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
67
3.4
User ratings
43
Installs
10,000+
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
Android Market Comments
A Google User
Aug 3, 2015
There's no menu showing in note 4
A Google User
Apr 1, 2015
GOOD Shd have more strategy. Like the highest amount. The min Calc is interest + 1% which is correct. Don't know what is the diff it shows 5 to 20 .
A Google User
Jan 3, 2015
Lovey it
A Google User
Nov 11, 2014
There is no way to add an account!
A Google User
Jul 24, 2014
Limited I liked the app actually. But instead of listening to the comments, and fixing a big problem. They discredited the comments by saying that the problem is only a technicality. Whey really not being able to have a min payment above $20 makes this app worthless