Credit Card Interest Calculator
Calculate the true cost of credit card debt. See monthly interest charges, total cost of minimum payments, and the effective annual interest rate.
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* ਸਾਰੀਆਂ ਗਣਨਾਵਾਂ ਅਨੁਮਾਨਿਤ ਹਨ।
ਮਹੱਤਵਪੂਰਨ — ਫੈਸਲਾ ਲੈਣ ਤੋਂ ਪਹਿਲਾਂ ਪੜ੍ਹੋ
- Credit card interest rates in India range from 24% to 49% per annum, making them one of the most expensive forms of borrowing
- Paying only the minimum amount due creates a debt trap — most of your payment goes toward interest, not principal
- Unpaid credit card balance attracts compound interest, meaning you pay interest on previously accrued interest
- Carrying a high credit card balance negatively impacts your CIBIL score, making future loans costlier
- Balance transfer to a lower-rate card or personal loan can significantly reduce your interest burden
- Reward points and cashback earned on credit cards rarely offset the interest charged on unpaid balances
- RBI mandates that banks clearly disclose the annualised interest rate (APR) and minimum amount due on credit card statements
- Late payment fees (up to ₹1,300) are charged on top of interest if you miss even the minimum payment deadline
ਇਨ੍ਹਾਂ ਨੂੰ ਨਜ਼ਰਅੰਦਾਜ਼ ਕਰੋਗੇ ਤਾਂ ਕੀ ਹੋਵੇਗਾ?
- Spiralling debt due to compounding interest on unpaid credit card balances
- Significant drop in CIBIL score affecting eligibility for home loans, car loans, and other credit
- Paying two to three times the original purchase price when only making minimum payments
- Risk of legal recovery action by banks for prolonged defaults
- Loss of interest-free grace period once you start revolving balances
ਸਮਾਰਟ ਸੁਝਾਅ
- Always pay the full statement balance before the due date to avoid interest entirely
- If you cannot pay in full, pay as much above the minimum as possible to reduce the principal faster
- Consider converting large purchases to EMI at the point of sale — the interest rate is usually much lower than revolving credit
- Set up auto-pay for at least the minimum amount due to avoid late fees and credit score damage
- Use a balance transfer offer to move high-interest debt to a card with a lower introductory rate
- Track your spending with your bank's app and set budget alerts to avoid accumulating unmanageable balances
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