Is A Credit Card Right For You?
Opening a credit card account is definitely not something to take lightly - after all, it affects your credit rating and you’re assuming final responsibility every time the plastic comes out. Be sure to use the calculator before making such an important decision, and ask yourself the questions below. Feel free to call one of our member service representatives for more help.
- How important is the interest rate?
- How will rate changes affect my balance?
- Is a lower rate worth the annual fee?
- What will it take to pay off my balance?
- Should I consolidate my debts?
- Which is better: flight card or low rate card?
- Which is better: rebate card or low rate card?
- Should I consolidate my credit cards?
Credit Card Minimum Payment Interest Calculator
This calculator will show you how much interest you will end up paying if you make only the minimum required payment on your credit card bill. It will also tell you how many minimum payments you will make before your balance is paid off (up to a maximum of 600 payments).
Somewhere in your credit card disclosure statement the card company will tell you something like "your minimum payment will be 2% of the balance or $10, whichever is higher. These are the figures you will enter in Column C and Column D respectively.