Tool 9 of 9

Credit Card Interest Calculator

See daily, monthly, and annual interest on your credit card balance — plus total interest paid over your payoff timeline.

Card Details

Current Balance

APR (%)

Monthly Payment

Daily Interest

charged on current balance

Monthly Interest

$96

if balance unchanged

Annual Interest

$1,150

at current balance

Months to Pay Off

2 yr 11 mo

Total Interest Paid

$1,871

Total Paid

$6,871

Payment Breakdown

Month	Payment	Interest	Principal	Balance
1	$200	$96	$104	$4,896
2	$200	$94	$106	$4,790
3	$200	$92	$108	$4,681
4	$200	$90	$110	$4,571
5	$200	$88	$112	$4,459
6	$200	$85	$115	$4,344
7	$200	$83	$117	$4,227
8	$200	$81	$119	$4,108
9	$200	$79	$121	$3,987
10	$200	$76	$124	$3,863
11	$200	$74	$126	$3,737
12	$200	$72	$128	$3,609
13	$200	$69	$131	$3,478
14	$200	$67	$133	$3,345
15	$200	$64	$136	$3,209
16	$200	$61	$139	$3,070
17	$200	$59	$141	$2,929
18	$200	$56	$144	$2,785
19	$200	$53	$147	$2,639
20	$200	$51	$149	$2,489
21	$200	$48	$152	$2,337
22	$200	$45	$155	$2,182
23	$200	$42	$158	$2,023
24	$200	$39	$161	$1,862

Credit Card Interest FAQ

How is credit card interest calculated?+

Most issuers use average daily balance method. Monthly interest ≈ balance × (APR ÷ 12). Daily interest ≈ balance × (APR ÷ 365). Interest compounds monthly when you carry a balance.

Why does my payment barely reduce my balance?+

If your monthly payment is close to the interest charge, almost nothing goes to principal. On a $5,000 balance at 23% APR, interest is about $96/month — a $100 payment only reduces principal by $4.

How is this different from the Credit Card Payoff Calculator?+

This tool focuses on interest cost (daily, monthly, annual) and payoff at a fixed payment. The Payoff Optimizer compares minimum-payment trap vs optimized fixed payments side by side.