What Is Your Credit Card Interest Costing You?
See what your balance costs in interest a day, a month and a year, and in total at what you pay now. Nothing is sent anywhere; the math runs in your browser.
Example numbers shown; type yours.
Your Result
Your balance costs you about
$ 3.62
a day in interest.
$ 110 this month.
$ 1,320 a year if the balance stays where it is.
At $ 200 a month: Debt-Free in 3 years 8 months, $ 2,791 in interest.
How I Calculated This
A day: $ 6,000 times 22% divided by 365, which is $ 3.62. This month: $ 6,000 times 22% divided by 12, which is $ 110. A year: $ 110 times 12, which is $ 1,320, if the balance stays where it is.
Paying $ 200 every month, each month's interest is added and the payment comes off. The balance clears in 3 years 8 months with $ 2,791 in interest.
Credit card companies figure interest on your average daily balance, so your statement can differ by a little. This assumes a fixed interest rate and no new charges.
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Questions People Ask
What Is APR?
Annual percentage rate (APR) is the interest rate on your credit card for a year. Your credit card company charges about 1/12 of it each month on the balance you carry.
Why Is My Statement A Little Different?
Credit card companies figure interest on your average daily balance, and some months have more days than others. The calculator uses your balance as it is today.
How Do I Pay Less Interest?
Ask for a lower interest rate, and pay the same amount above the minimum every month. Here is how to ask.