How long will it take to pay off my credit card?
Enter your balance, the card's APR and how much you can pay each month. The calculator adds interest each month and applies your payment until the balance reaches zero, then shows the number of months and the total interest you will pay.
If your payment is less than the monthly interest, the balance will never go down. Paying only the minimum can take many years.
Ways to pay off credit card debt faster
- Pay more than the minimum – even an extra $50 a month can cut months or years off.
- Avalanche method – put extra money toward the card with the highest APR first to save the most interest.
- Snowball method – pay off the smallest balance first for quick wins that keep you motivated.
- Balance transfer – a 0% intro APR card can help if you can pay the balance before the promotion ends; watch for transfer fees.
Frequently asked questions
How is credit card interest calculated?
Most cards divide the APR by 365 to get a daily rate and charge it on your average daily balance. This calculator uses a monthly rate (APR divided by 12), which gives a close estimate.
Does paying off a credit card improve my credit score?
Lowering your balances reduces your credit utilization, one of the biggest factors in your score, so it usually helps.
Should I close a card after paying it off?
Often it is better to keep it open, because closing it can raise your utilization and shorten your credit history. Keep it if there is no annual fee.