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.

(Calculate minimum monthly credit card payment - use payment calculator)

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.

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.

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