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Credit Card Interest Calculator: Monthly Interest, Payoff Time and Balance Transfers
Enter your balance and APR to see this month's interest charge, how long the card takes to clear at the payment you choose, and what paying only the minimum would cost instead. Add a balance transfer offer to see whether moving the debt is worth the fee.
- This month's interest and the full payoff schedule
- Minimum payments vs a fixed payment
- 0% balance transfer comparison, fee included
Credit card interest calculator
Your card
The APR on your statement, not a promotional rate.
How will you pay?
The same amount every month, with no new purchases.
Minimum payment rule
From your card agreement or statement. Many issuers use a percentage of the balance plus interest, with a minimum amount.
Compare a balance transfer
Move the balance to a card with a low introductory rate and keep paying the same amount. Enter the offer's terms; the fee is added to the transferred balance.
Leave empty to use your current APR.
- Transfer fee
- $150.00
- Interest after the transfer
- $149.17
- Cost with the transfer (fee + interest)
- $299.17
- Cost on your current card
- $1,957.82
- Time to pay off
- 2 years 3 months (vs 2 years 11 months)
Interest settings
Your agreement says which the daily rate uses.
- Your payment
- Minimum payments
Month-by-month payoff scheduleShow
| Month | Interest | Payment | Ending balance |
|---|---|---|---|
| 1 | $98.63 | $200.00 | $4,898.63 |
| 2 | $96.63 | $200.00 | $4,795.26 |
| 3 | $94.59 | $200.00 | $4,689.85 |
| 4 | $92.51 | $200.00 | $4,582.36 |
| 5 | $90.39 | $200.00 | $4,472.75 |
| 6 | $88.23 | $200.00 | $4,360.98 |
| 7 | $86.02 | $200.00 | $4,247.00 |
| 8 | $83.78 | $200.00 | $4,130.78 |
| 9 | $81.48 | $200.00 | $4,012.26 |
| 10 | $79.15 | $200.00 | $3,891.41 |
| 11 | $76.76 | $200.00 | $3,768.17 |
| 12 | $74.33 | $200.00 | $3,642.50 |
| 13 | $71.85 | $200.00 | $3,514.35 |
| 14 | $69.32 | $200.00 | $3,383.67 |
| 15 | $66.75 | $200.00 | $3,250.42 |
| 16 | $64.12 | $200.00 | $3,114.54 |
| 17 | $61.44 | $200.00 | $2,975.98 |
| 18 | $58.70 | $200.00 | $2,834.68 |
| 19 | $55.92 | $200.00 | $2,690.60 |
| 20 | $53.07 | $200.00 | $2,543.67 |
| 21 | $50.18 | $200.00 | $2,393.85 |
| 22 | $47.22 | $200.00 | $2,241.07 |
| 23 | $44.21 | $200.00 | $2,085.28 |
| 24 | $41.13 | $200.00 | $1,926.41 |
| 25 | $38.00 | $200.00 | $1,764.41 |
| 26 | $34.80 | $200.00 | $1,599.21 |
| 27 | $31.55 | $200.00 | $1,430.76 |
| 28 | $28.22 | $200.00 | $1,258.98 |
| 29 | $24.83 | $200.00 | $1,083.81 |
| 30 | $21.38 | $200.00 | $905.19 |
| 31 | $17.86 | $200.00 | $723.05 |
| 32 | $14.26 | $200.00 | $537.31 |
| 33 | $10.60 | $200.00 | $347.91 |
| 34 | $6.86 | $200.00 | $154.77 |
| 35 | $3.05 | $157.82 | $0.00 |
How Much Interest Will My Card Charge This Month?
Monthly interest ≈ balance × APR ÷ 365 × days in the billing cycle
For a 30-day cycle on a 365-day basis:
| Balance | 20% APR | 24% APR | 29.99% APR |
|---|---|---|---|
| $1,000 | $16.44 | $19.73 | $24.65 |
| $5,000 | $82.19 | $98.63 | $123.25 |
| $10,000 | $164.38 | $197.26 | $246.49 |
That charge is added to what you owe before your payment comes off. If your payment barely exceeds it, the balance hardly moves.
How Is Credit Card Interest Calculated? A Statement Walk-Through
Issuers turn the APR into a daily periodic rate and charge it on your average daily balance:
- Daily periodic rate = APR ÷ 365. At 24% that is 0.06575% a day. A few issuers divide by 360.
- Average daily balance = the sum of each day's balance ÷ the days in the cycle.
- Interest for the cycle = average daily balance × daily rate × days in the cycle.
Say you start a 30-day cycle owing $5,000 and pay $200 on day 13. The balance is $5,000 for 12 days and $4,800 for 18 days:
| Step | Working | Result |
|---|---|---|
| Average daily balance | ($5,000 × 12 + $4,800 × 18) ÷ 30 | $4,880.00 |
| Interest for the cycle | $4,880 × 0.06575% × 30 | $96.26 |
| Same payment on the due date | $5,000 × 0.06575% × 30 | $98.63 |
Paying earlier in the cycle trimmed $2.37 off the charge. The calculator uses the balance at the start of each cycle, the simpler and slightly higher figure, so its estimates are on the cautious side.
How Long Will It Take to Pay Off $5,000?
At 24% APR with no new spending:
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| Minimum: 1% of balance + interest (at least $25) | 19 years 2 months | $8,598.27 |
| $150 | 4 years 7 months | $3,228.83 |
| $195.31 | 3 years | $2,030.75 |
| $200 | 2 years 11 months | $1,957.82 |
| $250 | 2 years 2 months | $1,421.84 |
| $300 | 1 year 9 months | $1,122.97 |
| $500 | 1 year | $625.07 |
Going from $150 to $300 a month saves $2,105.86 and almost three years. The first month's minimum on this card is $149.62; the trouble starts when you let it fall with the balance.
Why Minimum Payments Take Decades
A typical minimum is a percentage of the balance plus the month's interest, with a floor such as $25. As the balance drops, so does the minimum, and the payoff slows to a crawl. Some cards charge a percentage only, without adding interest. At 24% APR a 2% percentage-only minimum barely beats the interest each month, and with a $25 floor the example card is still not repaid after 100 years.
Your card agreement states the rule; enter it under Minimum payment rule to see your real minimum-only cost next to the plan you choose.
Is a 0% Balance Transfer Worth It?
A transfer swaps your APR for a promotional rate in exchange for a fee, usually a percentage of the amount moved. Whether it pays depends on how much is left when the promotion ends. For the same $5,000 at 24% APR, paying $200 a month:
| Stay on the card | 3% fee, 0% for 18 months | 3% fee, 0% for 12 months | 5% fee, 0% for 21 months | |
|---|---|---|---|---|
| Transfer fee | $150.00 | $150.00 | $250.00 | |
| Owed when 0% ends | $1,550.00 | $2,750.00 | $1,050.00 | |
| Interest | $1,957.82 | $149.17 | $489.78 | $69.81 |
| Total cost | $1,957.82 | $299.17 | $639.78 | $319.81 |
| Time to pay off | 35 months | 27 months | 29 months | 27 months |
- The 18-month offer saves $1,658.65 and finishes eight months sooner.
- A longer promotion is not automatically cheaper. The 21-month offer leaves less to pay interest on, but its higher fee makes it cost more than the 18-month one.
- To clear the $5,150 before 18 months are up you would pay $286.12 a month.
The comparison assumes the rate after the promotion matches your current APR and that you make no purchases on the new card. Check the go-to rate and the fee in the offer's terms.
APR, Monthly Rate and Effective Rate
| For a 24% APR | Rate |
|---|---|
| Daily periodic rate (÷ 365) | 0.06575% |
| 30-day cycle | 1.9726% |
| Monthly on a 360-day basis (÷ 12) | 2.0000% |
| Effective annual rate, with interest charged on interest | 26.83% |
The APR is the headline rate. Because unpaid interest joins the balance each month, carrying a balance for a full year costs more than the APR suggests.
What Your Statement Has to Tell You
- United States. Under Regulation Z (the Credit CARD Act rules), statements must show a minimum payment warning, how long minimum-only payments would take and their total cost. In most cases they also show the monthly payment that would clear the balance in 36 months.
- United Kingdom. If over 18 months you paid more in interest, fees and charges than you repaid, FCA rules require your provider to contact you; after 36 months it must offer a way to repay in a reasonable period, and show forbearance if you cannot afford it.
Juggling more than one card? The credit card debt payoff calculator decides which to pay first and builds a month-by-month plan. Your statement and card agreement are the binding figures; this calculator is for planning.
Updated . How we check our tools and content.
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Credit Card Interest Calculator FAQ
Card interest, minimum payments and balance transfers.
How much interest will I pay on a $5,000 credit card balance?
At 24% APR, about $98.63 for a 30-day billing cycle. Over the whole payoff it depends on what you pay: $200 a month costs $1,957.82 in interest over 35 months, $300 a month costs $1,122.97 over 21 months, and a minimum of 1% plus interest costs $8,598.27 over more than 19 years.
Why is my statement's interest different from the calculator?
Your issuer charges interest on the average daily balance, so a payment or purchase in the middle of the cycle changes the charge. The calculator uses the balance at the start of each cycle, which is slightly higher than the average if you pay during the month. Expect a difference of a few dollars at most on a typical balance.
Do I pay interest if I pay the full statement balance?
Usually not on purchases. Most cards have a grace period: if you pay the whole statement balance by the due date, new purchases are not charged interest. Carry any balance past the due date and interest normally applies to new purchases too until you pay in full again. Cash advances often have no grace period at all. Your card agreement gives the exact terms.
Why does paying only the minimum take so long?
Most minimums are a small percentage of the balance plus that month's interest, so they shrink as the balance shrinks and only a sliver goes to the debt. Keeping your payment fixed at the first month's minimum, instead of letting it fall, is one of the simplest ways to cut years off the payoff.
Is a 0% balance transfer worth the fee?
Often, if you can repay most of the balance before the promotion ends. Moving $5,000 to a card with a 3% fee and 0% for 18 months, and paying $200 a month, costs $299.17 in fee and interest instead of $1,957.82. With only 12 months at 0% the same transfer costs $639.78, because $2,750 is still owed when the promotion ends. Enter the offer's terms in the calculator to check yours.
What payment do I need to clear my card in 2 or 3 years?
Choose 'Pay off by a date'. For $5,000 at 24% APR you need $263.54 a month for 2 years ($1,324.87 interest) or $195.31 a month for 3 years ($2,030.75 interest). US statements usually show a similar 3-year figure in the minimum payment warning box.
What is persistent debt on a UK credit card?
Under FCA rules you are in persistent debt if, over 18 months, you paid more in interest, fees and charges than you repaid of what you borrowed. Your provider must contact you and suggest paying more if you can afford it, and after 36 months it must offer a way to clear the balance within a reasonable period.
Does the calculator include new purchases or fees?
No. It assumes you stop using the card, the APR stays the same and every payment is on time. New purchases, a late fee, a penalty APR or the end of a promotional rate all push the payoff date back.