See exactly how long it takes to pay off your balance — and how much you'll save by paying more each month.
How fast your balance drops with your current payment vs. minimum-only.
For illustrative purposes only. Actual minimum payments vary by card issuer. Results assume a fixed monthly payment and constant APR.
Most card issuers charge either 1–2% of your balance or a flat $25–$35, whichever is higher. Some use 2% of balance. The result is that minimum payments shrink as your balance falls, dragging out payoff for decades. This calculator lets you model both methods.
Pay as much above the minimum as possible — every extra dollar goes entirely to principal. The avalanche method (highest APR first) saves the most interest; the snowball method (smallest balance first) builds momentum. Both beat minimum-only payments dramatically.
If you qualify for a 0% APR balance transfer card, it can save hundreds in interest during the intro period (typically 12–21 months). Factor in the transfer fee (usually 3–5%) and make sure you can pay off the balance before the promo rate expires.
On a $6,500 balance at 20.68% APR, paying only $250/month costs about $2,200 in interest over roughly 3 years. Dropping that to $400/month cuts it to ~$900 and saves over a year. Small payment increases have outsized impact — use this calculator to see exactly.
No — paying extra reduces your credit utilization ratio, which is one of the biggest factors in your score. Paying more than the minimum (or in full) every month is one of the best things you can do for your credit.
This calculator handles one card at a time. For multiple cards, run each separately, then decide between the avalanche (attack the highest APR card) or snowball (attack the smallest balance card) strategy. The avalanche saves more money; the snowball is often easier to stick with.