Credit Card Payoff Calculator
Calculate how long it takes to pay off credit card debt and the total interest cost. See how extra payments accelerate your debt-free date.
Enter Your Details
How Credit Card Interest Works
Credit card interest compounds daily on your average daily balance. With APRs typically ranging from 18% to 29%, credit card debt is among the most expensive forms of consumer debt. Making only the minimum payment (usually 2% of balance or $25, whichever is greater) can take decades to pay off and cost more in interest than the original balance.
Why Minimum Payments Are a Trap
On an $8,500 balance at 22.99% APR, a minimum payment of $170 (2%) would take over 30 years to pay off and cost over $15,000 in interest — nearly double the original balance. Paying $250/month instead saves thousands and cuts the payoff time dramatically.
Strategies to Pay Off Credit Cards Faster
Balance transfer: Move debt to a 0% intro APR card (typically 12-21 months). Pay off as much as possible during the 0% period.
Debt avalanche: Pay minimums on all cards, then put extra money toward the highest-APR card first. This minimizes total interest paid.
Debt snowball: Pay off the smallest balance first for psychological wins, then roll that payment into the next smallest.
Frequently Asked Questions
Related Calculators
Credit Card Payoff Strategies
$10K at 22%: minimums = 34+ years. $100 extra = 44 months. Avalanche, Snowball, Balance transfer.