Credit Card Payoff Calculator

Minimum payments are typically set at 1–3% of the balance, which on a high-APR card can be barely more than that month's interest charge — meaning almost the entire minimum payment goes to interest, with very little left to reduce principal.

Often dramatically faster — because so much of a minimum payment goes to interest, a modest increase in payment size disproportionately increases how much goes to principal each month. Use the calculator above with a few different payment amounts to see the effect on your specific balance and rate.

Pay off the credit card first in almost every case. Credit card APRs (30–45%+) far exceed realistic long-run investment returns, so paying it down is a guaranteed, tax-free 'return' equal to the APR — a bar few investments clear consistently.

Contact your card issuer about a hardship plan or a balance transfer to a lower-rate or 0% promotional card, and prioritise not adding further charges. Even a small increase above the true minimum, sustained consistently, meaningfully shortens the payoff time shown above.

Yes, dramatically, while it lasts — during a 0% period, every dollar of payment reduces principal with no interest drag. Use this calculator with the standard APR to model what happens after the promotional period ends, since that's when many people are caught off guard.