Businesses should consider using a business credit card. This financing option provides them with flexible capital for monthly costs in addition to perks like points and cash back.
Before applying for a business credit card, utilize the Lendzero Business Credit Card payment calculator to see your monthly payments. Insert the information below:
Use our Business Credit Card payment calculator to calculate the cost of your credit card.
For example, Tom’s Bakery wants a $100K credit card balance. Tom applies for the business credit card and receives approval for the $100K balance at an interest rate of 10% with 2% of balance to be paid.
By entering Tom’s $100K credit card balance, 10% interest rate and 2% of balance to be paid into the Business Credit Card payment calculator, we can see Tom would need to pay the following minimum payment if he used up his full $100K balance:
If you like, you can change the settings from “Minimum payment” to “Fixed payment.” This will increase the monthly payment, however, it will reduce the time it will take to pay off the business credit card and the total amount of interest you will have paid to the credit card company.
The Business Credit Card payment calculator will show you the exact amount you’ll need to pay each month at minimum and provide you with the flexibility to see how long it would take you to pay off the credit card if you make higher payments than the minimum.
The components of the Business Credit Card Calculator are below.