Credit Card Payoff Calculator
How long to pay off a credit card, the interest, the payment to clear it by a date, and the true cost of minimum payments.
How to Use Credit Card Payoff Calculator
- 1Choose where the card is, which sets a typical minimum-payment rule.
- 2Enter your card balance and its APR.
- 3Choose to pay a set amount each month, or to clear the balance by a date (12 to 48 months).
- 4Check the minimum-payment settings against your statement, if you want an exact comparison.
- 5Read your payoff date, the interest, what minimum payments alone would cost, and the payment needed for other timescales.
Frequently Asked Questions
How long will it take to pay off $5,000 on a credit card?
At 22% APR, paying $200 a month takes 34 months and costs about $1,750 in interest. Paying only the minimum (interest plus 1% of the balance, at least $25) starts at $141.67 a month and takes about 19 years, with over $8,000 in interest.
How much should I pay to clear my card in 2 years?
For $5,000 at 22% APR: $259.39 a month clears it in 24 months, $467.97 in 12 months, or $190.95 in 36 months. Choose 'Clear it by a date' to work it out for your card.
Why do minimum payments take so long?
The minimum is mostly interest plus a small part of the balance, and it shrinks as the balance falls. So you pay less and less off each month, and the balance lingers for years. Paying a fixed amount instead, even one close to today's minimum, cuts the time dramatically.
How long to pay off £3,000 on a credit card?
At 24.9% APR, paying £120 a month takes 36 months and about £1,274 in interest. Paying only the minimum (interest plus 1%, at least £5) would take nearly 29 years and cost around £6,000 in interest.
Does a 0% balance transfer help?
Often. Moving the balance to a 0% card means every payment goes off the balance during the promotional period, minus a transfer fee (typically 2–4%). Clear it before the 0% period ends, and don't add new spending.
Is interest charged monthly or daily?
Most cards charge interest daily on your average balance and add it monthly. This calculator adds APR ÷ 12 each month, so your statement may differ by a little.
About Credit Card Payoff Calculator
This credit card payoff calculator shows how long a balance will take to clear at a fixed monthly payment, how much interest you'll pay, and the payment needed to be debt-free by a chosen date. It compares your plan with paying only the minimum, which typically takes many years, so you can see what a higher payment saves.
The minimum payment follows the common rule of interest plus 1% of the balance with a floor ($25 or £5 by default), and you can match it to your own card's terms. A table shows the payment and interest for clearing the balance in 1 to 5 years.
It assumes no new spending, fees or rate changes. For several cards and loans, use the debt payoff calculator to plan them together.