Finance
Credit Card Repayment Calculator
Enter your balance, APR, minimum payment rules, and fixed repayment to see how long the card could take to clear.
Inputs
Results
Useful next checks
- Compare a few scenarios before making a decision.
- Check rates, fees, tax, and timing outside the estimate.
- Use the explanation below to understand the formula.
Intro
Use this credit card repayment calculator to estimate how long it could take to clear a card balance. Compare making only the minimum payment with paying a fixed amount each month.
What this credit card repayment calculator does
The calculator answers questions such as:
- How long will my card take to clear with a fixed monthly payment?
- How much interest might I pay?
- How does a fixed payment compare with the minimum payment?
- What happens if I keep spending on the card?
How it works
The calculator converts APR into an approximate monthly interest rate. Each month it adds interest, adds any new spending, then applies either the minimum payment rule or the fixed payment.
The minimum payment is estimated as the larger of the percentage minimum and the cash minimum. The fixed payment scenario uses the same payment each month until the balance is cleared.
Example calculation
For a 3,000 balance at 24.9% APR, a 2.5% minimum payment, a 25 cash minimum, and a fixed payment of 150 per month, the fixed payment clears much faster than paying only the minimum.
The difference happens because minimum payments usually shrink as the balance falls. A fixed payment keeps pressure on the debt and reduces the time interest has to build up.
How to use the result
Use the result to set a realistic fixed monthly payment. If the calculator warns that the card will not clear, reduce new spending or increase the payment.
If you have several debts, use the Debt Payoff Planner to compare which balance to target first.
Assumptions and limitations
- APR is converted to an approximate monthly rate.
- The calculator does not include promotional rates, balance transfer fees, cash advance fees, late fees, or changing APRs.
- Minimum payment rules vary by card provider.
- New spending is assumed to happen monthly.
- The result is an estimate and not a card statement.
FAQs
- Why is the minimum-payment result so slow? Percentage minimums fall as the balance falls, so the monthly payment can get smaller over time.
- Should I stop spending on the card? If possible, yes. New spending can cancel out part of the repayment.
- Can I use this for store cards? Yes, if you know the balance, APR, and repayment rule.
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Frequently asked questions
How is monthly interest estimated?
The APR is converted to an approximate monthly rate and applied to the balance each month.
Why compare fixed payments with minimum payments?
Minimum payments often shrink as the balance falls, which can make repayment much slower and more expensive.
What if I keep spending on the card?
Add expected new monthly spending. The calculator warns if the repayment pattern does not clear the card within the projection limit.