How this works
Credit-card APRs sit between 18% and 30% for most cards, and the minimum payment is calibrated to keep you paying interest for years. This calculator shows how dramatically things change when you pay more than the minimum: enter your balance, the APR, the required minimum, and any extra you can afford on top, and you'll see the months to debt-free, the total interest, and how much each extra dollar shaves off the timeline. Pair this with a snowball or avalanche strategy if you carry multiple cards.
The formula
n = months to payoff. P = current balance. r = monthly rate (APR ÷ 12, decimal). M = total monthly payment (minimum + any extra). When M is at or below the first month's interest charge (P × r), the balance grows forever — the calculator surfaces this case explicitly.
Example calculation
- Balance $5,000, 22% APR, $100 minimum payment.
- Paying just the minimum: roughly 94 months (~7.8 years), $4,400+ in interest — almost doubling what you pay.
- Add just $50/month extra: ~38 months (~3.2 years) and ~$1,800 interest. Five years and $2,600 saved.
Frequently asked questions
Why is the minimum payment so low?
It's the lender's sweet spot. A typical minimum payment is 1–3% of the balance, which barely covers the interest charge plus a token of principal. Designed to keep you in revolving debt as long as possible — that's where the issuer makes money. Always pay more than the minimum if you can.
What's a balance transfer, and is it a good idea?
Moving the balance to a card with a 0% intro APR (typically 12–21 months) buys you time to pay it off without interest. Watch for the 3–5% transfer fee and what the rate jumps to after the intro period. Worth it if you'll clear the balance during the promo window; risky if you'll only make minimum payments and get hit by the post-promo rate.
Should I pay off the card or invest the extra cash?
Pay the card off. A 22% APR is a guaranteed 22% return on every dollar you throw at it — better than essentially any investment, and risk-free. Only flip the priority if you have a 0% intro APR window or genuinely cheap debt (sub-6%) and a long investing horizon.
Why does the calculator say "Never" sometimes?
Because at the rate and balance you entered, your monthly payment doesn't even cover the first month's interest charge. The balance would grow indefinitely under those terms. Increase the payment to at least slightly above (balance × APR ÷ 12) to start making any dent.