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Credit Card Payoff Calculator
6 Min Read | Published: May 23, 2025
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
Our credit card payoff calculator can estimate your debt payment timeline. Learn why debt payoff is important and get tips for high-interest balances.
At-A-Glance
- A credit card payoff calculator can help show you how much you should pay each month to minimize interest costs and knock out debt sooner.
- Debt repayment methods like the snowball and avalanche strategies offer different ways to tackle balances based on your preferences.
- Personal loans and balance transfer cards might help you consolidate debt but comparing fees and terms before choosing either is important.
More and more Americans are struggling with credit card debt, and high-interest monthly credit card balances can feel like a common theme for many, keeping them from saving, planning, and even enjoying their daily life.1 Fortunately, debt consolidation strategies can help, and you can also use a credit card payoff calculator to see how much you need to pay each month to reduce interest costs and eliminate debt sooner.
Credit Card Payoff Calculator
You can use the below calculator to see how long it could take to pay off your credit card balance:
Credit Card Payoff Calculator
It's important to pay your credit card on time to avoid fees and maintain a healthy credit score. Use this calculator to determine how many months it will take to pay off your credit card if you pay less than the balance owed.
See how many months you have until your payoff is completed and how much interest you may owe.
Enter in your credit card balance, annual percentage rate, and monthly payment you plan to make.
This calculator is intended for illustrative purposes only and is not intended to offer any tax, legal, financial or investment advice. The terms and conditions of loans will vary by lender and may include additional fees or other terms that the calculator does not contemplate. If you have questions, please consult your own professional legal, tax and financial advisors.
How to Use Credit Card Payoff Calculators
Credit card payoff calculators can show you how long paying off your credit card balance might take, estimate how much interest you’ll pay over time, and simplify the creation of a budget that works for you. You can also input different numbers, and experiment with different payment plans to find the fastest, most cost-effective ways to pay off your debt. They’re easy to use and make short work of figuring out how long it’ll take to pay off credit cards.
Here’s how to get started with our credit card payoff calculator:
- Enter your credit card details.
Type in your current balance and add the annual percentage rate (APR) that you’re paying. Then enter your planned monthly payment. - Hit ‘Calculate’ to see your results.
Next, hit calculate. The calculator will show you when you’ll be debt-free, how many payments you’ll need to make to get there, and the total interest you pay over time. It’ll also show you the overall payment amount with a breakdown showing interest and principal paid. - Explore different payment strategies.
Finally, you can adjust your monthly payment to adjust the length of time it’ll take to pay off your credit card. Changing your monthly payment should also change the amount of interest that you’ll end up paying over time as well.
Why Paying Off Your Credit Card Debt Matters
Credit card debt payoff may have a positive effect on your credit score, a crucial number that helps determine the interest rates and terms of your mortgage and car loans, as well as your overall borrowing power.2 Beyond your credit score, paying down high-interest debt can improve your overall financial life and mental health.3
Here are some negative implications of high-interest debt:4
- Increased monthly bills.
High-interest charges on monthly credit card balances you carry over can cause already high balances and minimum payments to increase exponentially, even if you’re paying on time. This can create financial and mental stress. - A high credit utilization ratio.
Lenders refer to the percentage of available credit you’re currently using as your credit utilization ratio, which plays an important role in calculating your credit score.5 The higher your ratio, the more overextended you look to lenders, which means they may be less likely they are to approve you for competitive products.
Did you know?
You can use the American Express® MyCredit Guide to monitor your FICO® Score progress along with your Experian® credit report at no cost.
- Higher balances can mean less financial flexibility.
Higher interest rates may mean less flexibility during economic downturns, as carrying high-interest debt could become more challenging if any potential income loss or rising costs tighten your budget.
How to Pay Off Credit Card Debt
Here are some common ways to reach your debt payoff goals:
- The debt snowball approach cuts small balances first.
The debt snowball method structures your debts from smallest to largest, focusing on paying your smallest credit card balance first as you continue to make minimum payments on all the others.6 Once you eliminate the smallest debt, go for the next biggest. The idea is that seeing tangible progress fast can streamline your repayments and keep you motivated to pay off debt. - The debt avalanche strategy prioritizes the biggest balances.
The debt avalanche method structures your debts from the highest to lowest interest rate to save you the most money possible in interest over time.7 As you eliminate each high-interest balance, shift your focus to the balance with the next highest interest rate. Making minimum payments on all other balances while you attack debt this way can help you create even larger gains. - Balance transfer cards can help you get ahead of high interest rates.
Balance transfer credit cards are a tool for moving high-interest credit card balances to a new card with an introductory 0% APR period.8 Balance transfer cards may help you to pay down your debt faster without spending too much on interest fees. Just be mindful of the promotional period’s end date, credit requirements, and any balance transfer fees that come with these cards. - Consolidate debt with a personal loan.
A personal loan may be another way to pay down credit card debt. You can use the loan to pay off multiple balances simultaneously and then roll all your previous payments into one fixed monthly payment, ideally at a lower interest rate than what you’re currently paying. Personal loans have a set repayment schedule, a perk that can help you visualize exactly when your debt will be paid off. Many lenders charge an upfront origination fee, but finding a loan with competitive rates and origination costs could make this method more cost-effective.
Frequently Asked Questions
The 15-3 rule suggests you can positively impact your credit score by making two payments per credit card billing cycle, one 15 days before the due date and another 3 days before.9 The 15-3 rule doesn’t automatically increase the number of on-time payments reported to credit bureaus. However, it may help reduce your balance before the statement closes.10
Under most circumstances, you should aim to pay your entire credit card balance every month to avoid credit utilization increases, high-interest rate charges, and a negative impact on your credit score.11
The rule of 72 estimates when your credit card debt will double due to compounding interest.12 By dividing 72 by your card’s interest rate, you can estimate how quickly unpaid balances grow. For example, if your card has a 31% APR and you don’t pay your balances, dividing 72 by 31 shows that your debt could double in 2.3 years.
The Takeaway
Paying off credit card debt may require planning, but the right strategies can reduce interest costs. Using a credit card payoff calculator can help you see exactly how long it could take you to pay off your debt and how much interest you could end up owing. Consolidating your debt or choosing a structured debt payment method like the snowball or avalanche approach could help you to pay off your debt sooner.
1 “56 million credit cardholders have been in debt for at least a year, survey finds,” CBS News
2,4 “Should I Pay My Credit Card in Full?,” Equifax
3 “How Can Debt and Money Issues Impact Your Mental Health?,” Equifax
5 “Credit Reports,” Federal Deposit Insurance Corporation (FDIC)
6,7 “Debt Destroyer® Workshop,” Office of Financial Readiness
8 “How to manage debt with a balance transfer card,” Bankrate
9,10 “Does the 15/3 Credit Card Hack Work?,” Experian
11 “Is it better to pay off your credit card or keep a balance?,” Bankrate
12 “What is the rule of 72 for credit card debt (and why does it matter)?,” CBS News
Liv Gillespie is a Philadelphia-based writer with a double M.A. in English Linguistics & Literature and Secondary Education. Her work focuses on personal finance.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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The material made available for you on this website, Credit Intel, is for informational purposes only and intended for U.S. residents and is not intended to provide legal, tax or financial advice. If you have questions, please consult your own professional legal, tax and financial advisors.
