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Find out how long it will take to pay off your credit card balance and the total interest you'll pay.
Months = -log(1 - (Balance × monthly_rate) / Payment) / log(1 + monthly_rate)
Paying only minimums on high-interest cards can take decades to pay off. A $5,000 balance at 22% APR with $100 minimum payments takes over 10 years and costs thousands in interest.
Avalanche: pay minimums on all cards, then put extra money toward the highest-rate card first — saves the most money. Snowball: pay off smallest balances first — provides psychological wins.
Most credit cards use daily periodic rate (APR/365) applied to your average daily balance. Interest compounds daily, making high APR cards very expensive to carry balances on.
A balance transfer moves your debt to a new card, often with a 0% introductory APR for 12-21 months. This can save significant interest if you pay off the balance before the promo period ends.
Pay your full statement balance by the due date every month. Most credit cards have a grace period — no interest is charged if you pay in full. Only carrying a balance triggers interest.