Free credit card interest calculator to calculate credit card balance.

Find out how long to pay off credit card balances with our free credit card interest calculator. Calculate payment balance on your card, duration till pay off, and total interest paid.

Or use our payment calculator to calculate minimum monthly payment

Or use our credit card payoff calculator for extra monthly payment savings

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How to use our credit card interest calculator: In the first box, enter the total balance due on your credit card statement. In the next box, enter the interest rate charged by the issuer. In the third box, type in the amount of money you can re-pay each month. Click the "Calculate" button and you will be shown: * the number of months it will take to pay-off the credit card balance, * the total you will end up paying (with interest charges included), and a separate calculation of the total interest paid at pay-off.

Tips to avoid monthly credit card interest:

Follow payment guidelines as outlined by the issuer on the back of each credit card bill, and payoff balances in full before the grace period expires.

Use the preprinted envelope provided by the credit card company.

Include the billing coupon, and be sure to write the amount being paid in the box provided.

Make sure checks are legible and the payment amount is correct.

Write the credit card account number on the check.

Send payment with proper postage at least one week in advance of the due date to the payment address requested by the issuer.

Consider online bill paying. Issuers, including Discover, American Express and First USA, accept online payments.

If the due date is looming, consider sending the payment by express mail or wiring the payment. These express services may prove cheaper than paying monthly interest.

How to lower credit card interest rates:
Tired of paying high interest on your credit card charges? If you have been a good customer and make timely repayments, many issuers will negotiate a lower APR.

Call your card issuer, and politely explain how you've been a good customer by making payments on time and not going over your limit.

Let them know that you are unhappy with your interest rate, and that you want to speak to someone who can reduce your APR.

Chances are, the customer service person can handle this right away without needing to transfer you to a manager or supervisor. If you've been a good customer, the issuer is likely to lower your card interest rate in order to keep your business. If so, request the issuer to send you a letter detailing the new APR rate and when it will go into effect.

 

Need more information? Read our financial and credit articles related to interest and join our online financial newsletter.

Debt

It is all about choices and how money is spent when talking about being in debt. Overspending can quickly lead to serious debt problems. Creating a budget or plan on how every paycheck will be spent may help prevent debt problems and over spending. Being debt free or becoming debt free involves hard work.

Budgets may need to be revised from month to month or every couple of weeks to really stay on top of finances. This is especially true when there are a lot of bills and money and is tight. Just knowing what needs to be paid every week can help get a mind set about what is important to be paid from each paycheck. There may be weeks when a big bill is due and going to the movies or eating out could cause a shortage of funds, that could lead to a late payment with added charges.

When getting another job to pay debts is not possible, reducing needless spending can be even more important. Try to cut spending in areas like entertainment, buying clothes, eating out, and setting a budget for giving gifts. Keep a calendar posted in an area where you will look at it every day. Have the bills that are due written on paycheck days. This helps keep bill paying up front so there is not a chance of missing a bill. It also lets you know if spending extra money on yourself will be possible or should be avoided.

It is always a wise step to get into the habit of saving some money from each paycheck for emergencies or a vacation. No matter what the reason could be, keeping some extra money can be a life savor at times. It may be needed when there are medical emergencies, for a dentist, to fix the auto, or any other unexpected happening.

Figure out exactly how much you bring home each month and how much has to be paid on bills. See what is left over to spend your way. Mistakes are made when there is not plan and bill paying is left to chance. Being in debt is stressful, work hard to avoid it or get out of debt. When there is extra money, pay more money toward a big debt and chip away at it paycheck by paycheck.

Figure out just how long it will take to pay off credit card debts at the amount you pay each month. It may be enlightening enough to encourage more effort into paying more money. Making little changes and getting more and more serious can be motivating toward paying off bills. Once being organized and planning a budget becomes a habit, it can make a life long change that may help eliminate being in debt.

I closed my credit card account, but the bank is still charging me interest and fees. Can they?

Yes, you may be responsible for certain interest charges and fees. Even though you paid off and closed your credit card account, it is possible that the bank may charge you residual interest for the days in the billing cycle before you paid the balance in full. Residual interest is interest that accrued, when you were not eligible for a grace period, from the first day of the billing cycle in which you paid the balance in full until the date that the bank credits your payment.

For example, you have been carrying a balance for three billing cycles. You receive your account statement reflecting a $1,000 balance. The minimum payment is $50 and it is due on the 25th of the month. You decide to pay the balance in full. The payment is credited on the 24th. Even though you paid off the $1,000 before the payment due date, your account agreement may allow the bank to charge you for the residual interest that accrued from the first day of the billing cycle until your payment was credited on the 24th day.

Not all banks charge customers residual interest and some banks waive such interest. You should review your account agreement for information on how finance charges are calculated on your account and/or contact your lender. Additionally, the bank generally should not charge you fees once you have closed your account unless the fees are because of something that occurred before you closed your account, such as a returned-check fee.

If you feel that the fees or interest were assessed in error, you should file a written billing error dispute within 60 days of the statement that showed the alleged error. The information on filing a written billing error dispute and the address to which the notice should be sent are listed on your periodic statement.

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