About the Credit Card Interest Calculator
Credit card interest is charged on your balance every day it goes unpaid, which is why carrying a balance gets expensive fast. This calculator shows the daily and monthly interest at your current balance and how much you'll pay in total before it's cleared.
How it’s calculated
Monthly interest = balance × APR ÷ 12. Daily interest = balance × APR ÷ 365. Total interest is found by simulating the payoff at your monthly payment until the balance reaches zero.
Example calculation
A $5,000 balance at 22.9% APR costs about $95 in interest the first month, or roughly $3 a day.
Frequently asked questions
How is credit card interest calculated?
Most cards use an average daily balance method: your APR is divided by 365 to get a daily rate, applied to your balance each day and summed for the billing cycle.
How do I pay less interest?
Pay more than the minimum, pay off the balance in full when you can, or move it to a lower-rate or 0% intro card. Every dollar of principal you clear stops future interest.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.