How credit card payoff works
Each month interest is charged on your balance at the card's APR divided by 12, then your payment is applied — first to that interest, and only the rest to the principal. Early on, most of a small payment goes to interest, which is why balances linger. Paying more than the minimum sends more to principal and shortens the payoff dramatically.
Why the minimum payment is a trap
Card minimums are set as a tiny percentage of the balance, often just above the monthly interest. Paying only the minimum can stretch a payoff over a decade and cost more in interest than the original purchase. A fixed, higher payment — the figure you enter here — is what actually clears the debt.
The fastest ways to pay less
Two levers cut the cost: a higher monthly payment, and a lower APR. Transferring the balance to a 0% introductory card, or consolidating into a lower-rate personal loan, can save hundreds — just watch for transfer fees and the rate after the intro period ends.
Reading the result
The time-to-pay-off shows how many months your fixed payment needs; the total interest is the real price of carrying the balance. If the tool says 'never', your payment is at or below the monthly interest, so the balance will not fall — raise it above that number first. This is an estimate; your issuer's exact minimum rules and any fees may differ.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on the balance, APR and your monthly payment. This calculator solves for the exact number of months your fixed payment needs and the interest you'll pay along the way.
Why does paying the minimum take so long?
Minimum payments are set just above the monthly interest, so very little goes to principal. Paying a fixed higher amount clears the balance far faster and for much less interest.
Does a balance transfer help?
Often yes — moving to a 0% intro-APR card stops interest during the promo period, so more of each payment reduces the balance. Factor in the transfer fee and the rate after the intro ends.
What does 'never' mean in the result?
Your payment is at or below the monthly interest charge, so the balance can't fall. Increase the payment above that interest amount to start making progress.