What this calculator shows you
- Multiple Cards
- Add all your credit cards at once
- Payment Strategies
- Compare minimum vs fixed payment approaches
- Interest Savings
- See how much extra payments save
- Payoff Date
- Know exactly when you'll be credit card debt-free
The Minimum Payment Trap
Credit card minimum payments are designed to keep you in debt. A $5,000 balance at 20% APR paying a typical minimum (1% of the balance plus interest) takes about 19 years to pay off, costing over $7,300 in interest. Always pay more than the minimum if possible.
Balance Transfer Strategy
Balance transfer cards offering 0% APR for 12-21 months can save significant interest. Transfer your balance, then divide it by the promotional months to create a payoff plan. Watch for transfer fees (typically 3-5%) and the post-promotional APR.
Questions people ask
Should I close cards after paying them off?
Usually no. Closing cards reduces your available credit, potentially hurting your credit score. Keep old cards open with zero balance unless they have annual fees. If you're worried about temptation, cut the card but keep the account open.
Education only, not personalized financial, tax or investment advice. Results are estimates based on the numbers you enter; real returns vary and losses happen.