💳 Credit Card Payoff Calculator

Find out how long it takes to pay off your credit card and how much interest you'll pay — with minimum payments vs. fixed payments.

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The True Cost of Minimum Payments

Credit card companies set minimum payments (typically 1–2% of balance or $25, whichever is greater) designed to keep you in debt as long as possible. On a $5,000 balance at 22.99% APR, paying only minimums can take over 20 years and cost more in interest than the original balance.

Strategies to Pay Off Faster

  • Avalanche Method: Pay minimums on all cards, then put extra money toward the highest-APR card first — saves the most interest
  • Snowball Method: Pay minimums on all cards, then attack the smallest balance first — provides psychological wins
  • Balance Transfer: Move debt to a 0% APR promotional card (usually 12–21 months) — eliminates interest temporarily
  • Personal Loan Consolidation: Personal loans often have rates of 7–15%, much lower than typical credit card APRs of 20–29%
What is a good credit card APR? +
The national average credit card APR was around 20–22% in 2024. A "good" APR is anything below 15%. Premium rewards cards tend to have higher rates (25–29%), which is fine if you pay in full each month. If you carry a balance, a low-rate card is more valuable than rewards.
Will paying more than the minimum hurt my credit? +
No — paying more than the minimum can only help your credit score. It reduces your credit utilization ratio (balances / limits), which is the second most important factor in your credit score at about 30%. Keeping utilization below 30% is recommended; below 10% is ideal for maximum score impact.