This calculator calculates your monthly payment necessary to pay off the card balance in the desired period. The calculation assumes no additional monthly credit card charges. The calculator also calculates your repayment (payoff) period based on actual card use.
If you charge more than you pay every month, you will never repay the card balance.
Higher interest rates can dramatically increase your credit card debt. Comparing credit card rates to find a good deal and learning how the card companies charge interest on card balances is essential.
The graph and table tabs in this calculator show how higher interest rates adversely affect both the time to pay off credit card debt and the total interest expense.
This calculator shows the tradeoff in holding a no-annual fee card with a higher interest rate versus a low-annual fee card with a lower rate.
You can also enter any introductory "teaser" rates and the period offered. Your decision depends, in large part, on your card use. If you pay off your balances promptly, you don't incur any card interest expense.
There's little reason to pay an annual fee for the privilege of paying the card company promptly.
If you tend to carry a card balance, you should aim to minimize interest expenses by using a low-interest rate card. You may have to pay an annual fee in exchange for the low rate but may save more in interest expense during the year than the cost of the annual fee.