Credit Card Payoff Calculator
See exactly when your card will be paid off and how much interest you'll pay — or what you need to pay each month to be debt-free by a certain date.
How credit card interest works
Credit cards charge interest based on your APR (annual percentage rate). Each month the issuer applies roughly one twelfth of the APR to your balance. On a $6,000 balance at 22.9% APR, that is about $114 of interest in the first month alone. Only the part of your payment above that interest actually reduces what you owe — which is why small payments can keep you in debt for years.
This calculator assumes you stop using the card and that the APR stays the same. Card issuers actually calculate interest on your average daily balance, so your real numbers can differ slightly.
Why minimum payments take so long
Minimum payments are often just 1% of the balance plus that month's interest, with a floor of around $25 to $35. As the balance shrinks, so does the minimum, so the debt fades away very slowly. Paying a fixed amount every month — even a little above the minimum — cuts the payoff time dramatically. Try lowering and raising the payment above to see the difference in total interest.
Strategies to pay off credit card debt faster
- Avalanche method: pay the minimum on every card and put any extra money toward the card with the highest APR. This saves the most interest.
- Snowball method: put extra money toward the smallest balance first. You pay a bit more interest, but quick wins can keep you motivated.
- Balance transfer: moving debt to a card with a 0% intro APR can save a lot, but watch for the transfer fee (often 3% to 5%) and the rate after the promo ends.
- Ask for a lower rate. If you have a good payment history, calling your issuer and asking for a lower APR sometimes works.
Frequently asked questions
Why does the calculator say my payment is too low?
If your payment is less than the monthly interest, your balance grows instead of shrinking. You need to pay more than the interest charge for the debt to ever be paid off.
Does paying off a credit card improve my credit score?
Usually yes. Lower balances reduce your credit utilization ratio, which is one of the biggest factors in credit scores.
Should I close the card after paying it off?
Not always. Keeping an old card open with no balance can help your credit history and utilization. Closing it can make sense if it has an annual fee you don't want to pay.
Last reviewed November 14, 2026.
