Credit card interest calculator with grace period & different interest rate calculation methods?
Is there an (ideally online) credit card interest calculator that
includes grace periods and lets you choose the interest calculation
method (eg, "adjusted balance", "average daily balance", "two-cycle
average daily balance", and the other methods listed at credit.about.com/od/creditcardbasics/tp/finance-charge-calculation.htm)?
Most online interest calculators are much simpler and don't compensate
for the complexities of grace periods and interest calculation
methods.
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I thought it was such a useful suggestion that I went ahead and created them. I'm sure you're not the only one who could derive some benefit from them, I know I will.
www.investy.com/tools
When I have some additional time, I will add the option for grace-periods, but for now I wanted to get them up so you could use the calculations as-is from the article.
Enjoy.
(Disclosure: I'm the founder of the site they are hosted on and I wrote the code for the calculators)
If you want to ensure that you stop paying interest, the best thing to do is to not use the card for a full billing cycle.
Calculating credit card interest with precision ahead of time is difficult, as how you use the card both in terms of how much and when is critical.
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