How do I calculate my credit card interest for the month?

Apr 14, 2011 by K.C. | Posted in Credit

Balance $5,420.29
Annual Interest Rate: 10.47%
Credit Card uses: Average Daily Balance Method

Ive tried doing this already and I come up with $157

Can someone who knows how to calculate interest double check

I have how you came up with $157.

First, you calculate your monthly interest rate by mutliplying your monthly rate (APR divided by 12) times your average daily balance (total of each days balance divided by the number of days). It's almost

bdancer222 | Apr 14, 2011

It's not that simple. You need to read your credit card agreement to find the actual calculation used. Most involve some form of average daily balance - unless you've taken cash advances.
Woof | Apr 14, 2011

How do you calculate credit card interest?

Jun 09, 2009 by Alex | Posted in Personal Finance

I consider myself fairly intelligent, and financially responsible. But I'm embarrassed to say that I don't know how exactly credit card interest is calculated.

Let's say, for instance, you have a 10.9% APR, your balance is $3750, and your

10.9% APR means that the daily interest rate is approximately 0.02874% (i.e., .0002874 in decimals).

Take your average daily balance, and multiply by .0002874. That is the interest.

Using your example, we have:

zeuz | Jun 09, 2009

How To Calculate Credit Card Interest

wp.me I am going to explain what you need to do followed by my own example. Lets get started. First thing you need to do is figure out your daily ...

Rate survey: Credit card interest rates decline

18.05.12

The national average annual percentage rate (APR) on new credit card offers dipped to 14.83 percent Wednesday. This is the fifth time this year rates have declined. However, unlike previous changes, this week's rate change was due to a reshuffling of the CreditCards.com database.  

Each week, the CreditCards.com team tracks 100 of the most popular credit cards in the country and looks at whether APRs, annual fees and promotional APR offers have changed.  Occasionally, we will reshuffle the cards that we look at in order to more accurately reflect the credit card market.

Source: CreditCards.com

calculate credit card interest - Bookshelf


How to Legally Settle Your Personal Credit Card Debt for Pennies on the Dollar, Without Filing Bankruptcy
288 pages 		How to Legally Settle Your Personal Credit Card Debt for Pennies on the Dollar, Without Filing Bankruptcy

Creator: Martha Maeda | Business & Economics - 2010-11-30
Interest rates on purchases ranged from 4.25 percent to 22.99 percent. How Credit Card interest is Calculated When you are shopping for a credit card, you look for the lowest annual percentage rate (APR) you can find.
Publisher: Atlantic Pub Co
Bookkeeping Kit For Dummies
408 pages 		Bookkeeping Kit For Dummies

Creator: Lita Epstein | Business & Economics - 2012-01-09
Looking at how credit card interest is calculated In most cases ... If you don't pay your credit in full, interest on most cards is calculated by using a daily periodic rate of interest, which is compounded each day based on the unpaid ...
Publisher: For Dummies
Basic College Mathematics, An Applied Approach
592 pages 		Basic College Mathematics, An Applied Approach

Creator: Richard N. Aufmann, Joanne Lockwood | Mathematics - 2010-01-01
The finance charge on a credit card bill is calculated using the simple interest formula. In the last objective, the interest rates were annual interest rates. However, credit card companies generally issue monthly bills and express ...
Publisher: Brooks/Cole Pub Co

20% down on house or pay off low interest credit card and/or car ...

by Fager

We are planning on buying a new house. We have enough money to put a 20% down payment. We also have credit card and car payment debt that is a little less than the 20% we could use for the house. The interest rate on the card is 4.99%. The car loan is 6.4%. The home loan will probably be 6+%. Since the interest rate on the credit card is less than the rate of the home loan, would it be better to put the 20% down on the house and then try to pay off the card and car loan in a few years or would it be better to pay off the card and car loan now and and just put 5% down on the house and have to pay PMI? Or maybe something in between like pay off the card but not the car (or vice versa) and put 10% down on the house. Is there a calculator out there somewhere to calculate the cheapest route?

...

Read more...

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