1. What is the Maybank Credit Card Payoff Calculator?

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

2. How Does the Calculator Work?

The calculator uses the credit card payoff formula:

Where:

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

Explanation: The equation calculates how many months it will take to pay off the debt given fixed monthly payments and compound interest.

3. Importance of Payoff Calculation

Details: Understanding your payoff timeline helps with financial planning, debt management, and evaluating different payment strategies.

4. Using the Calculator

Tips: Enter your current credit card balance, the fixed amount you can pay each month, and your annual interest rate. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What if my payment is too low?
A: If your monthly payment doesn't cover the interest charges (D ≤ P × R), your debt will never be paid off.

Q2: How can I pay off my card faster?
A: Increase your monthly payment amount or try to reduce your interest rate through balance transfers or negotiations.

Q3: Does this account for minimum payments?
A: No, this assumes fixed payments. Minimum payments typically extend payoff time significantly.

Q4: Are there fees included in this calculation?
A: No, this only calculates interest. Late fees or other charges would affect actual payoff time.

Q5: How accurate is this estimate?
A: This assumes no additional charges and a fixed interest rate. Actual payoff time may vary.