Calculate exactly how long it will take to pay off your credit card debt and how much interest you'll pay. Compare minimum-only payments versus a fixed monthly amount to see how much you save by paying more.
| Card Type | Typical APR |
|---|---|
| Rewards / Travel cards | 20–29% |
| Cash back cards | 19–26% |
| Store / retail cards | 26–30% |
| Balance transfer offers | 0% for 12–21 months |
| Average all cards (2024) | ~21.5% |
Credit card interest is calculated daily using your Annual Percentage Rate (APR) divided by 365. If you carry a balance, interest accrues every day — and compounds. That's why even a moderate balance can cost far more than it looks when you only make minimum payments.
Most minimum payments are set at 1–3% of your balance or $25, whichever is higher. At this rate, a $5,000 balance at 22% APR would take over 17 years to pay off and cost nearly $6,000 in interest — more than the original balance.
Minimum payment only: ~13 years to pay off, $3,800+ in interest
Fixed $150/month: 28 months to pay off, ~$680 in interest
Fixed $250/month: 16 months, ~$395 in interest
Doubling your monthly payment more than halves the interest cost. Even an extra $50/month makes a significant difference over time.
If you have multiple cards, the avalanche method (pay off highest-rate card first) saves the most money. The snowball method (pay off smallest balance first) provides faster psychological wins. Use this calculator on each card separately to compare payoff timelines across your full debt picture.