Adam McCann, Financial Writer
@adam_mcan
You can calculate what your monthly credit card payment should be by determining how soon you want to have the card paid off and plugging that information, along with the card’s APR and balance, into a credit card calculator. That will tell you exactly how much you must pay every month to meet your goal.
Keep in mind that your monthly credit card payment can be any amount between the minimum set by your issuer and your entire balance. You also do not have to pay the same amount every month. You can find both your required minimum payment and the full balance on your monthly credit card statement. You can also find this information by logging in to your online account or contacting your card’s issuer.
How to Calculate Your Monthly Credit Card Payment
- Open a free credit card calculator.
- Fill in your card’s balance and APR.
- Choose the option for calculating the payments needed to pay off your credit card within a certain amount of time.
- Fill in the number of months until you want to have your card paid off.
- Click the “Calculate” button.
- Look at the results to see your monthly payment, as well as information about the amount of interest you’ll pay and how much you could save by increasing your monthly payments.
You can learn more about credit card payments on WalletHub.
People also ask
How is credit card interest calculated?
Credit card interest is calculated by dividing the card’s APR by 365 to get the “daily periodic rate,” then multiplying it by the card’s average daily balance to get the interest accrued in one day. Finally, multiply by the number of days in the billing period to get the monthly interest.
Fortunately, you will not owe interest if your credit card has a grace period and you pay the bill in full by the due...
read full answerWhat is the minimum payment on a $2,000 credit card balance?
The minimum payment on a $2,000 credit card balance is at least $20, plus any fees, interest, and past-due amounts, if applicable. If you were late making a payment for the previous billing period, the credit card company may also add a late fee on top of your standard minimum payment. The exact formula your credit card’s issuer uses to calculate minimum payments is available in the card’s terms and conditions.
Minimum Payment on...
read full answerHow do I figure out how much interest I will pay on my credit card?
You can figure out how much interest you will pay on your credit card by dividing the card’s APR by 365 and multiplying first by your average daily balance and then by the number of days in the billing period. The interest charges you owe will also be listed on the credit card’s monthly statement.
How to Calculate Credit Card Interest Charges
- Find your credit card’s APR
Your credit card’s APR...
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