A credit card repayment calculator is a helpful tool, whether you’re applying for a new credit card or switching over to a balance transfer credit card.
Assumptions we are making
- This calculator does not take into account additional spending that may be made on the credit card.
- Any credit card fees, charges or penalties that may apply have not been accounted for here, including in the event of late payments, missed payments, or under-payments.
Paying off your credit card
Paying off your credit card, budgeting for a new one, or switching to a balance transfer credit card is a lot simpler when you know which tools are at your disposal. A particularly helpful one is a credit card repayment calculator as it provides information such as the minimum payment you can expect and how the annual percentage rate (APR) affects your installments.
If you’re looking to transfer your balance to another card such as 0% interest credit cards, you will be able to calculate your savings on credit card interest through the balance transfer calculator.
A credit card payoff calculator comes in handy when you’re thinking about how to pay off credit card debt, as it will determine how much cash is needed to pay off the balance in full. A monthly repayment calculator will also show you the difference it would make to increase your monthly payments. Once you know how to repay your credit card with the help of the credit card payment calculator, it’s easier to control your budget.
A credit card calculator also comes in handy when you’re figuring out how to improve your credit score, as you’ll know the minimum repayment amount upfront. It will help you make changes to your budget in order to increase your monthly repayments while lowering your capital balance outstanding, which are both important measures when determining credit scores.