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Credit Card Payoff Calculator

See the true cost of credit card debt. Compare minimum payments vs fixed payments and find out exactly when you'll be debt-free.

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Most cards require 1-3% of balance (check your statement)
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Leave blank to see minimum-payment-only results

Take Control of Your Credit Card Debt

Knowing your payoff timeline is step one. Track every payment and watch your balance shrink with our free Debt Payoff Tracker on Gumroad.

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How This Credit Card Payoff Calculator Works

Enter your credit card balance, APR, and minimum payment percentage. The calculator simulates month-by-month payments to show you exactly how long it takes to pay off your card — and how much interest you'll pay. Add a fixed monthly payment to compare how much faster you could be debt-free.

Why Minimum Payments Are a Trap

Credit card companies set minimum payments low (usually 1-3% of your balance) because it maximizes the interest they earn from you. Here's why it's so dangerous:

  • Most of your payment goes to interest — on a $5,000 balance at 22% APR, your first minimum payment of $100 includes $92 in interest and only $8 toward your actual debt.
  • Payments shrink as your balance shrinks — since the minimum is a percentage, your payment gets smaller over time, making progress even slower.
  • It can take 20+ years — what feels manageable month-to-month can cost you thousands and decades of your financial life.

Strategies to Pay Off Credit Cards Faster

  • Pay a fixed amount — even $50 above the minimum makes a massive difference. Use this calculator to find the right amount for your budget.
  • Use the avalanche method — pay off the highest-APR card first while making minimums on the rest.
  • Consider a balance transfer — 0% intro APR cards can give you 12-21 months of interest-free payments.
  • Track every payment — use a Notion expense tracker or spreadsheet to stay motivated.
  • Build an emergency fund — even $500 prevents new credit card charges when unexpected expenses hit.

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Frequently Asked Questions

Why is paying only the minimum on a credit card so expensive?

Minimum payments are usually only 1-3% of your balance. Most of that goes to interest, so your principal barely shrinks. A $5,000 balance at 22% APR with minimum payments can take over 20 years to pay off, and you'll pay more in interest than the original balance.

How much should I pay on my credit card each month?

Pay as much as you can above the minimum. Even doubling your minimum payment can cut your payoff time in half and save thousands in interest. Use this calculator to find the sweet spot for your budget.

Does a balance transfer help pay off credit card debt faster?

A 0% balance transfer can save significant interest if you pay off the balance during the intro period (usually 12-21 months). But watch for transfer fees (3-5%) and make sure you have a plan to pay it off before the regular APR kicks in.