Credit Card Payoff Calculator
Plan your credit card debt payoff strategy
Tips
Pay more than the minimum to avoid paying interest forever.
Consider balance transfer cards with 0% intro APR.
Automate payments to avoid late fees and credit score damage.
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What is this tool?
The Credit Card Payoff Calculator simulates different repayment scenarios to help you eliminate credit card debt. Enter your balance, APR, and payment method (minimum percentage or fixed amount). Compare how extra payments drastically reduce total interest and payoff time.
How to use
- 1
Enter card details
Input your current balance, APR, and minimum payment percentage.
- 2
Choose payment mode
Select minimum percentage or fixed amount payment, and add any extra monthly payment.
- 3
View payoff plan
See months to payoff, total interest paid, and a scenario comparison chart.
Frequently Asked Questions
Why does minimum payment take so long?
Minimum payments are designed to keep you in debt. At 18% APR with $10,000 balance and 5% minimum, it takes 100+ months and costs $4,000+ in interest. Paying extra even $200/month cuts this dramatically.
Should I use balance transfer?
Balance transfers with 0% intro APR can save significant interest if you can repay within the promo period. Just watch for transfer fees (typically 3-5%) and the regular rate that kicks in after the promo.
Does the calculator include compound interest?
Yes, it calculates daily compounding interest which is how most credit cards actually charge.