Adam McCann, Financial Writer
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
Did we answer your question?