How long will it take to pay off my credit card?
Enter your balance, your card's APR and what you can pay each month. The calculator shows how many months it will take, the total interest and the month you'll be debt-free. For example, a $5,000 balance at 22.99% APR paid at $200 a month takes 2 years and 11 months and costs $1,871 in interest. Paying $250 instead clears it in 2 years and 2 months and saves about $505.
Pay it off by a target date
Switch to “I want to be debt-free by…” and enter the number of months. To clear that same $5,000 in 24 months you'd need to pay about $261.84 a month.
Why minimum payments keep you in debt
At 22.99% APR, a $5,000 balance generates about $95.79 of interest in the first month alone. If your payment barely covers that, the balance hardly moves: paying $100 a month would take almost 14 years and cost about $11,694 in interest. The calculator warns you if your payment doesn't even cover the monthly interest.
Strategies that work
- Avalanche: pay the minimum on every card and put any extra toward the one with the highest APR. It saves the most interest.
- Snowball: put the extra toward the smallest balance first for quick wins that keep you motivated.
- Balance transfer or consolidation loan: moving debt to a 0% intro APR card or a lower-rate personal loan can cut your interest, but watch the transfer fees.
- Stop adding new charges to the card while you pay it down.
Comparing a consolidation loan? Use Loan Calculator.
Frequently Asked Questions
How is credit card interest calculated?
Most issuers divide the APR by 365 and charge that daily rate on your balance each day, then add it monthly. This calculator uses APR ÷ 12 per month, which gives a very close estimate.
Why doesn't my balance go down?
If your payment is close to the monthly interest, almost all of it goes to interest. Paying even a little more each month shortens the payoff time dramatically.
Should I pay off the card with the highest rate or the smallest balance first?
Paying the highest rate first (avalanche) saves the most money; paying the smallest balance first (snowball) can keep you motivated. Both work if you stick with them.
Does a balance transfer help?
It can, if the intro rate is low and you pay the balance before the promotion ends. Include the transfer fee (often 3%–5%) in your comparison.