Credit Card Interest Calculator

Credit cards are issued by banks to customers. Credit cards let customers buy things or pay bills on credit and pay them back over time. Banks and financial organizations issue travel, gasoline, shopping, and other credit cards based on customer needs.

Below are the most used words related to credit cards

1. Credit Limit: The maximum amount you can spend using the credit card. It is decided by the banks or financial institutions who are issuing the cards, and it depends on several factors like creditworthiness, income, repayment history etc
2. Annual Percentage Rate (APR): It is the annual interest rate charged by the banks or financial institutions if you don’t pay the full outstanding amount within due date.
3. Minimum Payment: It is the lowest amount you are required to pay before due date to keep the account in good state. Generally, most of the banks in India have kept this @ 5% on outstanding amount
4. Billing Cycle: It is the period between 2 consecutive billing statements. Generally, it will be around 30 days for most of the credit cards.
5. Due Date: It is the last date to make the payment of your outstanding credit card amount.

No, the interest rate for each credit card differs. It depends on the issuer of the credit card, type of card etc.. As of now, most of the credit cards in India are charging a huge interest of 40%-60%

No, if you have paid the credit card outstanding amount before the due date, you are not required to pay any interest. Interest is charged only when you missed the due date

Yes, you are required to pay interest on the balance amount even if you have paid the minimum amount. Also, interest will be charged on the new purchases if you have missed due date

Yes, you are required to pay a late fee other than interest and GST. Late fee depends on the banks and financial institutions, and it depends on the outstanding amount