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Credit Card Calculator

Calculate your credit card payments, payoff time, and total interest costs. Compare different payment strategies to save money and pay off debt faster.

Credit Card Information

$

Outstanding balance on your credit card

%

Annual Percentage Rate from your statement

%

Typical range: 1.5% - 3% of balance (minimum $25)

$

Additional charges you plan to make (optional)

Payment Plan Results

$150
Monthly Payment
3 years, 2 months
Payoff Time
$1,247
Total Interest

Payment Strategy Comparison

Minimum Payments $3,847 interest
Time: 17 years, 8 months
$200/month Fixed $1,194 interest
Time: 2 years, 8 months
Interest Savings: $2,653

Calculation Details

Current Balance: $5,000
Interest Rate: 18.99% APR
Monthly Interest Rate: 1.58%
Total Payments: 38 payments
Total Amount Paid: $6,247
Payoff Date: March 2027

Credit Utilization Impact

Credit Limit (estimated): $10,000
Current Utilization: 50%
Tip: Keep utilization below 30% for better credit scores. Your target balance: $3,000

Payment Schedule Preview

First 6 months

Understanding Credit Card Debt

The Cost of Minimum Payments

Making only minimum payments can keep you in debt for decades and cost thousands in interest.

Example:
$5,000 at 18.99% APR with 2% minimum payments = $3,847 in interest over 17+ years

The Power of Extra Payments

Even small extra payments can dramatically reduce interest costs and payoff time.

Impact:
Adding just $50/month to minimum payments can save thousands and years of debt

Credit Score Effects

High credit card balances hurt your credit score through increased utilization ratios.

Best Practice:
Keep utilization below 30% of limit, ideally under 10% for excellent scores

Credit Card Best Practices

Smart Payment Strategies

  • • Always pay more than the minimum if possible
  • • Pay twice monthly to reduce average daily balance
  • • Target high-interest cards first (avalanche method)
  • • Consider balance transfers to lower-rate cards

Avoiding New Debt

  • • Stop using cards while paying off balances
  • • Create an emergency fund to avoid new debt
  • • Use cash or debit for discretionary purchases
  • • Set up automatic payments to avoid late fees

Credit Score Protection

  • • Keep old accounts open to maintain credit history
  • • Monitor credit utilization across all cards
  • • Pay before statement closing date to lower reported balances
  • • Check credit reports regularly for errors

Long-term Financial Health

  • • Build a budget to track spending and payments
  • • Consider credit counseling for overwhelming debt
  • • Learn about your card's terms and benefits
  • • Plan major purchases to avoid impulse charging

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