Finance
Credit Card Payoff Calculator
Estimate how long a credit card balance takes to clear and what it costs.
Formula
Payoff time uses the same amortising formula as a loan: months from the logarithm of payment over payment minus monthly interest.
How it works
Credit card interest is high, so a small payment mostly covers interest at first. Paying only the minimum stretches payoff for years — this calculator shows why.
FAQs
Why is the interest so high?
Card rates are typically far above loan rates, often above 20%.
What if I only pay the minimum?
Payoff can take many years and cost more in interest than the original balance.
Does a balance transfer help?
A lower rate for a period can help, if the balance is cleared before the low rate ends.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.