Credit cards prove to be quite a handy option for covering any unexpected expenses. But you really need a good credit card calculator for calculating things before you decide on a particular credit card on the market. Our credit card calculator can allow you to calculate monthly amounts you need to spare for paying off your credit card balance and also determines what total interest you will have to bear. Besides, there is another option to tell you exactly how much time is needed for paying off the balance.
Mostly, people use debit cards and they're actually habitual of using them. They know how this all works. Debit cards are usually offered by the banks with their checking accounts and with these cards, the account holders can make payments that are directly deducted from their account. No matter what transactions are made, money is instantaneously withdrawn from the account. Normally, these cards don't have any associated fees except the charges that apply for withdrawing money using any third-party ATMs or making transactions in foreign countries. With that being said, both the costs can be avoided easily.
Now coming to credit cards, these are basically unsecured loans and one needs to apply for a card and get it approved through some issuer like American Express. Credit cards work like revolving credit for which there is no fixed payment. Then there is installment credit like auto loan or home loan for which fixed payments are amortized.
Credit cards usually have an upper limit that is actually the maximum amount that can be borrowed. And if the credit card holder wants to exceed that limit then he's subjected to credit limit fees for crossing the line.
Coming back to our credit card calculator, it gives you a couple of options. If you want to pay back inside a certain timeframe, then you have to enter credit card balance, interest rate and the payback time to calculate your monthly payments for paying off the entire balance in the designated amount of time.
The other option in the credit card calculator lets you determine the time required for paying off certain amount. Enter credit card balance, interest rate, and minimum payment for calculating the time it will require and the interest that you will incur for paying off your credit card balance.