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Credit Card Interest Calculator
Calculate your credit card interest charges and plan your payments
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%
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No interest if paid within billing cycle (typically 45-51 days)
Payment Summary
13 Months to Pay Off
Total Payment: ₹12,068
Total Interest
₹2,068
Monthly Interest
₹159
Payment Breakup
Principal: 82.9% Interest: 17.1%
Understanding Credit Card Interest
Credit card interest is charged on the outstanding balance when you don't pay the full amount by the due date. Understanding how it works can help you manage your credit card debt better.
Key Concepts:
- APR (Annual Percentage Rate): Yearly interest rate
- Grace Period: Interest-free period for new purchases
- Minimum Payment: Typically 2-5% of outstanding balance
- Daily Interest: APR divided by 365 days
- Compound Interest: Interest charged on previous interest
How to Avoid Interest:
- Pay full balance within grace period
- Make payments before due date
- Keep credit utilization low
- Consider balance transfer options
- Set up automatic payments
Example Calculation:
For a balance of ₹50,000:
- APR: 36%
- Monthly Payment: ₹5,000
- Time to Pay Off: 13 months
- Total Interest: ₹13,500
- Total Payment: ₹63,500
Important Note:
Making only minimum payments can result in significant interest charges and longer repayment periods. Always try to pay more than the minimum amount to reduce interest costs.