Credit Card Payoff Calculator
See how long it takes to pay off your credit card. Enter balance, APR, and monthly payment.
How it works
Enter your current balance, APR (annual percentage rate), and fixed monthly payment. The calculator shows how many months until payoff and total interest. Pay more than the minimum to reduce interest and pay off faster.
Typical credit card APR ranges
| Card type | Typical APR |
|---|---|
| Low-rate / balance transfer | 15%–22% |
| Standard rewards | 18%–26% |
| Premium / travel rewards | 20%–29% |
| Store / retail | 22%–30% |
| Secured / subprime | 24%–36% |
Your APR is on your statement. Pay the full statement balance each month to avoid interest. If you carry a balance, paying more than the minimum shortens payoff and reduces total interest.
Credit card interest and tax
Interest is not tax deductible. Unlike mortgage or student loan interest, credit card interest does not qualify for a tax deduction. Paying off high-interest debt is effectively a tax-free return—every dollar of interest you avoid is money you keep. Use this calculator to see how extra payments reduce total interest.
Common questions
How does credit card interest work?
Interest is calculated on your average daily balance at your APR (annual rate). It compounds daily or monthly. If you pay the full statement balance by the due date, you avoid interest. Carrying a balance triggers interest on the unpaid amount.
What if I have multiple credit cards?
Use our debt payoff calculator to model avalanche (highest APR first) vs snowball (smallest balance first) across all cards. Avalanche saves more interest; snowball can be more motivating.
Why does my balance grow even when I pay?
If your monthly payment is less than the interest charged, your balance increases. The calculator warns you. Increase your payment to at least cover interest to start reducing principal. Ideally, pay more than the minimum.