Credit Card Revolving Interest Calculator
- Enter your credit card spending amount, interest rate, minimum payment percentage, and term to calculate the total interest and principal paid when making only the minimum payment each month.
Credit Card Spending Amount ($):
Credit Card Interest Rate (%):
Typically around 15%
Minimum Monthly Payment Ratio (%):
Typically around 5%
Calculation Period (Months):
For this purchase of 20,000 $, you actually spent 0 $
Equivalent to an extra payment of: -100.0%
Monthly Repayment Details
| Time | Min. Monthly Payment | Interest Portion | Remaining Balance |
|---|
Result after 12 months:
You paid a total of:0 $
But only paid off the principal of:0 $
Total Interest:0 $
⚠️ If you only make minimum payments, it will take NaN months to pay off, and the total interest is undefined $
What is Credit Card Revolving Interest?
Credit card revolving interest is the interest charged by banks on unpaid balances when you cannot pay your credit card bill in full.
- Making only minimum payments means the remaining principal continues to accrue interest
- Interest is calculated daily and charged on the next billing statement
- Making only minimum payments long-term can lead to growing debt
Example
Assuming a purchase of $20,000 with a 15% revolving interest rate, making only the minimum monthly payment (5%):
- After one year, you will have paid a total of $10,200
- But only $4,200 of the principal has been paid off
- Equivalent to an extra payment of 30%
How to Avoid Revolving Interest?
- Try to pay your credit card bill in full to avoid revolving interest
- Set up automatic payments to ensure timely payments
- Control credit card usage to avoid exceeding repayment capacity