Best Credit Card Calculator
Calculate credit card interest charges, payoff time, and compare different payment strategies. Understand how different factors affect your credit card debt repayment.
Step 1: Credit Card Details
Understanding Credit Card Interest
Credit card interest compounds daily based on your APR. Paying only the minimum extends your debt for years and increases total interest paid.
Step 2: Payment Strategy
About Payment Strategies
Debt Snowball: Pay smallest debts first for psychological wins. Debt Avalanche: Pay highest interest debts first to save money. Both methods can significantly reduce payoff time.
Credit Card Payoff Results
Total Interest Paid
Payment Strategy Comparison
| Payment Strategy | Monthly Payment | Total Interest | Payoff Time | Total Cost |
|---|
Payment Breakdown Analysis
Credit Card Interest Formula
Daily Interest = (Balance × APR ÷ 365) × Days in Month
Credit card interest compounds daily. Paying more than the minimum reduces the principal faster, which reduces future interest charges. Even small extra payments can significantly reduce payoff time.
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