Credit Card Interest Calculator
Calculate the true cost of carrying credit card debt. See how much interest you'll pay, how long it takes to pay off, and the impact of making only minimum payments on your finances.
Calculate Credit Card Payoff
Total amount you owe on your credit card
Check your credit card statement (typically 24-42% in India, 15-25% in USA)
How much you plan to pay each month
How to Use
- Enter your balance: Total credit card debt amount
- Check APR: Find this on your monthly statement
- Set payment: Amount you can afford monthly
- Review results: See payoff time and total interest cost
- Adjust payment: Try higher amounts to see savings
Understanding Credit Card Interest
Credit cards charge interest monthly, not yearly. A 36% APR means ~3% per month on unpaid balance. This compounds quickly, making minimum payments very expensive.
Example
Scenario: ₹50,000 balance at 36% APR, paying ₹2,000/month
Result: Takes 33 months, costs ₹15,326 in interest (₹65,326 total paid)
If paid ₹5,000/month: Takes 11 months, costs ₹5,053 in interest (save ₹10,273!)