It is usually 5% of the outstanding balance or a fixed amount, whichever is higher.
Credit Card Debit Calculator
Calculate EMIs and total payable interest on credit card dues.
How to Use?
- Input outstanding amount, interest rate, and repayment duration.
- View EMI and interest payable.
Formula
EMI = [Outstanding × r × (1 + r)^n] / [(1 + r)^n – 1]
| EMI (Equated Monthly Installment) | The fixed monthly repayment amount. |
| Outstanding | The total amount currently due or owed. |
| r | Monthly interest rate (annual interest rate divided by 12). |
| n | Total number of monthly installments (loan tenure in months) |
Advantages
- Helps in quick debt repayment
- Clear interest payment understanding
- Financial discipline encouragement
- Effective debt management
FAQ's
What is the minimum payment on a credit card?
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Can I reduce my credit card interest?
Yes, by paying more than the minimum amount due or transferring the balance to a lower-interest card.
How is credit card interest calculated?
Interest is calculated daily on the outstanding balance and charged monthly.