Cost of Credit Cards Calculator

Ask the Community General Questions
1

I’d love to have a calculator that would show the total interest cost. Not annual cost but interest over the lifetime of carrying the balance. Ideally the calculator would allow for multiple cards with difference interest rates and monthly payments for each.

2 Likes
2

Hi there, @Mark_Tanner :wave:

I see that you’ve already created a total interest cost calculator. However, if it doesn’t work the way you expected, or you’d like to change something, please share more details on your specific use case :slightly_smiling_face:

1 Like
4

Max,

Thanks for reaching out! I did attempt to create a total interest calculator, but the result currently only considers interest for one year rather than the total interest over time when carrying a credit card balance. Any help or guidance you can provide is greatly appreciated.

Thanks,

Mark

2 Likes
5

Thanks!

I’ve passed it on to the devs. I’ll report back once anything comes up :slightly_smiling_face:

1 Like
6

@Mark_Tanner Our devs tried to create a widget based on your request - https://93a04edff1ad4633b3a9bace86d68a46.elf.site/

Please check it out and let me know if it works the way you need :slightly_smiling_face:

1 Like
8

That’s great news! The widget seems to provide the correct interest calculation, but is lacking some important options. Could they also add options to change the interest rate and payment amount?

2 Likes
9

Hi there, @Mark_Tanner :wave:

We assumed that each credit card will have their own predefined interest rate and payment amount, that’s why we haven’t added these fields to the widget. Could you please clarify what should be the function of the credit cards in the calculator?

1 Like
10

Max,

Ideally the calculator should have the ability to adjust the interest rate and select a payment amount. I was hoping users would have the option to select different payment amounts to help them figure out how long it would take to pay off their credit card debt with various payments amounts, and get a visual of the overall interest paid by carrying a balance.

2 Likes
11

Thank you!

I’ve passed this info on to the devs and will update you once I have their response :slightly_smiling_face:

1 Like
12

Thanks Max!

I found a calculator online that is similar to what I was looking for and shared the link below. Hopefully this is helpful!

2 Likes
13

Thank you so much!

I’ve shared your example with the devs :slightly_smiling_face:

1 Like
14

Great! Thank You

2 Likes
15

Thank you for waiting!

Here is the adjusted version - https://93a04edff1ad4633b3a9bace86d68a46.elf.site/.

Please test it out and if it works the way you need, we’ll transfer this configuration to your widget :wink:

1 Like
17

Thank you. I really appreciate the help on this!

This version seems to calculate the correct interest overtime. Any chance a separate credit card balance could be assigned to each card? I’m not sure how the current version allocates the balance.

Thanks

Mark

2 Likes
18

Hi @Mark_Tanner :wave:

I’ve added the separate card balance fields for each card. Could you please check it again and let me know if you like the resulte?

1 Like
19

Max,

This one looks great! Thanks again for your help and excellent customer service.

Thanks,

Mark

3 Likes
20

Great! I’ve moved the configurations of this calculator to your widget :wink:

If anything else comes up, we’ll be delighted to help!

1 Like