Credit Card Payoff Calculator
Calculate how long to pay off your credit card balance.
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Why is minimum payment dangerous?
Minimum payments are mostly interest. A $5,000 balance at 22% APR with minimum payments takes 20+ years and costs over $8,000 in interest.
How does APR work on credit cards?
APR is divided by 365 to get the daily rate, applied to your average daily balance. This calculator uses monthly compounding as an approximation.
Should I pay off the highest APR card first?
Yes, mathematically this saves the most money (avalanche method). Pay minimums on all cards and extra on the highest APR one.
Does closing a card help?
Closing a card can hurt your credit score by reducing available credit. Instead, keep it open with zero balance.
What about balance transfer cards?
A 0% APR balance transfer can save significant interest. But watch for transfer fees (3-5%) and pay it off before the promotional period ends.