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Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card, how much interest it will cost, and what monthly payment clears it by your target date.
How credit card interest works
Card issuers quote an APR but charge interest daily on your balance. Roughly, each month's interest is the balance × APR ÷ 12. At 24% APR that is 2% a month: $120 on a $6,000 balance. Only the part of your payment above that amount reduces what you owe, which is why small payments barely make a dent.
Example: $6,000 at 24% APR
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| Minimum (interest + 1%, at least $25) | 21 years | $10,887 |
| $200 | 47 months | $3,255 |
| $300 | 26 months | $1,739 |
| $317.23 | 24 months | $1,614 |
Going from $200 to $300 a month saves about $1,500 and nearly two years. Paying only the minimum costs almost twice the original balance in interest.
Ways to pay it off faster
- Pay a fixed amount, not the minimum. Set up an automatic payment so it never slips.
- Ask for a lower rate. If you have paid on time, card issuers often agree to cut the APR when asked.
- Balance transfer or consolidation loan. Moving the balance to 0% or to a personal loan at 10% to 12% can save hundreds or thousands.
- Several cards? Use the debt payoff calculator to compare the snowball and avalanche methods.
Frequently asked questions
How long will it take to pay off $6,000 on a credit card?
At 24% APR, paying $200 a month takes 47 months and costs about $3,255 in interest. Paying $300 a month cuts it to 26 months and about $1,739 of interest.
Why does paying the minimum take so long?
Minimum payments are usually just the month's interest plus 1% of the balance. On $6,000 at 24% that starts at $180, and as the balance shrinks so does the payment, so it can take over 20 years and cost more than the original debt in interest.
Should I use a balance transfer?
A 0% balance transfer can save a lot if you can clear the debt before the promotional period ends. Watch the transfer fee, typically 3% to 5%, and do not run the old card back up.