Credit card interest calculator

Revolving credit (paying your card "in instalments" or with a monthly minimum) is among the most expensive debt there is: with APRs above 20 %, interest piles up fast.

How to read the result. You'll see how much you'll pay in total interest and how long it'll take to clear the debt. You can choose between two payment modes:

• Fixed payment: you pay the same amount every month.
• Minimum payment (% of balance): the typical revolving mode. You pay a percentage of the balance (with a floor in euros); as the balance falls so does the payment, so the debt drags on for far longer.

Worked example (default values). A €2,000 debt at 22 % with a fixed payment of €100/month:

• It'd take about 26 months to clear.
• You'd pay about €514 in interest alone (total €2,514).

The minimum-payment trap. That same €2,000 debt at 22 %, but paying the minimum payment of 3 % of the balance (with a €25 floor):

• The first payment would be €60 and it'd take about 127 months (over 10 years).
• You'd pay about €2,300 in interest: more than the debt itself! (total ~€4,300).

An important note. Paying off revolving debt is probably the best "investment" available: no safe investment earns what that debt costs. Turn off deferred payment and pay the balance in full each month.