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Credit Card Payoff Calculator

See exactly how long it takes to pay off your credit card and how much interest you'll pay — versus making only minimum payments.

Credit Card Details

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Payoff Results

Time to Pay Off

2y 10m

$200/month · 20.99% APR

💬 In Plain English

You owe $5,000 on the card. Paying $200/month, you'll have it wiped out in 2y 10m — but you'll hand over $1,632 in interest along the way, on top of what you actually charged to the card. Sticking to the minimum payment instead would stretch that out to 50y 4m and cost $23,050 more in interest.

Original Balance$5,000
Total Interest$1,632
Total Paid$6,632

Minimum Payment Only Scenario

Payoff time50y 4m
Total interest$24,683
You save$23,050 · 47y 6m faster
● Principal 75%● Interest 25%

Minimum payment modeled as the greater of $25 or 2% of the balance, recalculated monthly. Actual minimum payments vary by card issuer.

Why Minimum Payments Are a Debt Trap

👋 Simple Explanation

Credit card debt is the most expensive kind most people carry, because the interest rate is so high. If you only pay the minimum, most of that payment just covers the interest — barely any of it actually shrinks what you owe. That's why a balance that feels small can take decades to disappear.

Credit card minimum payments are typically 1%–2% of your balance, recalculated downward as your balance decreases. This means your required payment shrinks every month — extending your payoff timeline to decades, not years.

For example: a $5,000 balance at 20.99% APR with 2% minimum payments takes approximately 20+ years to pay off and costs over $5,800 in interest— more than the original balance. The same debt paid at a fixed $200/month is gone in about 2 years 10 months with under $700 in interest.

This is why paying a fixed amount — even slightly above the minimum — makes such a dramatic difference. Every extra dollar attacks the principal directly.

Strategies to Eliminate Credit Card Debt

Pay a fixed amount each month. Set your payment at a fixed dollar amount rather than the minimum. Even fixing it at your current minimum payment (before it shrinks next month) cuts years off your timeline.

Use a balance transfer card. Many issuers offer 0% intro APR for 12–21 months on transferred balances. Pay a 3%–5% transfer fee once, then pay down the balance aggressively with zero interest accruing during the promotional period.

Target one card at a time. If you have multiple cards, choose either the highest-rate (avalanche) or smallest-balance (snowball) card. Throw every extra dollar at that one card while paying minimums on the rest.

Stop using the card. You can't drain a bathtub with the faucet running. While paying down a card, remove it from online accounts and don't carry it. Even small new purchases add to the interest-bearing balance.

Credit Card Payoff Calculator — FAQ

How long does it take to pay off a credit card making only minimum payments?
Making only minimum payments can take 15–25 years to pay off a credit card balance — and cost more in interest than the original balance. For example, a $5,000 balance at 20% APR with 2% minimum payments takes over 20 years to pay off and costs more than $5,800 in interest alone.
What is the average credit card interest rate (APR) in the US?
As of 2024, the average credit card APR in the United States is approximately 20%–22% for accounts that carry a balance. Some cards — especially store credit cards — have APRs above 29%. Rates vary based on the card, your credit score, and the Federal Reserve's benchmark rate.
What is a credit card balance transfer and does it help?
A balance transfer moves your existing credit card debt to a new card with a lower (often 0%) introductory APR for 12–21 months. Balance transfer fees are typically 3%–5% of the amount transferred. If you can pay the balance within the intro period, a balance transfer can eliminate hundreds or thousands in interest.
Does paying more than the minimum help significantly?
Yes — dramatically. Doubling your minimum payment can cut your payoff time by 50%–70% and save thousands in interest. Even adding $50 extra per month can save years. Every extra dollar directly reduces the principal, which reduces future interest charges.
How is credit card interest calculated?
Credit card interest is calculated as a daily periodic rate (APR ÷ 365) applied to your average daily balance each month. The result is added to your balance at the end of each billing cycle. If you pay your full statement balance each month, you owe zero interest — the grace period applies.

Payoff Time by Credit Card Balance

Jump straight to a payoff timeline for a specific balance — by monthly payment level.

$1,000 Debt →$2,000 Debt →$3,000 Debt →$5,000 Debt →$7,500 Debt →$10,000 Debt →$15,000 Debt →$20,000 Debt →