How is credit card interest charged?
Credit card issuers usually charge interest based on the balance carried from month to month and the APR on the account.
Credit Card Payoff Calculator
See how long credit card debt will take to pay off
Enter your balance, APR, minimum payment, and extra payment to compare payoff time and total interest under different payment plans.
Compare minimum-payment and extra-payment plans
Estimate total interest under each approach
Use it before choosing a debt payoff strategy
Enter debt details
Compare what happens when you pay only the minimum versus adding extra money each month.
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Interest comparison
Compare estimated total interest under the minimum-payment plan and the extra-payment plan.
Minimum payment only$10,409.36
With extra payment$5,489.83
Minimum payments are expensive
Credit card interest can keep balances around for years. Even a modest extra payment can lower total interest significantly.
Use it with a payoff plan
Compare debt avalanche or snowball strategies by changing the monthly extra amount and measuring the timeline difference.
Related debt pages
Credit card payoff FAQ
What happens if I only pay the minimum?
Paying only the minimum typically keeps the debt around much longer and increases the total interest paid.
Can extra payments reduce the payoff timeline?
Yes. Higher monthly payments reduce the balance faster and cut future interest charges.
Is it better to pay twice a month?
Making multiple payments can help lower the average balance carried during the billing cycle, which can reduce interest over time.