1. What is the FNB Credit Card Interest Calculator?

This calculator helps FNB credit card holders estimate the monthly interest they will pay based on their current balance and annual interest rate.

2. How Does the Calculator Work?

The calculator uses the simple interest formula:

Where:

• \( I \) — Monthly interest (ZAR)
• \( P \) — Principal balance (ZAR)
• \( R \) — Monthly interest rate (annual rate divided by 12, as decimal)

Explanation: The calculation converts the annual percentage rate to a monthly decimal rate, then multiplies by the principal balance.

3. Importance of Interest Calculation

Details: Understanding monthly interest helps cardholders plan repayments, avoid debt accumulation, and make informed financial decisions.

4. Using the Calculator

Tips: Enter your current credit card balance and the annual interest rate (found on your statement). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Is this the actual interest I'll be charged?
A: This is an estimate. Actual interest may vary based on payment dates, transaction timing, and other factors.

Q2: How can I reduce my credit card interest?
A: Pay your balance in full each month, pay more than the minimum, or negotiate a lower rate with your bank.

Q3: Does this include fees?
A: No, this calculates interest only. Additional fees may apply to your account.

Q4: What's a typical FNB credit card interest rate?
A: Rates vary but typically range between 15-25% annually depending on the card type and your creditworthiness.

Q5: How often is credit card interest calculated?
A: Most banks calculate interest daily but charge it monthly.