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How Credit Card Interest Works (How To Calculate)

➡ Best Credit Cards (Right Now) - https://www.creditcards.com/best-cred... ➡ Try CardMatch - https://www.creditcards.com/cardmatch... Click "Show More" For Advertising Disclosure ▮▮▮▮ RELATED ARTICLES Full Article - How Does Credit Card Interest Work? https://www.creditcards.com/credit-ca... Average Credit Card Interest Rate: https://www.creditcards.com/credit-ca... What Is A Good APR For A Credit Card? https://www.creditcards.com/credit-ca... How Credit Scores Affect Interest Rates / APR on Credit Card: https://www.creditcards.com/credit-ca... What Is An Outstanding Balance on a Credit Card? https://www.creditcards.com/credit-ca... Best Low Interest Credit Cards: https://www.creditcards.com/low-inter... Best No Annual Fee Credit Cards: https://www.creditcards.com/no-annual... We discuss how credit card interest works. We go through the basics of credit cards and how the interest rate (otherwise known as APR, or annual percentage rate) works. The short story is that you have several inputs for calculating your interest. You need to have your average daily balance, interest rate (or APR), compounding period (most likely 365 or 360), number of days in a billing cycle. You figure out your periodic rate by taking your interest rate and dividing it by your compounding period. You take your periodic rate and multiply it by your average daily balance and number of days in the billing cycle to calculate your interest that month. Credit cards also have multiple different APRs. They have normal purchase APR, balance transfer APR, cash advance APR, and penalty APR. How Credit Card Interest Works (How To Calculate) ▮▮▮▮ ADVERTISER DISCLOSURE At CreditCards.com, we create honest, accurate, and objective content to help you make more informed decisions. To support our work, we are paid for providing advertising services. The compensation we receive and other factors may impact what ads and links appear on this page, and how, where, and in what order ads and links appear. While we strive to provide a wide range of offers, this page does not include information about every product or service that may be available to you. And your actual offer terms from an advertiser may be different (e.g., subject to additional terms) than the offer terms on this page. All information is presented without any warranty or guarantee to you. For more information, please see our website. ▮▮▮▮ FIND US HERE Website: https://www.creditcards.com/?utm_sour... Facebook:   / creditcards.com   Twitter:   / creditcardscom   Instagram:   / creditcardscom   ▮▮▮▮ TIMESTAMPS • 0:00 - Intro • 0:41 - Elements of credit card interest • 1:41 - Calculating credit card interest • 2:36 - Types of APRs • 5:11 - Outro