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Credit Card Interest & Payoff Calculator

See exactly how much interest your credit card debt is costing you and how long to pay it off.

Credit Card Details

Currency

Current Balance

Annual Interest Rate (APR %)

Monthly Payment

Minimum Payment (% of balance)

Export

Total Interest Paid

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Payoff Time

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Min Payment Interest

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Interest Saved

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How Credit Card Interest Works

Credit cards charge compound interest daily on your outstanding balance. With a 22% APR, the daily rate is 22% ÷ 365 = 0.0603%. On a $5,000 balance, that's $3.01 in interest every day — $90 per month just in interest. If your minimum payment is $100, only $10 goes toward actually reducing your debt.

Paying only the minimum on a $5,000 balance at 22% APR typically takes over 20 years and costs more than $7,000 in interest — more than the original debt. Doubling or tripling your minimum payment dramatically cuts both the time and interest cost.

Frequently Asked Questions

Average credit card APRs in 2026: USA 20%–29%, UK 20%–40%, South Africa 22.5% (NCR regulated), Australia 15%–25%. Rates below 15% are considered good. If your rate is above 25%, prioritise paying off this debt before any other financial goal.

Always pay more than the minimum if possible. Even an extra $50–$100 per month dramatically reduces total interest paid and time to payoff. A good rule: pay at least 3–5× the minimum payment. If you can pay the full balance each month, you pay zero interest.

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Disclaimer: Results are estimates for informational purposes only. Not financial, tax, or legal advice. Always consult a qualified professional.