Credit Card Payoff Calculator
Add each card's balance, APR, and minimum payment. See when you'll be debt-free and how much extra payments save.
Why credit card debt takes so long
Credit cards charge interest monthly on the balance you carry. At a 24% APR, about 2% of the balance is added as interest each month, so a small minimum payment barely touches the principal.
Card issuers usually set the minimum as a small percentage of the balance plus interest, so the minimum drops as you pay down the card. That keeps payments low but stretches payoff out for years. Paying a fixed amount, as this calculator does, is much faster.
Your statement must show a 'minimum payment warning' with how long payoff takes at the minimum. Compare that to your plan here. See how long it takes to pay off credit card debt.
Frequently asked questions
How do I find my APR?
It's listed on your monthly statement and in your card's online account, usually under interest charges.
Would a balance transfer help?
A 0% intro APR balance transfer can save interest if you pay off the balance before the promotion ends. Transfer fees, often 3% to 5%, apply.
Does paying off a card hurt my credit?
Paying down balances usually lowers your credit utilization, which tends to help your score. Closing old accounts can reduce available credit.
Related tools and guides
Not financial advice. Results are estimates for educational purposes. Talk to a qualified professional about your situation. Some links are affiliate links; see our disclosure.