Credit Card Payoff Calculator
See exactly how many months it will take to pay off your credit card — and how much you'll save by paying more than the minimum.
Used for the minimum-only comparison.
How it works
- 1Enter your card balance and APR
Find both on your most recent statement.
- 2Enter your planned monthly payment
Try a number above the minimum to see the impact.
- 3Compare to minimum-only payoff
See how many years and dollars you save by paying more.
Credit card debt is one of the most expensive forms of debt — average APRs in 2026 run 20–25%, which means a $5,000 balance can cost over $1,000 a year in interest alone if you only make minimum payments.
The trap with minimum payments is that they shrink as your balance shrinks, so the payoff curve is exponential, not linear. A typical 2% minimum on a $5,000 balance at 22% APR takes roughly 20+ years to fully pay off — and costs more in interest than the original balance.
The fastest way out is a fixed monthly payment (not a percentage). Pick a number you can sustain and stick to it even as the balance shrinks. Even $50 above the minimum can cut years off the payoff.
If you have $5,000+ in credit card debt, consider a 0% APR balance transfer card (usually 12–21 months interest-free, with a 3–5% transfer fee) or a personal loan at 10–15% APR to consolidate. Both can dramatically accelerate payoff.
Example scenarios
Pays off in ~47 months. Total interest ~$1,950.
Pays off in ~20 months. Total interest ~$1,000 — half the cost.
Takes 30+ years. Total cost ~$23,000+.
Common questions
Why does paying the minimum take so long?
Credit card minimums are usually 1–3% of the balance. With 20%+ APR, most of that payment goes to interest, leaving almost nothing to reduce the balance. A $5,000 balance at 22% APR with minimum payments can take 20+ years to pay off.
What's the best strategy to pay off a credit card?
Stop using the card, pay as much above the minimum as you can afford, and consider a 0% balance transfer card or a lower-rate personal loan if you have a large balance.
Should I save or pay off credit card debt first?
Build a small starter emergency fund ($500–$1,000) first, then attack the credit card aggressively. Credit card interest at 20%+ almost always beats investment returns.
Will paying off a card hurt my credit score?
No — paying it off helps. Your credit utilization drops, which is a major positive factor. Keep the card open (even at $0 balance) to maintain credit history length.