# How To Use Credit Card EMI Calculator?

Moneycontain Credit Card EMI Calculator helps you to plan your EMI, also known as Equated Monthly Installments, as well as minimum due amount with interest. With more than 1.3 billion credit card across the world and more than 58 million credit card users alone in India, the game has just begun.

Credit card has many benefits as well as drawbacks which will talk later in this post in detail, however if you are someone who is using it knowing the EMI, minimum due amount, interest and other transaction costs incur becomes significant.

Using credit card emi calculator you can find the answer instantly, you just need to enter the amount of the transaction i.e. the total outstanding amount, enter the interest rate (%) charged per annum by your bank or financial institution and tenure in months.

The usual interest rate charges on credit card ranges from 15% to 47% p.a.

Having said that, the APR is termed as the interest rate for the whole year, your monthly billing showcases the MPR which is the Monthly Percentage Rate that is applied in your transactions.

These numbers are different for different Credit Cards, so you may need to check the APR being charged on your Credit Card or MPR.

Do note that the interest rate applied on the monthly due amount is the MPR and not the APR. For more information do check your monthly billed statement.

If you do not know how to convert the APR to MPR, here is the formula to do so: Let us suppose you have been charged 15% per annum on your CC than What is your monthly interest rate?

Just divide the APR by 12 so 15%/12= 1.25% is your MPR. Similarly for MPR to APR multiply 1.25*12= 15%

Checkout the installments, minimum due amount and interest charged on your credit card using below credit card emi calculator.

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Now, that you have checked the required information, it is very important for you as an CC user to know different aspect about usage of credit card and have a proper understanding. This have been explained in detail below step by step.

# What Is Credit Card?

In simple term a credit card (CC) is a plastic per-approved limit based payment card, rectangular in shape issued by financial institution such as Banks or NBFC for making payments. This card has pre-determine limit approved by these financial firms for usage across different online and offline platforms.

You can call it as an financial instrument to help you make instant credit based transactions.

When you use a credit card the amount or money gets deducted from your pre-approved amount, the approved limits are dependent upon your credit score, higher the score better are the limits provided.

The credit score is dependent up on your past credit history as well as financial transaction done through different channels.

Credit card is very much similar to your bank debit card look wise as well as usage, having said that the only difference is that money gets deducted from your bank account incase of debit card whereas incase for credit card it gets deducted from your limits allowed.

## What Are Benefits Of a Credit Card?

There are lot of benefits of having a credit card with you, it can be a boost during critical financial circumstances as well as quite helpful for online/offline shopping, let us look at them one by one:

• Ease of purchase, with CC in your hand you can purchase big items and can convert them in monthly EMI’s. Which makes it less burden if you do not have a lumpsum amount handy.
• Using credit card you can enjoy an interest-free period of up to 50 days. Which means you need not to pay any additional interests once you repay the borrowed amount within this grace period.
• Credit Card has great offers and benefits to make shopping a rewarding experience for you, this reward points can be redeemed in form of discounts, gift vouchers, cashback, etc.
• Payment of credit card bills on time i.e. within the due date every month also increases your CIBIL (Credit Information Bureau (India) Limited) score significantly. This reflects a good credit profile which helps one to qualify for a loan or a new card with higher limits in the future.
• Another benefit of Credit card is, it allows you to make cash withdrawals from ATMs, however make sure if your card qualifies for no interest charged for up to 50 days grace period. This can be a great boon as it helps meeting your cash needs instantly which can be repaid later easily.

### What Are Drawbacks Of a Credit Card?

Apart from benefits there are also disadvantages of using a credit card, specially if you are someone who loves spending. Some of the drawbacks are listed below one by one:

• One of the major drawback is the high interest rates charged on CC by financial firms, which usually ranges in between up to 15% to 47% p.a. Having said that, this are subject to not making the timely payments before due date. So, if you make all your dues repay on time (not minimum due amount) you won’t be charged higher interest rates.
• As I said, if you are someone who loves spending, credit card can create difficulty for you. Overspending may lead to using more than what you can repay, which may create a financial mess. Always make sure to spend when only needed and in limit, spending half i.e. 50% of your limits can be a good idea.

### How Many Types Of Credit Cards Are There?

There are different types of credit cards offered by individual financial firms depending upon your usage. They may be named differently and have different features, although few of the most prominent credit cards list are given below:

1. Normal Credit Cards: This are the one’s which can be use to shop online/offline across different platform, can be use to withdraw money from ATM’S. You may get various bonuses, reward point on your usage, cashback on making payments etc.
2. Travel Credit Card: A travel credit card are specifically designed for using it for booking tickets for travel through different mode of transport such as airlines, train, bus, cab etc. They offers different schemes such as free meals, discounts, hotel membership etc.
3. Fuel Credit Card: Fuel CC are great for those who travel a lot using own transport, this types of credit cards give cashback, reward points, fuel surcharge waiver on refueling gas, petrol, diesel at stations.
4. Shopping Credit Card: If you love shopping online/offline on amazon, eBay, flipkart, jiomart, Walmart, shopper stop, D-mart, mall etc. shopping credit card offers best deals, discounts, rewards and cashback on every purchase. Moreover you can convert your purchase in easy, flexible monthly EMI’s.

Above credit card features can be found in single normal credit cards as well, nowadays banks, nbfc’s offers them using different names.

You can enjoy complementary flight tickets, discounts on movie tickets, waiver of fuel surcharges, access to airport lounges, discounted deals on hotel bookings and restaurant orders etc. just under one credit card.

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#### What Is the Eligibility Criteria for Credit Cards?

To be eligible for a credit card specially in India, you must have a primary source of regular income other than that to be eligible for a credit card:

• You must be over 18 years of age
• You must be a resident of India or in country you are applying
• Must have a good credit score with no default in the past to any type of loan or credit card

While these are the general conditions to avail of a credit card additional criteria may exist depending upon the type of credit card you choose.

#### How to Apply for a Credit Card?

Applying for credit card now a days are very easy and convenient as most of them can be done by just sitting at your home online and paper-less. You can also visit your bank incase looking to opt for credit card services. Below are some of the best credit card deals available with most trusted financial institutions.

You need to submit the necessary documents online, such as your identity card (Aadhar, Voter Id,) and income proof (salary slip, pancard) to attest to your eligibility.

#### What is the minimum salary required to apply for a credit card?

Different banks, NBFC’s(Non-Banking Financial Company) have different salary requirement, however most of them will approve you if have a salary over and above 2.50 lakh p.a.

Although applicants with high income get higher preference with more pre approved limits and better features.

After dealing with basic queries related to credit card and it’s usage, let us now know the most important aspects such as Interest rates calculation, different charges, minimum amount due, interest free period, credit card settlement procedure and lot more in detail.

## What Are Different Types Of Credit Card Charges?

There are different charges applicable for using a Credit card, starting from application to renewal. Check out the list of charges applicable on your credit card.

Applicable Charges on Credit Card:

1. Joining fee: Joining fee is applied when you first apply for a credit card and gets approval. It is a one-time, flat fee which ranges from Rs.250 to Rs.600 usually.
2. Annual fees: Annual fees are another type of charge imposed every year for credit cards. Credit card providers accumulate this fees as service charges. It is also a flat fee which ranges from Rs.300 to Rs.800.
3. Late payment fee: A late payment fee is applicable when you fail to make the minimum amount due within the grace period (usually 50 days). It is applied on the outstanding balance and is usually calculated as a specific percentage of it plus GST.
4. Foreign transaction fee: If you use your credit card for making any purchase in foreign currency online/offline, international transaction charges are levied as foreign transaction fees or a foreign currency mark-up fees.
5. Cash withdrawal charges: Cash withdrawal charges are applicable when you use your credit card to withdraw cash from an ATM. It is usually a specific percentage levied on the withdrawn amount.
6. Over the limit fees: Over the limit fees are applied when you spend more than the approved credit limit. This charge differs with individual credit card providers.
7. Fuel surcharge Fee: A fuel surcharge is one of the credit card swipe machine charges levied when you purchase petrol or diesel with your card.

In addition to the above, interest is also charged on credit cards. However, it is only applicable when you delay repaying your credit card dues within stipulated time frame i.e. grace period of 50 days.

### How Do You Calculate Credit Card Payment?

Unlike loans such as personal loan or home loan etc., where you do not have the option to make a partial or no payment, with credit cards you have the option to make a partial payment or no payment towards your card and forward the outstanding balance to the next billing cycle.

Having said that, this comes at cost which is in form of interest. This is when credit card interest rate becomes applicable. So, if you keep paying your credit card bills in full every month, you will not have to pay interest on it.

Below are the cases under which a credit card interest rate come into effect:

1. No Payment Made by Due Date: Under this case, the customer will incur both late payment charges and credit card interest rate.
2. Only Minimum Amount Due is paid: In this case, the user will incur credit card interest rate and it will be applicable from the day of purchase till the full outstanding amount is paid off.
3. Cash Withdrawals: In case of cash withdrawals a credit card user will incur the interest from the day of withdrawal until the withdrawn amount is paid off in full.

### What Is The Formula To Calculate Credit Card Payment?

Credit card providers calculate the interest on due amount using the below-given formula.

(No. of days, from the date of purchase till payment is made) x (Full Outstanding Amount) x (Interest rate percentage p.a./365)

Now, let us understand this through an example how the interest rate will be calculated under different circumstances:

Transaction date – 10 December 2020
Transaction Amount on CC– Rs. 15,000
Statement Date – 15 December 2020
Minimum Amount Due (5%) – Rs. 500
Total Amount Due – Rs. 15,000
Amount Due Date – 30 December 2020
Interest rate – 45% p.a.

1st Scenario – Full payment is made by or before the due date

If the full payment is paid on or before the due date i.e. 30 December 2020, credit card user won’t have to pay any interest on the credit card.

2nd scenario – Partial payment done before/on the due date

Payment date – 25 December
Next statement date – 15 January 2021
Other Purchases made between 15 December and 15 January – Nil

In case of partial payments before/on due date, the CC user will incur the interest rate in the following manner:

Total Interest = (Interest on full amount from the date of purchase till partial payment date) + (Interest on the remaining amount from partial payment date till next bill statement generation Date)

Interest on full amount from purchase date till partial payment date (Between 10 December and 25 December) = Rs. 277.39 [15*15000*45%/365]

Interest levied for 15 days (26 December to 15 January) on remaining amount Rs. 6,000 = Rs. 140.54 [19*6000*45%/365]

Total interest charged = 140.54 + 277.39 = Rs. 417.93

3rd Scenario – Partial Payment made after the Due Date

Particulars of the case: Total payment made – Rs 9,000
Payment date – 5 January 2021
Next statement date – 15 January 2021
Transaction done between 15 December & 15 January – Nil

The interest rate that customer will be liable to pay will be:

In this case, the customer may incur late payment charges along with credit card interest rate.

Interest for 25 days (Between 10 December & 5 January 2021) = Rs. 462.32 [25*15000*45%/365]

Interest for 10 days after partial payment date & till next statement generation date = Rs. 110.95 [10*9000*45%/365]

Total interest charged = 462.32+110.95 = Rs. 573.27

4th Scenario: Customer makes a partial payment after the due date and makes another purchase in between

Total payment made – Rs 9,000
Payment date – 5 January 2021
Subsequent statement date – 15 January 2021
Transactions made between 10 December & 10 January: 1
New transaction amount – Rs. 2,000
New transaction date – 20 December, 2020

In this scenario, the customer will incur late payment charges along with credit card interest rate.

The interest rate that customer will be liable to pay will be:

Interest levied for 10 days (Between 10 December & 20 December) = Rs. 184.93 [10*15000*45%/365]

Interest levied for 16 days (Between 20 December & 5 January 2021 on balance of 17000) = Rs. 335.34 [16*17000*45%/365]

Interest levied for 10 days (Between 5 January 2021 & 15 January on balance of Rs.8000) = Rs. 98.63 [10*8000*45%/365]

Total Interest Amount incurred = Rs. 618.90 [Rs. 184.93 + Rs. 335.34 + Rs. 98.63]

Keep in mind that in this case customer will have to pay both the interest rate and late payment charges.

5th Scenario: Cash Withdrawals from ATM

Amount Withdrawn – Rs. 15,000
Date of Withdrawal – 10 December
Date of payment of withdrawn amount – 20 December

Number of days on which interest will be applicable = 11 (10th December to 20th December)

The customer will be liable to pay both the credit card interest rate and cash withdrawal charges usually ranges in between 2.5% to 3% of the amount withdrawal.

The interest on cash withdrawal from credit card will be = Rs. 203.42 [11*15000*45%/365]

Hope you now have better understanding of how credit card payments gets calculated and how interest are charged on using CC.

#### How Is The Minimum Due Amount On A Credit Card Calculated?

Many credit card user assume that by paying the minimum due amount they can avoid the interest charged on the outstanding balance. Unfortunately, this is not true at all.

Even if you make the minimum payment required on your credit card before or on due date you will be liable for higher interest rates.

Minimum Payment is just a small part of the total outstanding amount that you can pay in case you are not able to make full payments. This is usually 5% of the outstanding balance as calculated on statement date. For example if the outstanding balance is Rs.10,000 than minimum due amount will be around Rs.500 i.e. 5%.

Moreover, In case if you have converted your purchases to EMI or if you have enabled the EMI balance transfer option, the same will also be added to your Minimum Amount Due.

Also, if there are any unpaid Minimum amount from the previous credit card statement cycle, it will also be added to the minimum due for current month.

So keep in mind that by making the minimum due payment, you cannot avoid the high interest getting charged on your statement. Another point is, if you do not make the minimum payment by due date, late payment penalty will also be charged.

Having said that, by making the minimum due payment your credit card remains active however you will not be entitled for no interest free credit period. Always remember that the less you pay of the outstanding amount, you will be made to pay more in interest.

The only advantage of making a minimum payment on your credit card is, it avoid credit score being hit as well as if you make the them before due date there won’t be any late payment penalty.

Therefore, to avoid late payment fee, make sure to pay your credit card bill 1 to 2 days before the due date.

#### What Is Interest Free Period In Credit Card?

Interest free period also known as grace period allows you to have an interest-free period for up to 50 days. Which means during this period you do not have to pay the interest charged on the purchases. Here is the thing, this facility is only provided to those CC users who pay off the outstanding amount by the due date.

Moreover you do need to keep in mind while using your credit card to avail the free interest period, one has to calculate the extent of the period in relation to the statement generation date, purchase date and due date.

This is the biggest mistake people make more often, so let us understood this through an example;

Suppose that the statement generation date is 1oth of the month and the due date is 5th of the next month.

Now if you makes a purchase on let say 16th Dec you will get an interest free period of 50 days. (16th Dec to 10th Jan = 26 days, 1oth Jan to 5th Feb = 24 days.)

Check this now, if you make a purchase on 9th Jan, you will get an interest free period of 25 days only. (9th Jan to 5th Feb = 25 days)

So, make sure you purchase or use you card only after the bill statement gets generated, to get full 50 day interest free period.

### What Is the Impact Of Credit Card Full and Final Settlement?

If you are unable to pay the credit card outstanding balance on time, the interest gets charged which is very expensive in case of credit card specially. The amount gets piled up hugely and the CC user generally defaults and ask the credit card provider to do a full and final settlement.

The greatly impact your credit score also know as CIBIL score in India, hence this actually is not a great idea for the cardholder. The most useful option for the cardholder is to pay the outstanding balance each month in full.

For instance, if the cardholder has Rs.80,000 outstanding, the cc provider will ask them to pay Rs.40,000 and they might waive off the remaining Rs.40,000 and close their credit account.

After this entire process of settlement the severe impact happens on your credit score in big way.

This means as an cardholder you will not be able to take loans from banks because of the low credit score in future.

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## How To Use Moneycontain Credit Card EMI Calculator?

Using moneycontain credit card emi calculator is quite straightforward and easy, you just need to enter the transaction amount i.e. outstanding amount on your credit card, enter the rate of interest charged by your credit card provider which is usually ranges between 14% to 48% you can check the same in your billed statement and last enter the period or tenure in months.

For example: let us suppose, the current outstanding balance on your credit card is Rs.30,000, rate of interest charged on your CC by provider is 42%p.a and the tenure is 12 months.

The credit card emi calculator will show you the minimum amount due that you need to pay, monthly credit card EMI, the total interest charged on the amount and the total amount payable with interest instantly.

### How Accurate Is Moneycontain Credit Card EMI Calculator?

Every financial calculator made on moneycontain do go through a accuracy check in comparison to reputed banking or NBFC’s. Likewise, the credit card emi calculator have been compared to provide you the accurate result, below is a snapshot taken from ICICIBANK and SBICARDS credit card calculator and the similar data have been put in moneycontain credit card calculator.

Below are some of the most common and important question related to credit card is given, do checkout to have a better understanding when you use your credit card.

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## What Is Credit Score?

Credit score for an individual is a 3 digit number(between 300& 900) calculated by a credit bureau using the credit history of that individual. There are four RBI authorized credit information companies in India(CIC or Credit Bureau) namely:

1. Experian
2. Transunion(CIBIL)
3. Equifax
4. CRIF Highmark

All banks and NBFC’s are required to regularly share the credit history of their users with all four credit bureaus. Credit history for an individual includes all credit accounts, lender names, loan and credit card limits, loan EMI and credit card bill payment records, any default on a credit account, personal details etc.

### What Is a Credit Report?

Your credit report is a summary of all your loans and credit cards history reported to a credit bureau by your lenders i.e. Banks & NBFCs. Your lender share your credit history with all 4 Credit Bureaus-Experian, Transunion(CIBIL), Equifax and CRIF Highmark.

Each of them in turn compiles your credit history into one credit report.

You can also consider your credit report like a report card on how much loan and how many credits you have, how old are your loans and credit card accounts and when do you pay your credit card bills and loan EMIs.

The usual credit report from a Credit Bureau is consist of following details:

1. Personal information such as name, DOB, Gender, identification/address proof(E.g. Aadhaar card, pancard, voter id etc.) all address and contact number which you have ever submitted with your lender.
2. Loan and credit card details such as lender name, approved limit, current balance, outstanding amount, interest rate, account opening date, month on month history of bill and EMI payments( of several years). This also includes current status of account, active or closed or any status  related to settlement with lender.
3. Enquire information which includes all enquiries made by lenders on your credit report.(Last 6 to 8 Years)

### What Is the Difference Between Credit Score and Credit Report?

Credit score is a part of your credit report, which includes your complete credit history of credit cards and all kind of loans taken.

### How Is Credit Score Calculated?

Each credit bureau has it own way and confidential algorithm to calculate credit score using credit history, which is shared by lenders about their customers. However, there are certain factors, which generally impacts your credit score the most.

Moreover, if you able to manage these factors well, you may able to manage your credit score to a good extent.

Major key factors impacting your credit score are given below:

• Timely repayment of credit card bills and Loan EMIs.
• Level of utilization of credit  card limits
• Number of total credit cards and loan accounts
• Any written off or settlement status of any of your credit cards or loan accounts
• Extent of credit card and unsecured loans
• Number of enquire by lenders for your loan application

Having said that, also keep in mind that your credit score may get negatively impacted whenever a financial institution, where you would have applied for a credit card or loan, accesses your credit report through a credit information company.

Therefore, you should not be applying for a loan or a credit card with too many financial firms at the same time.

Excessive enquiries on your credit history by financial firms will lower your score since you may be deemed as a credit hungry individual.

#### How Often Do Credit Score and Reports Gets Updated?

Credit Bureaus get your credit accounts related data from lenders on monthly or weekly basis. Some of the lenders even may share data on daily basis as well, so for a user credit score and report may get updated on daily basis depending on updated credit accounts related data available from lenders.

## How much interest is charged on credit cards?

The credit card provider such as banks and NBFC’s charges around 14% to 48% P.a. interest rates on credit card, if fail to make full outstanding payment before due date or after interest free period is over.

## What is the minimum amount due in credit card?

Minimum amount due means the small percentage of total outstanding balance on your credit card, which is generally 5%. However keep in mind the interest gets charged even if you make the minimum due payment and also if it is made after the due date, the late fee penalty also gets applied.

## What are the Advantages of Paying the Minimum Amount Due?

The only advantage of making a minimum payment on your credit card is, it avoid credit score being hit as well as if you make the them before due date there won’t be any late payment penalty.

Therefore, to avoid late payment fee, make sure to pay your credit card minimum due amount 1 to 2 days before the due date.

## What are the Disadvantages of Paying only the Minimum Amount Due?

If you make the minimum payment required on your credit card before or on due date you will be liable for higher interest rates.
Another point is, if you do not make the minimum payment by due date, late payment penalty will also be charged.

Having said that, by making the minimum due payment your credit card remains active however you will not be entitled for no interest free credit period. Always remember that the less you pay of the outstanding amount, you will be made to pay more in interest.

## How is EMI calculated on credit card?

It becomes difficult to calculate your loan EMIs manually as the process is time taking and difficult.

The formula used by credit card emi calculator is:

P*r* (1+r)^n/([(1+r)^n]-1)

In above formula, P is the loan amount that you want to borrow
R is the rate of interest per month
N is the tenure of money borrowed repayment in months

When you use the above formula, you will get the same result that you will get in the credit card emi calculator. It is advised to use credit card emi calculator as it is very easy and time saving process and helps you in calculating your EMI in seconds.

## How much should you pay monthly on a credit card?

You should always pay the total outstanding balance on your credit card, and not the minimum due amount to avoid any interest being charged.

## What is the minimum payment on a 5000 credit card?

On 5000 outstanding balance 250 is the minimum due payment i.e. 5%  of total balance. However, it may be more depending upon your credit card provider.

## What is my credit card outstanding balance?

Credit card outstanding balance is the total amount due on your card that you need to make before due date.

## What happens if I do not pay any amount due before the due date?

If you do not make any payment than you may get charged for late payment fee as well as the interest gets charged which is very high(15% to 48%).

Is Credit Card Interest Rate applicable on balance transfer as well?

Credit Card providers may charge a lower rate of interest in case of balance transfer initially. After the initial period is over and customer has not paid off the balance amount then credit card interest rate will come into effect.

## Is credit card interest rate be applied if I convert my outstanding amount into EMIs?

No, credit card interest rate won’t be applicable if you convert your outstanding amount to EMI. However, interest on EMI will still be applicable but it is much lower than credit card finance charges.

## What is the average rate of interest charged on credit card in India?

Most credit cards charge between 15% to 48% annually.

## Is interest free period available when users carry forward their outstanding amount?

The credit-free period is not available to users who do not settle their credit card bill by the due date. In fact, it is on that outstanding amount which accrues interest charges.

## What is a Credit Card interest rate?

Credit Card interest rate is the rate charged by the bank or financial institution issuing your Credit Card, on the balance amount (or credit spent) on your Credit Card. This is valid only when you choose to pay part of the amount or minimum due amount or lesser, and do not pay the monthly pending balance amount in full.

If you clear the outstanding amount before the due date, there is no interest charged by the Credit Card company. It is essential to make yourself aware of the interest rate on your Credit Card before you choose one.

## How do you calculate interest rate on a Credit Card?

Your Credit Card spends are subject to a standard rate of interest known as the Annual Percentage Rate, or APR. Although the APR is termed as the interest rate for the whole year, your monthly billing showcases the MPR which is the Monthly Percentage Rate that is applied in your transactions.

These numbers are different for different Credit Cards, so you may need to check the APR being charged on your Credit Card.

## When do you pay interest on Credit Card?

The interest on credit card is applicable only when you have not paid the entire amount in full. Partial payments, minimum amount due payment or lesser than minimum amount payment is when the interest rate is paid by you. Most Credit Card companies usually offer a grace period for payment of the full amount.

If you do not make the full payment within this grace period, the interest rates are applied. Do note that the interest rate applied on the monthly due amount is the MPR and not the APR.

## Conclusion:

Credit cards are very useful and at the same time can be disasters’ if not handle properly. It can be asset or liability depending upon the usage and understanding. However, the trick lies in using one’s credit card smartly.

Make sure you pay more than your minimum amount due, never utilize the entire credit limits, keep yourself away from unnecessary spending, never go for full and final settlement and always keep a tract of your credit card statements.

I hope Credit Card EMI calculator with other important information would have helped you and made you more aware about the correct usage.

If you ask me personally, I would advise anyone, any-day not to go for any credit card until it is very critical for you.

Instead, save money or invest in other financial assets (like gold, fixed deposits, SIP, mutual funds, stocks indexes as long as you can.

Buy anything when you have amount in your hand instead of taking any credit cards or loans.

Having said that there is no guarantee as such, I just wanted to present you the another point of view, its your hard earned money, so do proper research before taking any decision.

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If you have to analyze, what would be the value of money that you have today sometime in the future, then you need to move the ‘money today’ through the future i.e. future value of that money.

This is a much read from my end to better understand the flow of money.

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