Use this credit card payoff calculator to see how long it will take to pay off your balance and how much interest you’ll pay, or find the monthly payment you need to be debt-free by a target date. It also shows the cost of paying only the minimum and whether a balance transfer would save you money.
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Compare your options
| Option | Monthly payment | Paid off in | Interest + fees |
|---|
Balance over time
Estimates only. Assumes no new purchases, interest compounded monthly, and a minimum payment of 1% of the balance plus interest (at least $35). Your card's formula may differ; check your statement.
How credit card interest works
Card issuers charge interest each month on the balance you carry, at your APR divided by 12. Credit cards charged an average of 22.36% on accounts paying interest in August 2026, according to the Federal Reserve. On a $6,000 balance, that’s about $111.80 in interest every month. Any payment below that amount won’t reduce what you owe at all.
Paying off more than one card or loan? Try our debt-free date calculator to find the date all of your debts could be paid off.
How much your monthly payment matters
A bigger payment shortens your payoff time and cuts interest dramatically. For a $6,000 balance at 22.36%:
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $150 | 6 years 3 months | $5,113 |
| $200 | 3 years 9 months | $2,870 |
| $250 | 2 years 9 months | $2,027 |
| $300 | 2 years 2 months | $1,577 |
| $500 | 1 year 2 months | $855 |
Going from $150 to $250 a month saves more than $3,000 and gets you out of debt three and a half years sooner.
Paying off your card by a target date
Choose “Pay it off by a target date” in the calculator to find the payment you need. On the same $6,000 balance:
- 12 months: $562.61 a month, $751 in interest
- 24 months: $312.34 a month, $1,496 in interest
- 36 months: $230.26 a month, $2,289 in interest
The real cost of minimum payments
Large card issuers commonly set the minimum payment at 1% of your balance plus that month’s interest, with a floor of around $25 to $40. Because the minimum shrinks as your balance falls, paying only the minimum takes a very long time.
On the $6,000 example, the first minimum payment is $171.80. Paying only the minimum each month would take 18 years and cost $9,674 in interest, more than the original balance. A fixed $250 payment, only about $78 more than the first minimum, saves $7,647. Your statement shows how long your own card’s minimum payments would take.
Is a balance transfer worth it?
A balance transfer card lets you move a balance to a new card with a low or 0% intro APR, usually for 12 to 21 months, for a fee of typically 3% to 5% of the amount transferred.
Moving the $6,000 balance to a card with a 3% fee ($180) and 0% for 18 months, while still paying $250 a month, clears it in 2 years 2 months for $312 in total fees and interest, compared with $2,027 on the current card. To pay off the full $6,180 before the intro rate ends, you’d need about $343.33 a month, and the only cost would be the $180 fee.
Balance transfers work best when you have a plan to pay off the balance during the intro period and you stop adding new charges. You typically need good credit to qualify, and missing a payment can end the promotional rate. Open the “Balance transfer offer” section of the calculator to test an offer you’ve received.
More ways to pay off credit card debt
- Several cards? Use our debt payoff calculator to compare the snowball and avalanche methods.
- Consolidate with a personal loan. A fixed-rate loan below your card APR can cut interest and set a payoff date. Compare offers with our personal loan calculator.
- Ask your issuer for a lower APR, especially if you have a long, on-time payment history.
- Protect your credit. Paying down balances lowers your credit utilization, one of the biggest factors in your score. Learn how to build credit.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR and monthly payment. A $6,000 balance at 22.36% APR takes about 2 years 9 months at $250 a month, 3 years 9 months at $200, and 18 years if you pay only the minimum.
How much should I pay to pay off my credit card in a year?
Use the target-date option in the calculator. For a $6,000 balance at 22.36% APR, you’d need about $562.61 a month, and you’d pay about $751 in interest.
Why does paying the minimum take so long?
Minimum payments are often only 1% of the balance plus that month’s interest, so very little goes toward principal. As the balance falls, the minimum falls too, which stretches repayment over many years.
Is a balance transfer a good idea?
It can be if you can pay off most or all of the balance during the 0% intro period and the transfer fee, usually 3% to 5%, is less than the interest you’d otherwise pay. Avoid new charges on the card while you pay it down.
What is the average credit card interest rate?
According to the Federal Reserve, the average rate on credit card accounts that were charged interest was 22.36% in August 2026. Your rate depends on your card and credit history.
This calculator provides estimates for educational purposes only and is not financial advice. Sources: Federal Reserve: credit card interest rate, accounts assessed interest; NerdWallet: how issuers calculate minimum payments; Experian: balance transfer APR and fees.