Fill out the stability and rate of interest prompts, choose the way you wish to calculate the debt curiosity (by month-to-month fee of variety of months), and at last the time or fee prompts. The curiosity owed will routinely seem. For more information, hold studying under the calculator.

Easy methods to use the bank card curiosity calculator

Right here’s what every a part of the calculator means:

• Present bank card stability: How a lot you presently owe in your bank card.
• Rate of interest: The annual proportion charge (APR) charged by your bank card, usually 12% to twenty%.
• Calculate your curiosity: You’ll be able to calculate the quantity of curiosity both by your month-to-month fee or by a variety of months. For the primary choice, enter the quantity of the fee subsequent to “Month-to-month fee.” Or click on the second choice and enter the variety of months subsequent to “Desired time to repay stability.”

How is bank card curiosity calculated?

When you don’t repay your full stability earlier than the fee due date proven in your bank card assertion every month, you’ll pay curiosity on what you owe. Each bank card has an annual proportion charge (APR), starting from 12% to round 20% (typically much more) for purchases. The APR is an annual charge, however bank card curiosity is calculated every day and charged month-to-month.

To search out out the every day rate of interest, divide the APR by 365 (variety of days in a 12 months). For instance, for a card with an APR of 20%, the every day charge is 0.0548%. To calculate month-to-month curiosity expenses, bank card multiply a cardholder’s common every day stability throughout every billing cycle (a set interval of 28 to 31 days) by the every day charge.

Let’s say you’re carrying a stability of $1,000 on a card with a 20% APR. At a every day rate of interest of 0.0548%, the every day cost can be about $0.55. Multiply that by the variety of days within the billing cycle to see your month-to-month curiosity. For 30 days, the curiosity would add as much as $16.50.

Be aware that bank card suppliers cost larger rates of interest for money advances (borrowing money from a bank card) and cash-like transactions, with APRs starting from 23% to twenty-eight%. Plus, curiosity begins accumulating from the date you’re taking out the money—there’s no grace interval, just like the one you get when making purchases in your card (usually 21 days from the date your bank card assertion is issued). Borrowing money with a bank card could be very costly, so restrict it to emergencies solely.

Easy methods to keep away from paying bank card curiosity

One of the best ways to keep away from paying bank card curiosity is to repay not simply the “minimal fee” proven in your bank card assertion, however the full quantity you borrowed, on time, each month. Sure, each month. When you can’t, make at the very least the minimal fee by the due date, to keep away from late charges and any dings in your credit score historical past. The minimal fee is both a flat charge (for instance, $10) or a proportion of your excellent stability (usually 3%), whichever is larger. (Be aware: In Quebec, the bank card minimal fee is 4.5%. As of Aug. 1, 2025, it is going to be 5%.)

When you don’t make the minimal fee by the due date, you’ll be charged a late payment starting from $25 to $40, which can seem in your subsequent assertion. When you’re repeatedly late or cease making funds, you additionally threat harming your credit score, which may make it tougher so that you can get reasonably priced credit score sooner or later. Your bank card supplier can also increase your rate of interest. When you’re receiving a promotional rate of interest, it’s possible you’ll lose it and should pay the common APR. Finally, the cardboard supplier may even cancel your bank card and switch your debt to a debt collection agency.

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Easy methods to cut back bank card debt

When you carry a stability, these 5 methods might help you pay much less curiosity on bank card debt.