Credit Card Calculator
Calculate how long it will take to pay off your credit card debt and how much interest you'll pay. Compare different payment strategies to save money.
Credit Card Details
$100
$50K
5%
35%
$25
$1000
Minimum payment: $100
Payoff Results
Time to Pay Off
3 years 8 months
Total Interest
$1,580
Total Payments
$6,580
Monthly Interest
$79
Payment Breakdown
Number of Payments:
44 payments
Interest vs Principal:
24.0% : 76.0%
Interest Saved vs Min Payment:
$2,420
Understanding Credit Card Debt
How Credit Card Interest Works
Credit card interest is calculated daily based on your average daily balance. The annual percentage rate (APR) is divided by 365 to get the daily rate.
Minimum Payment Trap
Making only minimum payments can keep you in debt for decades. Most minimum payments are calculated as 2-3% of your balance, which barely covers the interest charges.
Debt Payoff Strategies
- Pay More Than Minimum: Even $25 extra can save thousands in interest
- Avalanche Method: Pay minimums on all cards, extra on highest APR
- Snowball Method: Pay minimums on all cards, extra on smallest balance
- Balance Transfer: Move debt to a lower interest rate card