Credit card calculator

Moneymash

Does anyone have a link for a Credit card calculator that works out your next months payment and interest using your APR and card repayment rate ( I am not referring to Martin's repayment calculator that is for fixed payments not for random overpayments) I found one a few weeks ago online ( I can't believe it didn't save to favourites :mad:) but can't find it now.

I want to make a £500 overpayment to one or a combination of 3 credit cards. One of my cards has a high apr, but the repayment rate is 3%, another card has half the apr, a higher balance but the repayment rate is only 1.5%. So I actually paid more interest on the lower apr card and cleared off less of the balance on this card.

The third card has a high apr but a balance that is only £293.04 so I could clear this in one go and pay the remainder to one or both of the other two cards.

It seems that in the long run I will pay more interest on the lower apr card as only a tiny percentage of the balance is being cleared off each month if I snowball.

I know there is a formula to working out the interest but it would be quicker and more useful to have this calculator.

vintagegirl

Not sure if this is the kind of thing you're looking for?

http://www.whatsthecost.com/snowball.aspx

Moneymash

Thanks for the quick repsonse. I will use the snowball method of calulating my debts after I have made the £500 overpayment.

However, what I am looking for is a specific calculator, you enter your outstanding balance, apr, repayment rate and the payment you have made. The calculator then tells you your next months interest and minimum payment if I remember rightly.

vintagegirl

if you find one of them, id love to know, would help me out too x

Moneymash

I think this is the nearest to what I need so far... (doesn't show interest )

Credit Card Calculator




So my CC balance is £3155.36 minus the MP £94.47 and the £500 overpayment so balance would be £2560.89 which I feed into the current balance, I enter apr of 29.9% and repayment rate of 3% gives me a minimum monthly repayment amount of £76.83, when I press calculate I get the number of total repayments based on the £76.83 which is not that helpful because I will be making random overpayments. It would just be useful to compare the interest on both cards if I applied the £500 overpayment to each one.