1. About Marcus Credit Card

The Marcus credit card offers various benefits but does not provide savings interest. This calculator helps estimate either payoff time or total interest based on your current balance, APR, and monthly payment.

2. How the Calculator Works

The calculator uses standard credit card payment calculations:

The calculator iterates month-by-month until the balance is paid off.

3. Understanding Credit Card Payments

Details: Making only minimum payments can significantly extend payoff time and increase total interest paid. Higher payments reduce both time and interest costs.

4. Using the Calculator

Tips: Enter your current balance, APR, and planned monthly payment. Choose whether to calculate payoff time or total interest.

5. Frequently Asked Questions (FAQ)

Q1: Does Marcus credit card offer interest on savings?
A: No, Marcus credit cards do not accrue savings interest. This calculator is for credit card payments only.

Q2: How can I pay off my credit card faster?
A: Increase your monthly payment amount, make biweekly payments, or pay more than the minimum due.

Q3: What's a good APR for a credit card?
A: Rates vary, but generally under 15% is considered good. Marcus card APRs typically range from 14-25%.

Q4: Should I pay more than the minimum payment?
A: Yes, paying only the minimum extends payoff time and increases total interest paid significantly.

Q5: How accurate is this calculator?
A: It provides estimates assuming no additional charges and consistent monthly payments.