Free credit card interest calculator to calculate credit card balance.

  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

 

Credit card interest calculator

Credit card
debt balance:
$

Interest
(APR):
%

Monthly
Payment:
$

Enter numbers in the boxes above then click "Calculate"

  

Months until you
pay off debt:

Total paid at
pay off:

Interest paid
at pay off
:

  

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.

  

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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.

Interest Rates

 

Most consumers want the best interest rates on loans, especially mortgage loans. A mortgage is a big responsibility and is the most common loan families pursue. The length of a mortgage is generally 20-30 years. If a mortgage loan is taken out at age 30 the home could be paid by the age of 60. For that many years, if the interest fees are high, you could pay thousands of dollars in interest. That is why it’s best to seek the a low interest rate for a mortgage loan.

 

Don't think just because you apply for a mortgage loan you automatically get the best interest rate. It will be up to the borrower to make sure the lowest interest rate will be available for the loan. Check credit scores before applying for any mortgage. A second way to save on interest, is to save a huge down payment so less money is financed for the least amount of years. 

 

Whenever you apply for credit and get turned down, you can get a free credit report. To try to figure out the level of interest rate you will be eligible for, you need to know your FICO score. This score is determined from all the information on your credit report and is a factor that determines the interest rate paid on what is borrowed, what down payment is required, and the length of the mortgage. 

 

A FICO score is a compilation of your payment history, the credit you have, the length of time of different types of credit, and how much credit to debt you have. Scores range from 300-850 and most lenders will not lend to you if you have a score less than 550. Scores between 550 and 649 will get higher interest rates. Usually borrowers with scores above 650 are offered lower interest rates.

 

FICO scores are not the only determination for a loan. A big down payment lets the lender know you are probably planning on making payments are serious. Also, a bigger down payment will reduce the amount of money needed from a lender.

 

To get your FICO score, you must request it as a free credit report will not contain this information. It is in your best interest to determine if your score is good enough to get a low interest rate so you may need to purchase this report before applying for a loan. If credit is less than perfect, consider taking time to improve it and apply later for a loan to get the lowest interest rates possible.



Lower Interest Rate

 
Most people carry a credit card balance from month to month and sometimes the interest rate can be high. There are some ways to try to get lower interest rates. First you can try being firm with your credit provider and you may have the power as the credit card industry has become very competitive. Because of this, credit providers may not be want you to cancel your card.

  

Make sure you know what you are paying on your current card's balance and then find another card that offers 0% balance transfers and no annual fee. Find out what the interest rate will become after the initial introductory period. Call your current card's customer service department and let them know you may be planning to cancel the card because of the high interest rate. You may have to talk to an agent who may try to convince you to stay on as a customer.

 

Let them know you may stay if the interest rate could be lowered equal to another credit card's rate. Try not to tell them the credit card that offers lower interest rates as they may try to tell you all the reasons why the card may not be good for you. During your conversation stay focused on the issue of lowering your current rate. Hopefully you may get a lower interest rate. If you don't, you can still check out other credit card options to get lower rates. Canceling a credit card can effect FICO credit rating, so it is better to try to get a good rate out of your existing card provider than to make a switch.



Interest Rate

 

The Prime Rate is the interest rate charged by banks for short-term loans to most creditworthy customers. These usually have great credit so that there is little risk to the lender. Not many customers qualify for the lowest prime rate or the lowest going interest rate. This rate is almost always the same among major banks and any adjustments to the prime rate are made by banks at the same time. However, the prime rate does not adjust on any regular basis but it can rise quickly and declines very slowly.

 

There are some expectations that the Federal Reserve will raise interest rates around September 2010 and some think about that time the unemployment will be over 9%. Most economists indicate the Fed won't raise rates until the third quarter of 2010 and may be unlikely to raise rates until the unemployment rate is lower.

 

It can be a bit misleading when the terms interest rate and interest rates are used as there are hundreds of interest rates between borrowers and lenders. The differences in rates can be due to the duration of the loan or how much the borrower is a risk. Then there is nominal interest and real interest rates. For example, nominal interest rate can be when a one year bond is bought for face value that pays 6% at the end of the year. If there was $100 paid at the beginning of the year and you get $106 at the end of the year as the bond pays an interest rate of 6%. The 6% is the nominal interest rate, and inflation was not factored.

 

For real interest rate, pretend that there is an inflation rate of 3% for the year. If goods are bought today and the cost is $100, or if bought next year, they will cost $103. If a bond was bought with a 6% nominal interest rate for $100 and we sell it after a year and get $106, buy a basket of goods for $103, we have $3 left over. After factoring in inflation, the $100 bond will earn $3 in income; a real interest rate of 3%. The relationship between the nominal interest rate, inflation, and the real interest rate is described by the Fisher Equation:Real Interest Rate = Nominal Interest Rate - Inflation.  When inflation is positive, the real interest rate is lower than the nominal interest rate. If we have deflation and the inflation rate is negative, the real interest rate will be larger.

How to calculate credit card interest. Use our online free calculators, or download calculator software to your computer for offline use.
Debt negotiation is the process by which a person in debt (debtor) or a debt settlement company representative, negotiates with a creditor to reduce the principal amount owed (and possibly interest and fees) on an outstanding debt in exchange for prompt payoff. Read more debt settlement advice.
There are ways to establish or rebuild credit without resorting to high interest, bad credit cards. Read our free tips on how to improve credit scores with loans that post to major credit report bureaus Equifax, Experian and TransUnion.
Small business owners may have a chance of getting a loan that could help pay for debts and the loan may be interest free. Applicants can apply for up to $35,000 and there would not be a repayment due for twelve months. The SBA (Small Business Administration) will be releasing more details later.
Regulators are concerned that the new credit card rules which will take effect in 2010 may need some clarifications. The concern is to make sure institutions know how to abide by the new rules. Interest rate increases are a big concern and the new rules should not be vague about interest issues.
Do you have enough deductions to itemize instead of just taking the standard deduction allowed? If you are not sure, be prepared with your documentation involving mortgage interest, real estate tax, mortgage insurance premiums, and loan interest and your tax accountant give you the facts.
How to calculate credit card interest. Use our online free calculators, or download calculator software to your computer for offline use.
Not only can a bad credit history get you rejected for an unsecured loan or a credit card, now your perceived inability to repay can get you denied.
Are you getting a good deal? Read our free rewards credit card advice.
Credit card debt settlement, also known as debt negotiation and sometimes as a balance chargeoff, may be a good option if you are burdened by credit card debt to the point of filing bankrupty.
Can't get approved for an unsecured credit card because of your credit score? You can get a secured credit card to rebuild bad credit.
There are ways to establish or rebuild credit without resorting to high interest, bad credit cards. Read our free tips on how to improve credit scores with loans that post to major credit report bureaus Equifax, Experian and TransUnion.
Department store credit cards and gas credit cards can help establish or rebuild credit, and some also offer other rewards like cashback. Unfortunately, not following the terms and conditions will void those benefits. Read these free tips about retail store charge cards.
When you pay credit card bills on time, it's not uncommon to be offered better rewards credit cards and lower interest. If you cannot pay credit card bills, consider options.
Learn the processes for credit card debt consolidation and credit card debt settlement and choose the debt relief option that is best for your financial situation.
Whether you want a secured or unsecured credit card for bad credit or excellent credit, first review the best credit card company ratings before you submit your online application.
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Credit Card Interest Rates

National Averages

Balance Transfer Cards - 14.86%

Cash Back Cards - 14.99%

All Variable - 12.25%

Low Interest Cards - 9.82%

 

 

Credit Card Offers: Free credit card search makes choosing a credit card easy. Browse the most popular, best credit cards.

 

Credit troubles? Apply for a pre-approved credit card offer based upon your credit history. Poor and bad credit people can apply for a credit card to rebuild credit or to establish credit. If you have very bad credit, consider bad credit card offers such as a secured credit card like a prepaid Visa, no credit check cards or other types of a guaranteed card.

 

For very high risk people there are options other than a standard unsecured credit card, such as an online guaranteed platinum card for online store purchases, or possibly even qualify for a charge card or a discount card from retail stores like the WalMart card or the Sears card.

 

Prepay credit card offers: Apply for a debit card or a bank ATM card.

 

Rewards credit cards: In addition to perks such as a 0 intro balance transfer, major cards offer other benefits like a travel credit card that rewards free airline miles, a gas card, or family entertainment offers like the Disney credit card, apply for an unsecured platinum credit card.

 

Credit card interest rates: Some cards offer no interest and a 0 introductory period on purchases. There are also some with a special 0% balance transfer period so you can transfer balances from other cards to your new credit card.

 

Special credit card offers: Almost every credit card company will offer a spouse joint credit card account. Other special offers include no deposit credit card, business credit card, student credit card and shopping cards like a Christmas credit card. Read the fine print, compare the card benefits, rewards and ratings before you submit an online application.

 

Credit card company offers, including gold credit card and platinum credit card offers:

Visa credit card, such as the gold Visa card or the platinum Visa credit card.

MasterCard credit card, such as the gold MasterCard or the platinum MasterCard.

American Express card, such as the gold American Express card or the platinum American Express card.

Chase card, such as the platinum Chase card.

Discover card such as the gold Discover card or the platinum Discover card.

 

Before you apply, review all the credit card facts. Once you get the card right for you, read every credit card statement carefully and request credit card companies to stop credit card mail offers. Browse more credit card resources.

 

  

  

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Debt Counseling: Get your expenses under control with credit counseling, an unsecured debt consolidation loan, debt management or negotiate debt settlement.

Free Credit Offers: Get no obligation, free credit offers plus financial tips to help effectively manage your personal finances.

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Personal Loan: Submit a short or long term personal loan application (if available), or apply for other secured or unsecured loan offers.

Personal Finance: How to file bankruptcy plus free bankruptcy forms. Create a household personal budget, balance a checkbook register, track expenses and more.
 

 

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Chargeoff Debt Collectors - Did you know, you can still be expected to repay chargeoffs? That's why it's better to negotiate debt settlements with creditors instead of simply charging off debt.

 

A debt chargeoff is not cancelled by your creditor. Your creditor will add a negative entry (charge-off) to your credit report and continue to attempt to collect on the debt, and you are still responsible for repaying. But if you get the creditor to agree; in writing, to a debt settlement offer, then you can get off the hook.

 

Typically a credit card chargedoff occurs after 180 days of no; or less than, minimum payments. The chargeoff will remain on your credit report for seven years from the date it was chargedoff. If you pay the debt, it will be updated with a status of "Chargeoff Paid" or "Chargeoff Settled." The only way to remove a chargeoff from your credit report is to wait the seven year period or negotiate with the creditor to have it removed after you pay the account in full. Other than waiting for time to remove a chargeoff from your credit report, there is a way to get these removed.

 

Chargeoffs are often passed to a debt collector, unfortunately a debt collection agency is the last entity you want to negotiate with. The original creditor who reported the chargeoff is the one to deal with and the only one who can remove the credit report entry. Tell your creditor that instead of getting nothing, you will be willing to negotiate a much lower payoff amount in return for the removal of the negative credit report entry.

 

Before you contact the creditor, first line up your ducks. You'll need to figure out how much you're able to pay and when. The more you can pay and the quicker you can pay it, the more negotiating power you'll have.

 

Be sure to speak only to someone who has the authority to remove the chargeoff from your credit report. Let the creditor know you're interested in paying the account and would like to make payment arrangements in exchange for having the chargeoff status removed from your credit report. Speak politely and professionally. Avoid blaming the creditor or giving your life story. Keep it short and to the point. Best case, the creditor will agree to remove the chargeoff from your credit report.

 

Credit card companies are contractually bound to report credit information to the credit bureaus, so it can be difficult to get a creditor to agree to remove the chargeoff from your credit report. Even so, some cardholders have been successful in making a pay for delete agreement. If you can't get the creditor to agree to remove the chargeoff completely, try for something less negative like 'Closed'.

 

Once you are ready to make an official agreement, get the settlement terms in writing. We offer a sample debt settlement agreement letter you can modify with your personal information. Another option is to have the creditor fax you a copy of the agreement on their own company letterhead.

 

Never send in payment until you receive the agreement in writing. Be sure to followup later to ensure the creditor remove the chargeoff from your credit report.

 

If you don't think you can handle the free debt settlement negotiation yourself with complete confidence; or you simply don't want the harassment, you could let a professional debt settlement company negotiate on your behalf. You might even get a better settlement, too.

 

Whichever option you choose, just remember that some lenders will not give you new credit or loan approval until you've paidoff past debt.

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