Credit Card Calculator
Calculate how long it will take to pay off your credit card balance and how much interest you'll pay. Enter your current balance, interest rate, and payment strategy to see detailed results.
Payoff Results
| Payoff Time | 0 years 0 months |
|---|---|
| Monthly Payment | $0.00 |
| Total Payments | $0.00 |
| Total Interest | $0.00 |
| Interest Percentage | 0% |
About Credit Card Calculator
This credit card calculator helps you understand how long it will take to pay off your credit card balance and how much interest you'll pay based on your current balance, interest rate, and payment strategy.
How Credit Card Interest Works
Credit card interest is typically calculated using your average daily balance and a daily periodic rate based on your APR. The formula is:
Daily Periodic Rate = APR / 365
Interest = Average Daily Balance × Daily Periodic Rate × Number of Days in Billing Cycle
Payment Strategies
You can choose between two payment strategies:
- Fixed Payment: Pay a set amount each month until the balance is paid off.
- Percentage of Balance: Pay the interest plus a percentage of the remaining balance each month.
Tips for Paying Off Credit Card Debt
- Pay more than the minimum payment to reduce interest costs
- Consider transferring balances to a lower-interest card
- Avoid making new purchases on the card while paying it off
- Focus on paying off the highest-interest cards first