Credit Card Payoff Calculator
Free AppAbout 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.
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.
All Application Badges
Free
downl.
downl.
Android
2.2+
2.2+
Bug
buster
buster
Android app
App History & Updates
What's Changed
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
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
More downloads Credit Card Payoff Calculator reached 10 000 - 50 000 downloads
More downloads Credit Card Payoff Calculator reached 5 000 - 10 000 downloads
More downloads Credit Card Payoff Calculator reached 5 000 - 10 000 downloads
Version update Credit Card Payoff Calculator was updated to version 1.3
What are users saying about Credit Card Payoff Calculator
S
by S####:
by S####:
Message saying tap menu add account, it doesn't work when I try it.
S
by S####:
by S####:
To add an account the app instructions read to "tap on menu". I can find the menu anywhere on any page of the app.
S
by S####:
by S####:
Says go to menu to open Acct. There is no menu to tap on. Can't even open it. Shows payoff and accounts. Can't input anything
S
by S####:
by S####:
There was no menu icon to add account! Uninstaller asap!
N
by N####:
by N####:
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 .
N
by N####:
by N####:
There's no menu showing in note 4
H
by H####:
by H####:
This is like that thing you save up for all year and when you finally bring it home, all your dreams are dashed when you find key pieces missing. How am I supposed to setup th e new account when the menu it is found in is missing?? Did I simply is something so obvious that didn't see it right in front of my nose?
B
by B####:
by B####:
Have a Samsung Galaxy Tab S2 and this app loaded, asked me to go to menu to set up, no menu available for me in either screen. Shame as this app is just what I'm looking for. Thanks.
F
by F####:
by F####:
Ummmmmmm this app might be decent if there was a menu button
N
by N####:
by N####:
Just awful, download something else.
B
by B####:
by B####:
Lovey it
R
by R####:
by R####:
There is no way to add an account!
E
by E####:
by E####:
Need to change the minimum payment. $20 is too low. Love the app other than that.
B
by B####:
by B####:
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
B
by B####:
by B####:
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.
Y
by Y####:
by Y####:
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
R
by R####:
by R####:
Why not make it where we can enter a minimum payment? $20 is way too low. Works well other than that problem.
Y
by Y####:
by Y####:
$20 minimum payment is not realistic. $25 should be the amount to get an accurate payoff. Other than that nice app
Y
by Y####:
by Y####:
Minimum payment doesn't go higher than 20.
Y
by Y####:
by Y####:
Why can't I just type the actual amount? Fix it please!
H
by H####:
by H####:
Minimum payment options are unrealistic and limited, not allowing you to develop a payment plan that meets minimum payment requirements
Y
by Y####:
by Y####:
Not versatile at all
C
by C####:
by C####:
Great app
E
by E####:
by E####:
weak
Y
by Y####:
by Y####:
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.
by S####:
This is like that thing you save up for all year and when you finally bring it home, all your dreams are dashed when you find key pieces missing. How am I supposed to setup th e new account when the menu it is sopposedly found in, is missing?? Did I simply miss something so obvious that didn't see it right in front of my nose? I tried this on an htc evo 3d. Now I am using a galaxy s5. Still can't do anything with it. App still not fixed as the update claims.