1. What is the Angel One SBI Credit Card Calculator?

This calculator estimates the time required to pay off your Angel One SBI credit card debt based on your current balance, monthly payment amount, and annual percentage rate (APR).

2. How Does the Calculator Work?

The calculator uses the credit card payoff formula:

Where:

• \( P \) — Principal balance (INR)
• \( D \) — Monthly payment (INR)
• \( R \) — Monthly interest rate (APR / 12, as a decimal)
• \( T \) — Time to pay off (months)

Explanation: The equation calculates how many months it will take to pay off your credit card debt based on your current payment strategy.

3. Importance of Debt Payoff Calculation

Details: Understanding your payoff timeline helps you plan your finances, evaluate different payment strategies, and avoid long-term interest costs.

4. Using the Calculator

Tips: Enter your current credit card balance, the fixed monthly payment you can afford, and your card's APR. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What if my payment is too low to pay off the debt?
A: The calculator will show an error if your payment doesn't cover the monthly interest (payment ≤ principal × monthly rate).

Q2: Does this account for minimum payments?
A: No, this assumes fixed payments. Minimum payments typically extend payoff time significantly.

Q3: How accurate is this calculator?
A: It provides a good estimate but actual payoff may vary if your APR changes or payments aren't consistent.

Q4: Should I include new purchases?
A: For accurate results, stop using the card while paying it off. Otherwise, recalculate periodically.

Q5: How can I pay off my card faster?
A: Increase monthly payments, make biweekly payments, or transfer to a lower-interest card.