Credit Card Payoff Calculator — Get Debt-Free Faster
Credit card APRs of 20%+ make minimum payments a trap: most of each payment feeds interest, not the balance. Enter your balance, APR and monthly payment — this calculator shows the payoff date, the total interest, and how dramatically things improve if you add even a little to the payment.
Assumes no new spending on the card and a fixed APR. Stop using the card while paying it down.
How to use this tool
- Enter your current balance and the APR from your statement.
- Enter what you can genuinely pay each month.
- The \"what if\" field shows the effect of adding a bit more — even $50 often saves hundreds.
- Press Calculate, then stop new spending on the card until it's cleared.
Frequently asked questions
Why does paying the minimum take so long?
Minimums are typically set at 1–3% of the balance — barely above the monthly interest. On $4,500 at 24.9% APR, a $90 minimum sends over $93 to interest in month one, so the balance barely moves. Minimum-only payoff can take 15–25 years and cost more in interest than the original debt.
Which card should I pay off first if I have several?
Mathematically, the highest APR first (\"avalanche\") saves the most interest. Psychologically, the smallest balance first (\"snowball\") builds momentum with quick wins. Both work — pick the one you'll actually stick to, and pay minimums on the rest.
Is a balance transfer to a 0% card a good idea?
It can be powerful: a 0% intro period (often 12–21 months) sends 100% of your payment at the principal. Watch the transfer fee (typically 3–5%) and make sure you can clear the balance before the promo rate ends — leftover balances jump straight to the standard APR.
Will paying off my card hurt my credit score?
No — the opposite. Lower credit utilisation (balance ÷ limit) is one of the strongest positive score factors. Keep the paid-off card open: its available limit keeps your utilisation low and its age helps your history length.
Should I use savings to pay off card debt?
Keeping cash earning 4% while paying 25% on a card is a guaranteed 21% loss. Keep a small emergency buffer (e.g. one month's expenses), and put the rest against the card — then rebuild savings with the freed-up payment. This is general information, not personal financial advice.