Finance Charge Calculator

Your details

Most US credit cards use the average daily balance method. Your card agreement or statement will specify which method your issuer applies.
For average daily balance and daily balance methods, enter the average balance held over the billing period. For all other methods, enter the specific balance the method calls for (see method guide below).
The APR printed on your credit card agreement or statement. The daily rate is APR / 365. Some lenders use 360 days - select the divisor below.
%
Most US credit card issuers divide the APR by 365 to get the daily rate. Some lenders, particularly certain business and mortgage products, use 360.
The number of days in your billing period. Most credit cards use 28 to 31 days. Check your statement for the exact count.
days
If you paid your full statement balance by the due date last cycle, most issuers grant a grace period: new purchases are not charged interest until the next due date. Carrying any balance forfeits the grace period.
Currency
Finance chargeAbove-average APR
$18.90

Interest cost added to your account this billing cycle

Daily periodic rate0.0006%
New opening balance$1,018.90
Projected annual cost$229.90
Effective monthly rate0.0189%
Finance charge this cycle$18.90
Projected annual interest$229.90

Finance charge this cycle: 18.90.

  • Using the average daily balance method, a 22.99% APR on a 30-day cycle adds 18.90 to your balance this month.
  • At this rate and balance, you would pay roughly 229.90 in interest over a full year.
  • To avoid next month's finance charge, pay the full balance (1000.00) plus today's charge (18.90) before the due date.
  • Your APR of 22.99% is above the current US average of about 21-22%. Even small extra payments reduce the balance on which future charges are based.

Next stepPay more than the minimum to reduce principal faster. Even an extra 20-50 per month cuts interest significantly on high-APR balances.

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