Credit Card Payoff Calculator
See the true cost of your credit card debt. Find out how long it takes to pay it off and how much you save by paying more than the minimum each month.
Average US credit card APR is ~21–24%
Payoff in
4y 4m
Total Interest
$2,798
Payment Comparison
Paying $50 more saves $1,048 in interest
Payoff Scenarios Comparison
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Start Paying Off Debt — FreeFrequently Asked Questions
How long does it take to pay off credit card debt?
It depends entirely on your balance, APR, and monthly payment. Paying only the minimum on a $5,000 balance at 22% APR can take 15+ years and cost over $6,000 in interest. Paying $200/month on the same balance takes about 3 years and costs around $2,000 in interest. Use this calculator to find your exact timeline.
What is a credit card APR?
APR (Annual Percentage Rate) is the yearly interest rate charged on your credit card balance. The average US credit card APR is 21–24% as of 2025. If you carry a balance, you're charged APR/12 each month on your remaining balance. Paying in full each month means you pay zero interest.
What happens if I only pay the minimum?
Minimum payments are designed to maximize the interest you pay. The minimum is typically 1-2% of your balance plus the monthly interest charge. This means your balance barely decreases each month. A $5,000 balance at 22% APR with minimum payments can take 15–20 years to pay off and cost more in interest than the original debt.
What's the fastest way to pay off credit card debt?
1) Stop adding new charges. 2) Pay as much above the minimum as possible each month. 3) Consider a balance transfer to a 0% APR card (typically 15-21 months). 4) Use the debt avalanche method (highest APR first) to minimize total interest. 5) Look into a personal loan at a lower rate to consolidate the debt.
Should I use a balance transfer to pay off credit card debt?
A 0% balance transfer card can save significant interest if you can pay off the balance during the promotional period (typically 15-21 months). Watch for balance transfer fees (usually 3-5% of the transferred amount) and what happens when the promotional period ends. Only use this strategy if you're committed to paying off the balance before the rate jumps.