Credit Card Payoff Calculator
See how long it takes to pay off a credit card by paying only the minimum — and how much interest you save by paying more.
Details
Result
Time to Clear
50.0 yrs
Total Paid
$54,420
Total Interest
$53,352
Interest as % of Balance
1067%
The minimum-payment trap
A $5,000 balance at 24% APR paying only the minimum (~2% of balance + interest) takes over 20 years to clear and costs roughly $10,000 in interest — double the original debt.
Ways out
- 0% APR balance transfer: 15-21 month promo periods. 3-5% transfer fee, but saves $100s if you pay off during promo.
- Personal loan consolidation: 8-14% fixed, 3-5 year term. Far cheaper than cards.
- Snowball method: pay minimums on all, throw extra at smallest balance first for psychological wins.
- Avalanche method: pay minimums on all, throw extra at highest-APR card first for mathematical wins.
Frequently Asked Questions
Everything you need to know, in one place.
What is the average US credit card APR?
Around 22-24% for general-purpose cards as of 2026. Store cards often hit 28-32%. Paying only the minimum on a $5,000 balance at 24% APR takes 20+ years and costs ~$10,000 in interest.
Minimum payment vs paying in full?
Pay in full every month if possible. Paying only the minimum means most of your payment goes to interest and revolves the balance. If you can't pay in full, consider a 0% APR balance transfer card or personal loan consolidation (8-12%).
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