Credit Card Interest Calculator
See how long it takes to pay off a credit card balance and total interest paid.
Credit card interest compounds against you, not for you — carrying a balance means you're paying interest on interest if you don't pay it down. This shows how long payoff actually takes and the real cost of only paying the minimum.
Why minimum payments barely make a dent
Credit card minimum payments are often calculated as a small percentage of the balance (commonly 1-3%) plus that month's interest — which means a huge share of your payment just covers interest, leaving little to reduce the actual balance. This is exactly why credit card debt can take years to pay off even on a modest balance.
Why APR matters so much here
Credit card APRs are typically far higher than other consumer debt — often 20%+ — which compounds monthly. A relatively small balance can generate a surprising amount of interest over time if only minimum payments are made, which is why paying more than the minimum matters more on credit cards than almost any other type of debt.
Frequently asked questions
What's the fastest way to pay off credit card debt?
Pay as much above the minimum as you can afford, and if you have multiple cards, prioritize either the highest-interest balance first (saves the most money) or the smallest balance first (builds momentum) — both are valid strategies depending on what keeps you motivated.
Should I transfer my balance to a lower-rate card?
A 0% or low-APR balance transfer offer can meaningfully cut your interest cost, but check the transfer fee (often 3-5% of the balance) and what the rate reverts to after the promotional period ends before committing.