How this calculator works
Each month the card charges interest of about APR ÷ 12 on the balance. Your payment covers that interest first; the rest reduces the balance.
If the payment is less than the monthly interest, the balance never goes down. The calculator warns you when that happens.
In “payment needed” mode, the calculator uses the loan payment formula for your target number of months.
The figures assume no new purchases and a fixed APR. Promotional rates and fees will change the result.
Worked example
$6,000 at 22.9% APR, paying $250 a month
- First month’s interest: about $114.50, so $135.50 reduces the balance.
- Payoff time: 2 years 9 months (33 payments).
- Total interest: about $2,100.
Questions people ask
Why does paying the minimum take so long?
Minimum payments are set close to the monthly interest, so very little reduces the balance. Paying a fixed, higher amount shortens payoff dramatically.
Should I pay off the highest APR card first?
The avalanche method (highest APR first) saves the most interest. The snowball method (smallest balance first) can be more motivating.
Does a balance transfer help?
A 0% transfer can save interest if you clear the balance before the promotion ends, but transfer fees of 3% to 5% usually apply.
Last reviewed October 2, 2026