💳 Credit Card Calculator

What is this tool?

Our Credit Card Calculator helps you understand how long it will take to pay off your credit card balance and how much interest you will accumulate. By adjusting extra payments, you can see how paying more than the minimum drastically reduces interest costs and payoff time.

How it works

The calculator simulates monthly payments on your credit card balance. Each month, it applies the monthly interest rate (APR ÷ 12) to the current balance, then subtracts your payment (the greater of the minimum payment or minimum + extra). This process repeats month by month until the balance reaches zero, tracking total interest paid.

How to use

1. Enter your current credit card balance.
2. Enter the APR (annual percentage rate) from your statement.
3. Enter the minimum payment percentage required by your card issuer.
4. Optionally, enter an extra fixed monthly payment you can afford.
5. Click Calculate to see your payoff timeline and total interest.

Reference Table

Frequently Asked Questions

Should I pay only the minimum?

Paying only the minimum results in years of payments and thousands in interest. Always pay as much as you can above the minimum.

What is a good APR?

The average credit card APR is around 20-25%. A good APR is under 15%. Balance transfer cards sometimes offer 0% introductory rates.

How can I pay off debt faster?

Consider the debt avalanche (highest APR first) or snowball (smallest balance first) methods. Balance transfers to a 0% APR card can also help.

Tips & Advice

Always pay more than the minimum to avoid decades of interest. Consider consolidating high-interest cards with a low-interest personal loan. Stop using the card while paying down the balance to avoid making the problem worse. Set up automatic payments above the minimum to stay on track.