Enter your information and click 'Calculate...' to see the results.
A printable report is available by clicking the 'Summary Report...' button below. It includes a month by month payment breakdown.
The credit card calculator assumes that you are not using your credit card while you are paying off the balance.
|Time to pay off||10 years||6 years and 2 months||11 months
|Time saved||-||3 years and 10 months||9 years and 1 month
Option B: If you pay $5.00 more than your minimum payment each month, you will pay off your credit card balance 3 years and 10 months sooner and you will save $286.37 in interest.
Option C: If you pay $100.00 each month instead of the minimum payment, you will pay off your credit card balance 9 years and 1 month sooner and you will save $707.26 in interest.
Other Saving Strategies
Don't wait for your credit card bill. Make payments as early and as often as possible to reduce your interest charges. For example:
For Option C: Instead of paying $100.00 every month, if you pay $50.00 every 2 weeks you will save an additional $7.19 for a total savings of $714.46 and 9 years and 1 month compared to just making the minimum payment.
Switch to a low-rate credit card1. Let's say you had a credit card with an interest rate of 12% and an annual fee of $302. Even if you were only making the minimum payments, you would still save $151.403 in interest and pay off your balance 2 years sooner than with your current credit card at 18.00 %.
Check with your financial institution to see if you qualify for other lower interest credit products.
1: Not everyone qualifies for a low rate credit card. Check with your credit card issuer to see if you qualify.
2: The interest rate and annual fee are examples only.
3: Total savings take into account the $30 annual fee, assuming the annual fee is not subject to an interest rate charge.
We offer this credit card calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your credit card issuer may make its calculations in a different way. All calculations are examples only. This calculator does not include other fees, such as those for optional services (credit balance insurance, etc).
This calculator assumes that:
- you are already carrying a balance, which means that no grace period applies; and
- you are not making any more transactions with the credit card while you are paying
off the balance.