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Cost of Credit Calculator

One way to build a good credit history is to obtain a major credit card, and then use it responsibly. This means: make your payments on time, according to the terms and conditions of the lender.

As with other forms of credit, cards become a problem when you spend beyond your means. You will then find that your balance and interest may grow to a level at which you are paying a lot more for your purchases than you think. Use The True Cost of Credit calculator to see the effects of the amount you pay on the total cost of your items.

Enter your financial information and TAB through the form and then click "Calculate". (Note: the Annual Percentage Rate (APR) is on your credit card bill.)

When you’re done, ask yourself, "Am I paying too much?" If you think you are, take control by paying back a little more each month. Also keep in mind that there are many credit card issuers competing for your business, offering different and varying features including interest rate, fees and rewards.

	Total Purchase Amount This is how much you charge to your credit card	$
	Credit Card APR This is the annual interest rate charged by your credit card			%
	Monthly Payment This is how much you intend to pay each month to pay off your credit card bill