Credit Card Interest Calculator
See exactly how much a credit-card balance costs you in interest each day, month, and year while you carry it. It's usually more than people expect.
Your details
- Interest per day
- $3.01
- Interest per year
- $1,100.00
Formula
Monthly interest = balance × APR ÷ 12. Daily interest = balance × APR ÷ 365. Card interest compounds daily, so carrying a balance costs a little more than these simple figures over time.
How it works
Because interest is added to your balance and then charged interest itself, carrying a balance is one of the most expensive forms of borrowing. Paying your statement in full each month avoids all of it thanks to the grace period.
Frequently asked questions
How is credit card interest calculated?⌄
The issuer divides your APR by 365 to get a daily rate, applies it to your balance each day, and adds it up over the billing cycle — so interest compounds daily.
How do I avoid credit card interest?⌄
Pay your statement balance in full by the due date. Most cards charge no interest on purchases when you do, thanks to the grace period.
Does a higher APR make a big difference?⌄
Yes. At a $5,000 balance, going from 18% to 24% APR adds roughly $25 a month in interest — money that does nothing for you.
Sources & methodology
Simple interest on the balance at the APR entered. Actual cards compound daily, so real charges run slightly higher.
- •CFPB — credit card interest — CFPB
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