest charges:

This is the current interest charges for the purchases portion of your balance.

Cash int:Cash interest:Cash advance interest charges:Cash advance interest charges:

Cash advance interest charges:

This is the current interest charges for the cash advance portion of your balance.

Annual fee:Annual fee:Annual fee:Annual fee:

Annual fee:

This is 1/12th of the annual fee you are paying to have the card.

Total costs:Total costs:Total finance charges and fees:Total finance charges and fees:

Total finance charges and fees:

This is the total current finance charges plus 1/12th of the annual fee.

If penalty:If penalty APR:If penalty APR is in effect:Interest charges if penalty APR is in effect:

Interest charges if penalty APR is in effect:

This is how much your finance charges would be if you had been late making one of your past monthly payments.

Payment Allocation Comparison
Tap the text for a description of each row result.
CompareNumber of Monthly PaymentsInterest Charges
Lowest first:Lowest first:Lowest rate first:Lowest rate balance first:

Lowest rate balance first:

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

Highest first:Highest first:Highest rate first:Highest rate balance first:

Highest rate balance first:

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

Unethical cost:Unethical cost:Cost of unethical allocation:Cost of unethical payment allocation:

Cost of unethical payment allocation:

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 sub-balance type, then this row will be blank.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

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Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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