Balance, Fees & Extra Payments
Current statement balance, e.g. 20000
Card APR (usually ~18.25%), used only for min-payment curve
e.g. 0.6% per period → 0.6, 0 if waived
Extra beyond the 10% minimum, 0 if none
Result
🔍 Three Payoff Plans Compared
| Plan | Total Paid | Fees / Interest | True APR | Clear in | First Pmt |
|---|
📊 Remaining Balance Over Time
Installment vs Minimum — How Fast to Zero?
Related Tools & Guides
❓ FAQ
Why does 0.6%/period fee convert to 13%+ true APR?
Because you repay principal every period, yet fees are charged on the full original balance. Only an IRR/DCF calculation gives the true annualized cost.
Why not just make the minimum payment?
Minimum payments (typically 10%) lose the grace period and compound daily at ~18-25% APR. Balances snowball fast.
When is an installment plan a good deal?
0-interest promos ≤ 3 periods, or fees ≤ 0.3% per period usually beat personal loans. Short-term smoothing with known incoming cashflow also works.