Carrying a balance on your credit card? This credit card interest calculator shows how much interest you’re charged each day, each billing cycle and each year. It also compares keeping your current card with a 0% balance transfer offer, so you can see whether the transfer fee is worth it.
Credit Card Interest Calculator
Loading calculator…
How credit card interest is calculated
Most issuers divide your APR by 365 to get a daily periodic rate, then apply it to your average daily balance for the billing cycle. A $5,000 balance at 21.19% APR costs about $2.90 a day, or roughly $87 in a 30-day cycle. If you pay your full statement balance by the due date, you generally won’t pay interest on new purchases.
Ways to pay less interest
- Pay more than the minimum; every extra dollar cuts next month’s interest.
- Move the balance to a 0% intro APR card and pay it off before the promo ends.
- Ask your issuer for a lower rate, especially if your credit has improved.
- Consider a lower-rate debt consolidation loan.
Related: Credit Card Payoff Calculator, Balance Transfer Cards, Credit Card Mistakes to Avoid, All Financial Calculators.