1. What is the Credit Card Payoff Calculator?

The Credit Card Calculator estimates how long it will take to pay off your Maybank credit card debt in Malaysia based on your current balance, monthly payment, and interest rate.

2. How Does the Calculator Work?

The calculator uses the debt payoff formula:

Where:

• \( P \) — Principal balance (MYR)
• \( D \) — Monthly payment (MYR)
• \( R \) — Monthly interest rate (APR / 12)
• \( T \) — Time to payoff (months)

Explanation: The formula calculates how many months it will take to pay off the debt by accounting for the compounding interest each month.

3. Importance of Debt Payoff Calculation

Details: Understanding your payoff timeline helps with financial planning and shows how increasing payments can significantly reduce interest costs and payoff time.

4. Using the Calculator

Tips: Enter your current credit card balance in MYR, your planned monthly payment amount, and the card's annual interest rate (APR). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Why does my payment need to exceed the monthly interest?
A: If your payment only covers interest (D ≤ P×R), your principal never decreases and the debt never gets paid off.

Q2: What's Maybank's typical credit card interest rate?
A: Maybank cards typically have APRs between 15-18% in Malaysia, but check your specific card terms.

Q3: How can I pay off my debt faster?
A: Increase monthly payments, make biweekly payments, or transfer to a lower-interest card/loan.

Q4: Does this include late fees or other charges?
A: No, this calculates based on current balance and interest only. Additional fees would extend payoff time.

Q5: What if I make additional payments?
A: Extra payments will reduce payoff time. Recalculate with your new higher payment amount.