Estimate how long it will take to pay off your credit card balance and the total interest you'll pay.
Indian credit cards typically charge 36-42% APR (3-3.5% monthly)
Using 5% of balance as the minimum payment (Standard for most cards).
Inclusive of ₹1,09,005 interest
Credit card interest (APR) is usually much higher than other loans, ranging from 30% to 50% in India. If you only pay the 'Minimum Due', most of your money goes toward interest rather than reducing your actual debt.
Interest is calculated daily based on your outstanding balance. Paying even a little extra each month can save you thousands in the long run.
While paying the MAD avoids late fees, it keeps you in a 'debt trap' where you pay interest on interest for years.
Specially picked tools to help you plan better.