Find out how long it will take to pay off your balance at your current payment, or what monthly payment you need to be debt-free by a target date.
Credit card interest compounds daily or monthly on your remaining balance, so making only the minimum payment can keep you in debt far longer than expected. This calculator uses your card's APR converted to a monthly rate to project how a fixed payment pays down your balance over time, or works backward from a target number of months to find the payment you'd need.
If your monthly payment is too low to cover the interest that accrues each month, the balance never shrinks — this calculator will flag that case rather than showing a misleading payoff time.
Minimum payments on credit cards are often calculated as a small percentage of your balance, which means the payment shrinks as your balance does — stretching payoff time and interest paid dramatically. Even a modest increase in your monthly payment can cut months or years off your payoff timeline and save a meaningful amount in interest.
Does this account for new purchases on the card?
No. This calculator assumes no new charges are added while you're paying down the balance shown.
Why is my APR different from my card's advertised rate?
Many cards have different APRs for purchases, balance transfers, and cash advances, and your specific rate depends on your creditworthiness. Check a recent statement for the exact APR that applies to your balance.
Would a balance transfer help?
A balance transfer to a card with a lower or 0% introductory APR can significantly reduce interest costs, though transfers often carry a one-time fee (commonly 3-5% of the transferred amount) that's worth weighing against the interest you'd save.