Credit Card Interest Calculator

Calculate the interest and payoff time for any credit card by entering your information:

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It's fast, secure and won't harm your credit.

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Business credit card Secured credit card Travel credit card Student cash back credit card Cash back credit card

Discover has no annual fee on every card

Frequently asked questions about pay off dates and credit card interest

A minimum payment is the smallest amount you can pay on your credit card bill to avoid late fees and remain in good standing. As long as you make this payment on or before the payment due date, your account is considered current.

 

Typically, the minimum payment is a percentage of your total current balance, plus any interest you owe. So if you owe $2,000, your minimum payment might be $40. Learn More: What is a Credit Card Minimum Payment?

There are plenty of tools, like our Credit Card Payoff Calculator, that will do the math for you. So all you need to enter are a few data points to quickly see an estimate of how much interest you'll pay.

 

If you want to crunch the numbers yourself, first take your APR (Annual Percentage Rate) and divide it by 365 (the days in the year) to get your daily interest rate. Your credit card issuer will then multiply this number by your daily balance for each day in the billing period. That’s how much interest you’ll be charged for one day. This interest gets compounded, which means it’s added to what you owe. Each day, you’ll have a new daily balance and the credit card issuer will calculate the interest on this amount. So until you pay back what you owe in full, you’ll keep getting charged interest. Learn More: Understanding How Credit Card Debt Works

Even if you can’t pay off your balance in full, it can be helpful to pay more than the minimum payment to work towards being debt-free. To do this, we recommend coming up with a budget plan (and sticking with it) so you can better understand how you’re spending your money, and how you can cut costs. Even an extra $5 or $10 a month can help you pay less in interest, and may make more of an impact than you might think. Learn More: How to Pay Off Credit Card Debt

While carrying a balance doesn’t affect your credit score, your credit utilization does. This is how much of your available credit you’re using. A high utilization could be seen as a high risk for potential lenders, while a low utilization shows them you’re able to pay off your balances in a timely manner. Keep in mind, credit utilization typically makes up almost a third of how your credit score is calculated. Learn More: How Do Utilization Rates Affect My Credit Score?

Cash Back Credit Cards:  Discover it® Cash Back,  Gas & Restaurant Card,  NHL® Discover it®

Travel Credit Card:  Discover it® Miles

Student Credit Cards:  Discover it Student® Cash Back,  Student Chrome Card

Secured Credit Card:  Discover it® Secured

Business Credit Card:  Discover it® Business Card

Cash Back Credit Cards


Intro purchase APR is 0% for 14 months from date of account opening then the standard purchase APR applies. Intro Balance Transfer APR is 0% for 14 months from date of first transfer, for transfers under this offer that post to your account by  then the standard purchase APR applies. Standard purchase APR: 11.99% variable to 22.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by  and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.

Travel Credit Card


Intro purchase APR is 0% for 14 months from date of account opening then the standard purchase APR applies. Intro Balance Transfer APR is 10.99% for 14 months from date of first transfer, for transfers under this offer that post to your account by  then the standard purchase APR applies. Standard purchase APR: 11.99% variable to 22.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.

Student Credit Cards


Intro purchase APR is 0% for 6 months from date of account opening then the standard purchase APR applies. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by  then the standard purchase APR applies. Standard purchase APR: 12.99% - 21.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.

Secured Credit Card


22.99% standard variable purchase APR. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by  then the standard purchase APR applies. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% Intro fee on balances transferred by and up to 5% fee for future balance transfers will apply. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.

Business Credit Card


Intro purchase APR is 0% for 12 months from date of account opening then the standard purchase APR applies. Standard purchase APR: 12.99% variable to 20.99% variable, based on your creditworthiness. Cash APR: 24.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 5% of the amount of each transfer. Annual Fee: None. Rates as of . We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment.

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