Credit Card Calculator


How To Use:

The Credit Card Calculator helps to show you how long it will take for you to pay off your credit card and how much interest you will pay if you only make the minimum monthly payment.

  1. From your most recent credit card statement, enter your balance, annual interest rate and minimum payment requirements.
  2. Please enter values without any commas or decimal points.
  3. Click once on the "Calculate" button to calculate your result.
  Enter Details Below
       
$  
  %
  %
$  
       
 
       
  Result
       
  Total Interest Paid: $  
  Number of Payments:    
  Number of Years:    
       

Notes:

Minimum payment requirements can usually be found on your credit card statement as part of the terms and conditions. This is not the amount shown as the minimum payment due for that month but rather the basis for calculating all minimum monthly payments in percentage and dollar terms.

In your financial life, few things figure as prominently as your credit report and credit score. Learning the basics of the credit report process, and keeping your credit report free of errors, is essential to good financial health. You should focus on improving your credit score as the highest credit scores receive the best interest rates and loan terms. On a mortgage, a difference of 100 points could be worth hundreds of dollars each month.

Since 2005, all Americans have the legal right to obtain a free annual copy of their credit report from TransUnion, Equifax and Experian credit reporting bureaus. This law is intended to help consumers reduce errors in their credit reports by minimizing the obstacles to viewing credit reports. To receive a free credit report visit the official site run by the bureaus: annualcreditreport.com

Your personal credit score is a number from 350-800 which stands for your credit risk. The higher numbers are considered less likely to default. Credit scores come from mathematical formulas that measure many variables in your credit report such as payment history, public records, and debt to income ratio.

The Fair and Accurate Credit Transaction Act (2003) amendment to the FCRA Fair Credit Reporting Act guaranteed all Americans the right to see their credit report once a year to check it for errors. To learn more about free credit, credit scores and financial terminology, visit our glossary page.