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Calculate the minimum monthly payment amount required to payoff your credit card balance within a certain time frame. Or use our credit card interest calculator for balance payoff & total interest Or
use our credit card payoff
calculator for extra monthly payment savings
How to use our credit card
payment calculator: In the first box, enter the total balance due on your credit card. In the next box, enter the interest rate charged by the issuer. In the third box, type in the
number of months in which you hope to completely payoff the credit card (if you
want to payoff your credit card in one year, you would enter the number 12). Click the
"Calculate - Click Here" button and you will be shown the following
data:
With our reverse calculator, you can estimate the monthly payments required in order to payoff your credit card balance within a specified time, such as 18 months, 2 years, etc. Our payment calculator will also show you the total fees; principal and interest, you paid.
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
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. Interest Rates
Many consumers want to try to save more money this year, and earn as much interest as possible. Interest rates will probably stay low and may not get much better later in the year. Savings accounts, CDs, and money markets have ranged between zero and 0.25% since 2008. Yet those low rates could benefit borrowers who are able to get approved for a loan. Banks appear to still be careful about loosing up on giving out credit, and for those who can get loans, they may not get much. Community banks, which may have not suffered sub prime losses, could experience a crunch due to some types of defaults.
Even though savings yields can be low, if lending increases, banks may pay more so you may want to consider not locking in rates on long-term CDs. Choosing FDIC-insured bank savings and money-market deposit accounts, and CDs that mature in less than six months may be a good option. Mutual funds can pay much less and these may need to be avoided. As always, shop for the best rates and don't take just anything a bank offers.
Another option is to review online savings accounts which could be better. To really save on the expenses of debt, be sure to pay down any credit card balances and home-equity lines. Borrowers may have the advantage as lenders will want to get the best credit worthy consumers. It will be those consumers with high credit scores who can find the best deals, interest rates, and rewards as companies desire more low-risk customers. Offer for free personal finance software to manage and track expenses. Interest Rates
The latest buzz is that rate hikes are coming and the Federal Reserve is indicating the near-zero interest rates will eventually be ending. Even though the Fed boosted rates it charges banks, it won't mean it will move soon to boost broader interest rates. Investors need to get ready whenever the rate hikes come. Having higher rates will be a good sign the economy will be strong enough to function without the help of emergency rates. It can also mean yields from CDs, savings, and money-market accounts will be much better.
Once inflation starts going higher, investors may need to look closely at what they own and they may need to make some changes. Consumers need to figure out how higher rates could affect personal finances. When interest rates raise on a previously issued bond, the bond's value on the open market drops and that can be costly for investors who poured a lot into bond funds. In the past, people were getting out of stocks and into the safer stuff. Long-term bond funds could be the most vulnerable, yet no one can know just where the market will go for sure. Hanging onto bonds can be rewarding as they sometimes loose and down turns may not last long.
Unlike many corporate bonds, U.S. government bonds will pay. The return on these Treasury bonds is adjusted to eliminate the impact of inflation. Those who save can look forward to a time when their money can grow at a decent rate. Now, the rates for one-year CDs are under 1.7 percent and savings and money-market bank accounts usually are below 1 percent. Yet rising rates will make mortgages and other loans more expensive. If you want to buy a home or refinance an existing mortgage, consider locking in some low rates. The economy is so uncertain for now, but changes will eventually come around. Credit Card Tips
Credit card companies are taking all the steps to make sure they will be ready for the new laws in February 2010. Some companies are ready and others are getting more prepared. Disclosing the terms and conditions in an easy to understand way is part of the new law.
The companies usually offer consumers a card that fits their credit type even if it was not the card inquired about. When consumers are offered different cards, they will also get information about the terms and conditions associated with the card offer before the application is processed.
Cards have different APR information and will state if the APR will apply to cash advances and what can cause it to rise or fall. Some companies increase the rate when payments are late or the credit limit has been exceeded. Information about processing fees will be provided and may vary depending on credit worthiness.
Secured credit cards as other credit cards have different fees, terms, and conditions. Processing fees can range from $0 to $35. Every company is different and may require low security deposits or high deposits. They can change the APR and can apply payments to lower APR balances before applying it to higher balances. When seeking a credit card, it is important to read all the terms and conditions for fees. For example, if you select that you want your credit card delivered quickly, it could cost you.
Make sure you know who your credit card issuer is, their phone number, how they process your personal information, and if they share your personal information with third parties. keep all your credit card account numbers in a safe place along with phone numbers in case you ever need to report a lost or stolen card. Always report lost cards immediately. Having a credit card is a privilege and the terms and conditions for using the credit card must be followed. Credit Cards
Credit cards can have great benefits and rewards that are specific to certain cards. Usually the more the card is used and the higher the annual fee, the more benefits are offered. There can be points to collect and exchange for things like airline tickets, contributions to a favorite cause, restaurant discounts, and hundreds of perks from which to choose.
Benefits are offered to get consumers to choose one card over another. There must be something unique as interest rates and other financial benefits are often alike among credit card companies. A free trip earned through points can be great for those consumers who use a card often and like to travel. When the balance is paid off every month, it may be even easier to get the benefits offered.
When you choosing a card with benefits or points, it is better if you will really use the rewards. Read about the terms and any deadlines for using perks. Check your spending level against the amount required to earn the benefits to figure out if you will use the card enough to earn the rewards. If for example, you like to use a specific resort, make sure the card you use will provide rewards for that specific resort. Sometimes there is a time frame for using the rewards and they may expire or not expire. Another example of a credit card with perks is one that offers rewards to get a rental car. Having credit cards with perks can be a way to get benefits, save money, and get points to spend at specific places when credit cards are used frequently. Order Online Without Credit Card - Some consumers want to shop online yet they don't have unsecured credit cards because of bad credit. Here's how you can order online without a credit card... well, without a typical credit card.
Get Catalog Card Information and Apply Online - Click Here
A typical unsecured credit card generally requires a credit check and often results in rejection of bad credit people. And that is the primary reason why some people see a way to shop online without credit cards.
Yet there is an unsecured line of credit for online shopping, even for very bad credit people. It's called a catalog store card.
How it works: An online shopping club offers an unsecured line of credit to almost anyone. Members get to shop the club's website and order merchandise, and the club sets up a repayment plan.
Benefits of this solution are that approval is almost guaranteed since the application doesn't require a credit check, plus the line of credit is rather large, up to several thousand dollars. Also, many of the products do not require a down payment.
If you're looking for a way to buy merchandise or gifts online without a standard credit card, consider a catalog store card. Charity Gift Credit Cards - Donating money with a Charity Gift Card is not only a tax deduction, but it also makes you feel good. But just like all financial agreements, you need to be aware of the fine print.
You can either buy a gift card directly from a specific charity (if so offered) or if you don't have a specific charity in mind you could get a Pick Your Charity gift card. These cards let you give a specific amount of money to a person, who then gets to donate that amount to a charity of his/her choice.
Charity specific cards - Only a few of the nation's largest charities offer the option of buying a gift card. Some Goodwill stores have gift card options, but there's no national gift card policy, so availability and terms vary from region to region.
Pick Your Charity cards - If you don't have a specific cause in mind, consider this type of gift card. The cards are bought online; purchasing them is similar to any type of gift card. Select the format the card will be delivered in, either e-mail or US mail. Load it with a donation value and enter the recipient's information. After getting the gift, the recipients turn philanthropic donors by going online to the gift card's Web site and clicking the charity of their choice to receive the card's amount.
Fine Print items to be watchful: * Fees: All the money you donate may not go directly to the charity. Some may give a percentage to the group providing the card. For example, it costs between $1.50 and $5 just to purchase the card. After money is placed on the card, fees for shipping, handling, administrative needs or credit card processing are deducted from that amount. CharityChoice gift cards, for instance, feature a transaction fee of 50 cents per card, a card processing fee of 3 percent and an administrative fee of 5 percent. * Speed: The money that does go to the charity doesn't always go right away. Some organizations only transfer funds to the designated charities on a quarterly basis. * Expiration dates: A few have them, meaning that well-meant cash will go to the card issuer, not a cause. Network for Good's Good Card, for example, expires after just six months. (They recently changed it from one year.) It then takes the unused funds "to train thousands of charities in outreach and help them raise funds online." The Credit CARD Act of 2009 -- which also addresses gift cards -- says gift cards can't expire for at least five years after they were last loaded with money. However, those changes don't take effect until August 2010, so in the meantime, it's important to pay attention. * Tax benefits: The card giver gets a tax deduction for the face value of the gift card. The recipient, who designates where the money will go, doesn't get a tax break. * Varying number of charities to choose from: Some cards let the donor select from varying numbers of charities. Too many could be overwhelming; too few hinder choice.
Credit Card Law
The credit card law will bring about changes for issuers and cardholders. Issuers will have restrictions on rate hikes, fees, and increased disclosure requirements. Those who borrow will need to know some provisions in the law and some loopholes. Sometimes a creditor will cut credit limits because credit scores drop, credit cards are not used much, or there is a change in the way payments have been made. There have been times when even good customers have had their accounts closed just due to not making charges. Consumers should try maintain good scores, pay on time, keep balances low, and try to avoid closing accounts unless it's necessary. It is also important to make some charges on credit cards that can be paid in full or on time each month.
If there have been many holiday purchases, it is best to try to pay them off or pay the balances down early into the New Year. By reducing outstanding balances, it can protect against negative changes to an account, and could improve credit scores. Even a lower balance could help cushion credit scores against credit limit reductions.
One important ratio in credit scoring formulas, is the amount of credit used versus credit limits. If limits are cut and debt doesn't decrease, scores could drop. It is important to open credit card statements in case card issuers send information to opt out of a change in terms. They must send out notices at least 45 days in advance of the effective date. That gives a limited time to decide whether to reject the proposed change, yet opting out cancels the account. When there are derogatory errors on reports, scores can be lower so it is important to check reports at each of the three major credit reporting agencies on a regular basis, especially if you want to apply for credit cards and you don't know what type of credit you have. When bills are usually paid late, credit can be less than perfect as late payments lower scores. In this case, one would need to apply for a card that approves less than perfect credit people. Inactive Credit Cards
If you have a credit card that has not been used in a long time, you may want to consider using it fast. Some card issuers may close accounts that are not being used. Dormant accounts don't yield any profits to institutions. Some issuers may even charge inactivity fees for unused cards or may charge fees that don't have an annual spending threshold.
An account that does not have a balance could cause a drop in available credit, it is suggested that a card is used at least once every few months so the issuer sees some gain. It won't matter even if balances are paid in full after getting the statement, the card issuer can generate income from interchange fees from transactions which could be as much as 3% of a purchase price.
Credit Card
With the new credit card rules in place it may mean getting a new account can be difficult. With many consumers in debt, credit card companies and banks seem to get more picky when approving new card holders. They may want more of the best applicants than just trying to get high numbers of applicants and they may desire those who will be better account holders.
Getting approved for cards may be a plus and consumers may not be able to expect as many perks as in years past. There may be more annual fees, reductions in points and cash rebates. Be aware that all those unsolicited credit card applications in the mail may be far and few than past years.
Some consumers have already experienced slashed credit limits, even those people with great credit scores. Scores of above 700 FICO score generally landed a consumer a credit limit around $8,000 and now it may be only a little higher than $4,000. With all this, consumers may have a new interest in using debit cards rather than charging on credit cards.
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