💳 Credit Card Calculator
Calculate credit card payoff time and interest cost
How Credit Card Payoff Calculation Works
Formula
Months = −log(1 − (Balance × r / Payment)) / log(1 + r)
- 1Enter your current credit card balance.
- 2Enter the annual interest rate (APR).
- 3Enter your monthly payment amount.
- 4The calculator determines how many months until the balance is zero.
- 5Total interest paid and a payoff timeline are displayed.
About Credit Card Calculator
Calculate how long it takes to pay off credit card debt. See total interest cost, compare payment strategies, and find the optimal payment to reach debt-free by your target date.
Frequently Asked Questions
Why does paying the minimum take so long?
Minimum payments are usually 1-3% of the balance. Most of that goes to interest, with very little reducing the principal. A $5,000 balance at 20% APR with minimum payments could take over 30 years to pay off.
How can I pay off credit card debt faster?
Pay more than the minimum. Use the avalanche method (pay highest interest rate first) or snowball method (pay smallest balance first). Consider balance transfer cards with 0% APR introductory periods.
What is a good credit card APR?
Credit card APRs typically range from 15-25%. Cards for excellent credit may offer 13-17%. A 'good' rate is relative, but any credit card interest is expensive — pay in full each month if possible.