1. What is the Chase Credit Card Comparison Calculator?

This calculator compares monthly interest charges across multiple Chase credit cards based on their APRs and your principal balance. It helps you understand which card would cost more in interest charges.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( I \) — Monthly interest charge (USD)
• \( P \) — Principal balance (USD)
• \( R \) — Monthly interest rate (APR / 12, as a decimal)

Explanation: The calculator converts each card's APR to a monthly rate, then multiplies by your balance to show what you'd pay in interest each month.

3. Importance of Interest Comparison

Details: Comparing interest charges helps you choose the most cost-effective card when carrying a balance, and shows the real cost of different APRs.

4. Using the Calculator

Tips: Enter your current balance and the APRs for up to 3 Chase cards. The calculator will show monthly interest for each, allowing easy comparison.

5. Frequently Asked Questions (FAQ)

Q1: Why compare Chase card interest?
A: Different Chase cards have different APRs. This helps you see which would cost less if you carry a balance.

Q2: Does this include annual fees?
A: No, this only calculates interest charges. Consider annual fees separately in your comparison.

Q3: Is this accurate for minimum payments?
A: This shows full monthly interest. Minimum payments typically cover interest plus 1% of principal.

Q4: How often do Chase APRs change?
A: APRs are variable but change infrequently. Check your latest statement for current rates.

Q5: Can I use this for balance transfers?
A: Yes, if you know the APR for the balance transfer offer on each card.