Credit Card Interest Calculator
Calculate credit card interest costs, payoff timeline, and compare minimum vs actual payments. Understand daily interest, grace periods, and how much interest you'll pay over time.
Card Balance & Rate
Typical rates: 15-25% (standard), 25-30% (store cards). Check your statement.
Payment Details
Amount you add to balance each month. Set to 0 for payoff calculation.
Days between statement and due date. Pay in full = no interest.
Interest Rate Details
APR:24.99%
Monthly Rate:2.08%
Daily Rate:0.0685%
Daily Interest:$3.42
Payoff Timeline
Months to Payoff:58 months (4.8 years)
Total Payments:$8622.30
Total Interest Cost
$3622.30
Total Cost:$8622.30
Interest % of Principal:72%
You'll pay 72% of your original balance in interest alone.
Minimum Payment Trap
Minimum Payment:$100.00
Min Payoff Time:600 months (50.0 years)
Min Total Interest:$70780.82
Minimum payments barely cover interest, leading to years of debt and massive interest costs.
Pay More to Save
Double Payment:$300.00
Double Payoff:21 months
Interest Saved:$2416.64
Doubling your payment dramatically reduces payoff time and interest.
Grace Period Benefit
Grace Period:25 days
No interest if paid in full by due date
First 12 Months Detail
| Month | Balance | Interest | Payment |
|---|---|---|---|
| 1 | $4954.13 | $104.13 | $150.00 |
| 2 | $4907.29 | $103.17 | $150.00 |
| 3 | $4859.49 | $102.19 | $150.00 |
| 4 | $4810.69 | $101.20 | $150.00 |
| 5 | $4760.87 | $100.18 | $150.00 |
| 6 | $4710.02 | $99.15 | $150.00 |
| 7 | $4658.10 | $98.09 | $150.00 |
| 8 | $4605.11 | $97.00 | $150.00 |
| 9 | $4551.01 | $95.90 | $150.00 |
| 10 | $4495.78 | $94.77 | $150.00 |
| 11 | $4439.41 | $93.62 | $150.00 |
| 12 | $4381.86 | $92.45 | $150.00 |
Credit Card Interest Facts
- Daily Compounding: Interest calculated daily on balance. APR divided by 365 = daily rate.
- Grace Period: Pay full statement balance by due date = NO interest on purchases.
- No Grace Period: If carrying balance, interest starts on new purchases immediately.
- Minimum Payment Trap: 2-3% minimum barely covers interest. Takes 10+ years to pay off.
- Interest on Interest: Unpaid interest added to balance, increasing next month's interest.
- Balance Transfer: Transfer to 0% APR card to stop interest (usually 3-5% transfer fee).
- Average APR: 24%+ on standard cards. Store cards can be 30%+.
- Pay Extra: Even $50 more per month saves hundreds in interest and years of time.