Credit Card Interest Calculator

CREDIT CARD INTEREST CALCULATOR

London, Ontario

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. . . the definitive resource for people who want to take control of their credit cards.

Credit Card Minimum Payment Interest Calculator

This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).
Instructions: Somewhere in your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or $10, whichever is higher. These are the figures you will enter in Column C and Column D respectively.

Dollar
Amount
Charged

Annual
Interest
Rate

C
Minimum
Payment
Percent

D
Minimum
Minimum
Payment

Interest
Charges

Number of
Payments

Total #
of Years

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Before adopting a credit card debt elimination strategy, look at where you are right now. Use this credit card debt calculator to see how long it will take you to reduce your credit card debt using your current repayment schedule.

Instructions: Do not type in dollar signs or the percentage symbol. For instance, if you routinely carry a balance of $5000.00 on your credit card, you are being charged 18% annual interest and your minimum payment is 2% of your outstanding balance, enter those numbers into the calculator like this:

5000

Then click on "Compute." You will then see how much carrying that balance will cost you over time. (Note: If you enter your "minimum minimum" payment such as $10.00 (10) instead of the minimum percent, the results will change.)