Credit card calculator. First, it converts that annual rate into a daily rate. It appears your web browser is not using JavaScript. This could be twice as high as your standard APR in some cases. There are two main types of APR that a credit card issuer might use. (This assumes you won't make any more purchases with the card during the payoff period.) That can guarantee an on-time payment, while also lowering your next month’s interest charges. Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. The APR calculation takes into account for the interest rate, how often it's charged, initial fees and any other costs associated with the loan. How to calculate APR Many variable interest rates start by using an index, such as the U.S. Prime Rate, and then add a margin. In the second box, enter the APR for that line of credit. You'll also have access to the information online. For example, an APR of 14.99% compounded daily would have a periodic rate of (14.99% / 365) = 0.0004 = 0.04%. This is the daily periodic rate (DPR). Therefore, you should have been charged $7.45 in interest charges based on your $500 balance. First, it converts that annual rate into a daily rate. The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 requires credit card issuers to give 45-day advance notice of any interest rate increases. View Your APR. The higher the APR, the more interest you’ll pay when you carry a balance. You could also consider changing the due date of your credit card bill. This is the daily periodic rate (DPR). A loan’s APR is calculated by determining how much the loan is going to cost you each year based on its interest rate and finance charges. Calculating Your Credit Card Interest. Your credit card issuer will use your card’s APR to determine how much you pay in interest. JPMorgan Chase Bank, N.A. Credit card issuers use the rate to determine how much to charge in interest each month. While credit card companies give an interest rate, the interest rate does not account for compounding. Daily Periodic Rate, DPR = The amount you … Own a business? Using an updated version will help protect your accounts and provide a better experience. Power its potential with one of our business credit cards, like Ink Business Preferred℠, Ink Business Unlimited℠ or Ink Business Cash℠. Read through your credit card agreement. In this case, your DPR is 0.054795% ($20 / 365). Your balance will also go down if you make a payment. SAFE Act: Chase Mortgage Loan Originators. Enjoy 24/7 access to your account via Chase’s credit card login. For this example of a $1,000 balance at 18% annual interest, the formula will return a monthly interest charge of $15. Credit cards charge interest, known as APR, if you carry a balance past your due date. Variable rate credit cards have an interest rate that is tied to an index such as the U.S. prime rate. “Chase,” “JPMorgan,” “JPMorgan Chase,” the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A. To calculate your credit card’s DPR, you need to divide your credit card’s APR by 365. the end of the month). To calculate your credit card’s DPR, you need to divide your credit card’s APR by 365. A credit card with a variable APR may change monthly, quarterly or yearly. For your existing credit cards, your issuer's phone number can be found on the card itself. The agreement has all of the factors used to calculate your Annual Percentage Rate (APR). By multiplying $500 by 0.00049, you'll find your daily periodic rate is $0.25. The three common methods include daily balance, average daily balance, and adjusted balance (more on those in a moment). Then multiply $500 x 0.0149 for an amount of $7.45 each month. 2 Understanding how you're charged interest rate fees on your credit card is the key to knowing how to manage your card debt. Different credit card issuers may use slightly different formulas, but you can calculate your interest charges as long as you know your credit card’s annual percentage rate (APR). A copy of the agreement will also be sent with your monthly statement. 16.99% is your APR. That means you can help yourself by. Maybe you change the due date to the same time as your other bills (like electricity or rent). * *If you have a card with an introductory APR that changes after some time, this calculator will not be accurate. In the first box, enter the total amount that you owe for that credit card. (The requirement was 15-day advance notice before the CARD Act.). So the best way to save on interest is by never carrying a balance. In fact, it is always higher than the quoted apr. How Much Do I Need to Save for Retirement? Some cards will have a variable APR and others will have a fixed-rate APR. This calculator will tell you how much to pay each month to reach that goal. Understanding how the interest rate and APR work can make all the difference in controlling your debt. Maybe you move your due date closer to a payday so that you always have plenty of funds in your account. Finding Your Daily APR If your issuer uses a daily balance, divide the APR by 365. Calculating your monthly APR rate can be done in three easy steps: For example, if you currently owe $500 on your credit card throughout the month and your current APR is 17.99%, you can calculate your monthly interest rate by dividing the 17.99% by 12, which is approximately 1.49%. Note: Some credit card issuers use 360 instead of 365, according to the CFPB. First, it converts that annual rate into a daily rate. 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