Credit Card Payoff Calculator

Credit Card Payoff Calculator


++ There has been several negative remarks about some of the app's technicalities. Please read the technical details below to understand how the app works.

A simple application that shows your credit card pay off details

You can:
* Add multiple in-app credit card accounts
* Select from three different pay off methods
* See when you will be credit card debt free
* View how much interest you will be expected to pay
* Manage your in-app credit card accounts

Please let me know if you have any requests or find any problems or bugs.

Some technical details:

* Minimum payment is calculated by taking 1% of the balance and adding the total accrued interest for that month. Many credit card companies use this method for calculating the minimum payment. However, be aware that some use other methods, so always make sure that you at least pay the minimum on your statement.

* Minimum payment exception: if the calculated minimum payment is below the absolute minimum payment which you can select when you add your account, then the absolute minimum payment will become your minimum payment. Once again, never pay below the minimum payment in your statement.

* All balances are compounded monthly for interest calculations

* There is no grace period, so an interest will be accrued starting the first month

* Interest Weighted Average - this is a payment method that allocates your budget based on the weight of interest accrued. For example, a card that accounts for twice the amount of interest calculated, will give or take twice the amount of the budget allocated. This method will bring down your debt balance of your cards as evenly as possible while trying to minimise the total interest paid.

Recent changes:
Version 1.3:
- Fixed force close when initial balance was set to 0
- Updated add/edit account form so form error info is displayed correctly

Version 1.2:
- The absolute minimum payment can now be selected from 20,15,10, and 5
- Fixed problem where you couldn't delete two accounts in a row

Version 1.1: Made aesthetic touch ups

Version 1.0: Initial release
Add to list
Free
65
3.3
User ratings
32
Installs
5,000+
Concerns
0
File size
732 kb
Screenshots
Screenshot of Credit Card Payoff Calculator Screenshot of Credit Card Payoff Calculator Screenshot of Credit Card Payoff Calculator Screenshot of Credit Card Payoff Calculator Screenshot of Credit Card Payoff Calculator

About Credit Card Payoff Calculator
++ There has been several negative remarks about some of the app's technicalities. Please read the technical details below to understand how the app works.

A simple application that shows your credit card pay off details

You can:
* Add multiple in-app credit card accounts
* Select from three different pay off methods
* See when you will be credit card debt free
* View how much interest you will be expected to pay
* Manage your in-app credit card accounts

Please let me know if you have any requests or find any problems or bugs.

Some technical details:

* Minimum payment is calculated by taking 1% of the balance and adding the total accrued interest for that month. Many credit card companies use this method for calculating the minimum payment. However, be aware that some use other methods, so always make sure that you at least pay the minimum on your statement.

* Minimum payment exception: if the calculated minimum payment is below the absolute minimum payment which you can select when you add your account, then the absolute minimum payment will become your minimum payment. Once again, never pay below the minimum payment in your statement.

* All balances are compounded monthly for interest calculations

* There is no grace period, so an interest will be accrued starting the first month

* Interest Weighted Average - this is a payment method that allocates your budget based on the weight of interest accrued. For example, a card that accounts for twice the amount of interest calculated, will give or take twice the amount of the budget allocated. This method will bring down your debt balance of your cards as evenly as possible while trying to minimise the total interest paid.

Recent changes:
Version 1.3:
- Fixed force close when initial balance was set to 0
- Updated add/edit account form so form error info is displayed correctly

Version 1.2:
- The absolute minimum payment can now be selected from 20,15,10, and 5
- Fixed problem where you couldn't delete two accounts in a row

Version 1.1: Made aesthetic touch ups

Version 1.0: Initial release
User reviews of Credit Card Payoff Calculator
Write the first review for this app!
Android Market Comments
A Google User
Jul 19, 2014
Need to change the minimum payment. $20 is too low. Love the app other than that.
A Google User
Feb 20, 2014
Looking 4 more I was looking for something that would let me throw a lump sum(tax refund) at my credit cards and figure the best payment structure. Didn't happen here, but you can subtract lump sum yourself and plug the numbers into this app and voila! Works great as designed though.
A Google User
Sep 6, 2013
Fix min. Payment $20 minimum payment is not realistic. $25 should be the amount to get an accurate payoff. Other than that nice app
A Google User
Aug 15, 2013
weak
A Google User
Apr 26, 2013
It's ok The minimum payments is unrealistic as many will be higher than 20.00 plus it combines all payments. That doesn't usually happen unless you roll your payments from cc to another which most people will only do if advised by a financial expert, so even the months out is wrong