Credit Card Interest Calculator
Work out the interest on your card for one billing cycle from your balance and APR, and what your monthly payment will cost before the balance is gone.
Card issuers turn your APR into a daily rate by dividing it by 365, then charge that rate on your balance for every day of the billing cycle. At 22% APR the daily rate is about 0.0603%, so a $5,000 balance costs $90.41 in interest over a 30-day cycle and $93.42 over a 31-day one. Paying $150 a month with no new purchases clears it in 4 years and 4 months, with about $2,798 in interest along the way.
This calculator gives an estimate for general education only and is not financial advice. It assumes a steady balance for the billing cycle, a daily rate of APR divided by 365, a fixed APR, a fixed monthly payment and no new charges, fees or rate changes. Your card agreement and statement are the authority on what you owe. For help with card debt, consider a qualified financial professional or a nonprofit credit counselor.
Interest charged this billing cycle
$90.41
- Daily periodic rate (APR / 365)
- 0.0603%
If you pay $150.00 a month and add nothing new
- Time to pay off
- 4 years, 4 months
- Total interest
- $2,798.09
- Total paid
- $7,798.09
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About the Credit Card Interest Calculator
Your card's APR is an annual figure, but interest is charged daily. The issuer divides the APR by 365 to get a daily periodic rate, multiplies it by your average daily balance, and multiplies that by the number of days in the billing cycle. Cycles usually run 28 to 31 days, which is why the interest line on your statement moves a little from month to month even when the balance does not. This calculator shows that charge for one cycle, then projects what happens if you pay a fixed amount each month and stop using the card: how many payments it takes, the total interest and the total paid. The projection treats each month as one twelfth of the APR, a close stand-in for the daily method over a full year. Two things push real costs up. New purchases raise the average daily balance, and paying only the minimum, which usually shrinks as the balance falls, stretches repayment for years. If you pay the full statement balance by the due date, most cards charge no interest on purchases at all.
Frequently asked questions
How is credit card interest calculated?+
Divide the APR by 365 to get the daily rate, multiply by your average daily balance, then by the days in the billing cycle. At 22% APR on a steady $5,000 balance, that is about 0.0603% a day and $90.41 for a 30-day cycle.
How much interest will I pay if I only make a fixed payment?+
Enter your payment in the calculator. On $5,000 at 22% APR, paying $150 a month takes 52 payments and costs about $2,798 in interest, provided you add no new charges. A higher payment cuts both the time and the interest.
How can I avoid paying credit card interest?+
Pay the full statement balance by the due date each month. Most cards give a grace period on new purchases when the previous balance was paid in full, so no purchase interest is charged. Cash advances and balance transfers often have no grace period.
Why is my statement's interest different from this estimate?+
Your issuer uses your real average daily balance, which changes with every purchase and payment, and some compound daily or divide by 360 instead of 365. Promotional rates, penalty rates and fees also change the figure. The calculator should land close, not to the cent.
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