Daily Interest on $1,000 at 24% APR for 30 Days
A $1,000 credit card balance at 24% APR accrues about $19.73 in interest over a 30-day billing period.
How to use this tool
- Enter the balance interest is charged on.
- Enter the card's APR.
- Enter the number of days (e.g. a billing cycle).
- Read the daily rate, interest per day, period interest, and ending balance.
See exactly how much interest a $1,000 balance generates at 24% APR each day and over a full 30-day billing cycle.
Frequently asked questions
- How is the daily periodic rate calculated?
- Divide the APR by the number of days in the year. Most issuers use 365, so a 18.25% APR gives a daily rate of 0.05%. Some use 360, which is slightly higher.
- Does this account for daily compounding?
- No — it uses simple daily interest on a fixed balance. Issuers that compound daily add each day's interest to the balance, making the real charge marginally higher over long periods.
- Why do issuers charge interest daily?
- Daily accrual lets issuers charge interest based on your actual balance each day (often via an average daily balance), so paying down sooner reduces the interest you owe.