Credit Card Payoff Calculator was a finance app developed by Rangi Works. It was removed from Google Play May 1, 2024 and is no longer available for download.
Download Statistics
Credit Card Payoff Calculator had been downloaded 18 thousand times before it became unavailable.
User Ratings
Credit Card Payoff Calculator was rated 2.65 out of 5 stars, based on 45 ratings.
App Information
Credit Card Payoff Calculator was free to download. The APK download size was 732.98 kB. The last available version was 1.3. The last update was on September 7, 2011.
Technical Requirements
Credit Card Payoff Calculator required Android 2.2+ or higher. The app had a content rating of Everyone. The app had been available on Google Play August 2011.
Description
++ 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
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Comments on Credit Card Payoff Calculator for Android
★★★★★
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 .
★★★★★
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.
★★★★★
Lovey it
★★☆☆☆
What "Menu"? To add an account the app instructions read to "tap on menu". I can find the menu anywhere on any page of the app.
★★☆☆☆
Not compounding interst Payments are in simple interest and not compounding. It gives incorrect future interst. Obvious personr who created doesnt understand the diference and how credit cards calculate interst.
★★☆☆☆
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
★★☆☆☆
Minimum payment fail Minimum payment options are unrealistic and limited, not allowing you to develop a payment plan that meets minimum payment requirements
Technologies used by Credit Card Payoff Calculator
3 permissions·1 libraries
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