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Credit Card Payoff Calculator

See how long it takes to pay off your credit card and how much you'll pay in interest. Discover how small payment increases can save you thousands.

Your Credit Card Details

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Enter your card details and click Calculate

to see your payoff timeline

Credit Card Payoff

This calculator shows how long it takes to pay off your credit card balance and the total interest you'll pay. Credit cards typically have high interest rates (15-25% APR), so even small increases in your monthly payment can save hundreds or thousands in interest.

How to Use

  1. 1 Enter your current credit card balance (find this on your statement).
  2. 2 Enter your card's APR (annual percentage rate). Check your statement or card agreement.
  3. 3 Enter the monthly payment you plan to make. Try different amounts to see the impact.
  4. 4 Review your payoff timeline and compare scenarios to find the best strategy.

FAQ

Why does paying minimum take so long?

Minimum payments (typically 1-3% of balance) are designed to maximize interest for the card issuer. Most of your payment goes to interest, with very little reducing the principal. A $5,000 balance at 20% APR with minimum payments can take 20+ years to pay off.

What is APR?

APR (Annual Percentage Rate) is the yearly interest rate charged on your balance. Credit cards compound interest daily or monthly, so the effective rate is slightly higher than stated. Your card may have different APRs for purchases, cash advances, and balance transfers.

Should I get a balance transfer card?

A 0% APR balance transfer can save significant interest if you can pay off the balance during the promotional period (usually 12-21 months). Watch out for transfer fees (3-5%) and make sure to pay it off before the promotional rate ends—the new rate is often very high.

How is minimum payment calculated?

Most cards calculate minimum payment as the greater of: a percentage of your balance (1-3%), a fixed dollar amount ($25-35), or your interest charges plus fees plus 1% of principal. This varies by issuer, so check your card agreement.

What if I have multiple cards?

Use our Debt Payoff Planner to compare snowball vs avalanche strategies for multiple debts. Generally, pay minimums on all cards and put extra money toward the highest-rate card (avalanche) or smallest balance (snowball).

Does this assume no new charges?

Yes. This calculator assumes you stop adding charges to the card. Adding new purchases while paying off debt significantly extends your timeline. Consider using cash or a debit card for purchases while paying down your balance.

Calculator Limitations

This calculator assumes fixed APR and no new charges. Actual results may vary due to variable rates, fees, promotional periods, and payment timing. It uses monthly compounding; some cards compound daily, which results in slightly more interest.