Credit Card Payoff Calculator
Find out how long it takes to clear your cards, compare the snowball and avalanche strategies, and see what a balance transfer could save you.
Snowball vs Avalanche: Which One Wins?
Both strategies keep making the same total monthly payment — they just steer your extra payment toward a different card.
| Method | Order | Strength | Best For |
|---|---|---|---|
| Avalanche | Pay off highest APR first | Lowest total interest & fastest payoff | People focused purely on saving money |
| Snowball | Pay off smallest balance first | Quick wins and motivation | People who need momentum to stay consistent |
Avalanche usually clears your debt faster and with less interest. Snowball can be more effective in practice if early wins keep you going. If you stay the course, either one beats minimum-payment-only forever.
Why Minimum Payments Are a Trap
Issuers typically set the minimum at 1–3% of the balance plus interest — with a floor near $25. Because interest keeps accruing on what's left, paying the minimum on a large balance can stretch repayment out for a decade or more, and you can end up paying more in interest than you originally borrowed.
How a Balance Transfer Saves Money
A 0% APR balance transfer stops interest from compounding during the promotional period. You pay a one-time transfer fee (often 3–5%), so the real saving is: (interest you'd have paid at your current APR) − transfer fee − any interest during a 0% window you didn't fully float. The longer the 0% period and the lower the fee, the bigger the win — but only use it if you can clear or shift the balance before the promo expires.
Frequently Asked Questions
How long will it take to pay off my credit card?
It depends on your balance, APR and how much you pay each month. At the standard minimum, a balance can take years or even decades. Increasing your payment by even a modest amount — or lowering your APR — cuts the payoff time dramatically.
What is the difference between snowball and avalanche?
Avalanche tackles the highest-APR card first to minimise interest; snowball tackles the smallest balance first to build motivation. Both work — avalanche is usually cheaper, snowball is often easier to stick to.
How much does a balance transfer save?
The saving equals the interest avoided during the 0% period minus the transfer fee. For example, moving $3,000 from a 24% APR to an 18-month 0% offer with a 3% fee saves roughly $1,000 of interest. Our tool computes your exact figure.
What is my credit card minimum payment?
Most issuers charge a percentage of the balance (around 1–3%) plus interest and fees, with a floor of about $25–35. Paying only this means most of your early payments go to interest rather than the principal.
Is this calculator free and private?
Yes — free and fully private. All calculations run locally in your browser; your balances, APRs and payments are never uploaded, stored, or shared.