See the day your card hits zero, and what the interest really costs.
Enter your balance and rate, then either set a monthly payment to find your payoff date, or set a target date to find the payment it takes. Either way you see the total interest, and how much longer the minimum-payment trap would keep you in debt.
Your card
What your plan really means
Your balance over time
Your plan vs minimum only
Where your money goes
Every dollar you pay is either principal that clears the debt or interest that only rents the money. The taller the dark block, the more the card costs you.
The bottom line
Payoff at different monthly payments
The more you pay each month, the less the card costs and the sooner you are free. Your current plan is highlighted.
| Monthly payment | Time to pay off | Total interest | Total paid |
|---|
Understanding credit card payoff
How Credit Card Interest Works
Credit card interest is calculated using your daily periodic rate, which is your APR divided by 365. This daily rate is applied to your average daily balance throughout the billing cycle. For a card with a 22.99% APR, the daily rate is approximately 0.063%, meaning an $8,000 balance accrues roughly $5 in interest every single day. If you carry a balance past the grace period, interest is charged on new purchases immediately.
Minimum Payment Trap Explained
Credit card minimum payments are typically calculated as 1-3% of the outstanding balance or a flat amount (usually $25-$35), whichever is greater. Making only minimum payments on an $8,000 balance at 22.99% APR would take over 30 years to pay off and cost more than $15,000 in interest alone. This is because most of each minimum payment goes toward interest rather than reducing the principal balance, creating a cycle that keeps you in debt far longer than expected.
Strategies to Pay Off Credit Card Debt Faster
The most effective strategy is to pay as much above the minimum as your budget allows, even an extra $50-$100 per month can shave years off your payoff timeline. The avalanche method targets the highest-interest card first, saving the most money overall, while the snowball method targets the smallest balance first for quicker psychological wins. You can also call your card issuer to negotiate a lower interest rate, which lenders sometimes grant to customers with good payment histories.
Balance Transfer vs Debt Consolidation
A balance transfer moves high-interest credit card debt to a new card offering 0% APR for a promotional period of 12-21 months, typically with a 3-5% transfer fee. A debt consolidation loan combines multiple debts into a single personal loan, usually at a fixed rate lower than credit card APRs. Balance transfers work best for debt you can pay off during the promo period, while consolidation loans are better suited for larger balances that need a longer structured repayment plan.
Common questions
How is credit card interest calculated?
Credit card interest is calculated daily using your APR divided by 365. The daily rate is applied to your average daily balance. This means carrying a balance is more expensive than it appears from the APR alone.
Why is paying the minimum so expensive?
Minimum payments are typically 1-3% of the balance. At 22% APR, paying the minimum on an $8,000 balance would take over 30 years and cost more than $15,000 in interest.
Should I get a balance transfer card?
A 0% APR balance transfer can save significant interest if you can pay off the balance during the promotional period (typically 12-21 months). Watch for balance transfer fees (usually 3-5%).
Is it better to pay off the highest rate card first?
Mathematically, yes, the "avalanche method" (highest rate first) saves the most interest. However, the "snowball method" (smallest balance first) provides psychological wins that help many people stay motivated.
Estimates for planning only. Real cards compound interest daily and your issuer may change your rate, minimum payment formula or fees. Your statement is the final word. Confirm the numbers with your card issuer before you rely on them.