Credit card payoff calculator
See how long it takes to clear a credit card balance and what it costs in interest, whether you pay a fixed amount, only the minimum, or want it gone by a date.
Covers any country Runs in your browser
Why minimum payments take so long
A card’s minimum payment is usually a small percentage of the balance, often 2% to 3%, or a fixed floor such as 25 if that’s higher. Because the minimum shrinks as the balance falls, you keep paying less and less, and interest eats most of each payment.
| 3,000 balance at 24.9% APR | Time to clear | Interest paid |
|---|---|---|
| Minimum only (2.5%, at least 25) | 28 years 9 months | 10,922 |
| 150 a month | 2 years 3 months | 916 |
| 300 a month | 12 months | about 400 |
Paying a fixed 150 a month instead of the minimum clears the same debt about 26 years sooner and saves roughly 10,000 in interest. The trick is simply to fix the amount and not let it fall with the balance.
How the calculator works
It runs month by month: interest is added at one twelfth of the APR, then your payment is taken off. For “clear it by a date” it works out the fixed monthly amount that gets the balance to zero in that many months, using the standard loan formula. Card issuers calculate interest daily rather than monthly, so real figures differ slightly, usually by a few units of currency over the life of the debt.
Ways to clear a card faster
- Set a fixed direct debit above the minimum. Even 10 extra a month shortens the term a lot at high APRs.
- Move the balance to a 0% balance-transfer card if you can get one, and pay it off within the promotional period. Watch for the transfer fee, typically 2% to 4%.
- Pay the highest APR first if you have several cards (the “avalanche” method). Paying the smallest balance first (the “snowball”) costs a little more but keeps motivation up.
- Stop adding to it. New purchases on a card you’re paying down usually lose any interest-free period.
Typical rates and minimums
Standard credit card APRs in 2026 are commonly 20% to 30% in the US, UK, Canada, Australia and New Zealand, and higher in the UAE and Saudi Arabia, where monthly rates of 2.5% to 3.5% (about 30% to 42% a year) are usual. Minimum payments are typically 2% to 3% of the balance, or interest plus 1% of the balance in the UK. Check your statement for your exact figures and enter those.
If the debt feels unmanageable, free debt advice services exist in every country we cover, and talking to the card issuer early can stop charges mounting. Our loan calculator can compare the cost of consolidating cards into one loan.
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