Credit Card Payoff Calculator

Why minimum payments are a trap

Most US cards calculate the minimum as 1–3% of the balance plus that month's interest. On a 22% APR card, that means roughly 80% of every minimum payment goes to interest, and the principal barely moves. A $5,000 balance at the minimum can take 18+ years to clear and double in total cost.

The $50 trick

Adding even $50 to your monthly payment usually cuts payoff time in half and saves thousands in interest, because every dollar above the minimum goes straight to principal. Try it: drag the payment slider up by $50 and watch the total interest drop.

Balance transfer math

A 0% balance transfer card is worth a 3% transfer fee if you can pay off the whole balance during the promo window (typically 12–21 months). Otherwise, the rate after the promo can wipe out the savings. Use the sliders to set APR to 0 and the term to the promo length to model it.