Credit Card Calculator

Calculate your credit card payoff time and interest savings

Fixed Payment
Minimum Payment
Debt Snowball
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Debt Snowball

Pay off smallest balances first

Debt Avalanche

Pay off highest interest rates first

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Calculating your credit card payoff plan...

Enter your credit card details and click calculate to see payoff analysis

Understanding Credit Card Debt

How Credit Card Interest Works

Credit card interest is calculated based on your Annual Percentage Rate (APR) and average daily balance. Most cards use daily compounding, which means interest accrues daily on your outstanding balance.

Minimum Payment Trap

Making only minimum payments can extend your payoff time by decades and cost thousands in extra interest. Always try to pay more than the minimum to reduce your debt faster.

Debt Snowball vs Avalanche

The debt snowball method focuses on paying off smallest balances first for psychological wins. The avalanche method prioritizes highest interest rates to save the most money mathematically.

Credit Utilization Impact

Keeping your credit utilization below 30% of your available credit helps maintain a good credit score. Paying down balances improves your credit utilization ratio.

Frequently Asked Questions

How long will it take to pay off my credit card?

The time to pay off your credit card depends on your balance, APR, and monthly payment amount. Use our calculator to see exactly how long it will take and how much interest you'll pay.

What's the best way to pay off credit card debt?

The best method depends on your personality. If you need motivation, use the debt snowball method. If you want to save the most money, use the debt avalanche method. Either way, pay more than the minimum.

How is credit card interest calculated?

Credit card interest is typically calculated using the average daily balance method. Your APR is divided by 365 to get the daily rate, which is applied to your average daily balance each month.

Should I transfer my balance to a 0% APR card?

Balance transfers to 0% APR cards can save money on interest, but watch out for balance transfer fees (usually 3-5%) and make sure you can pay off the balance before the promotional period ends.

How much should I pay each month?

Always pay at least the minimum payment, but ideally pay much more. A good rule of thumb is to pay 3-5% of your balance each month, or as much as you can afford to reduce interest costs.