Credit Card Interest
See the true cost of your credit card debt.
Total Interest
$0.00
Months to Payoff
0
About Credit Card Interest
Credit card interest can accumulate quickly, turning a small purchase into a significant debt. This calculator shows you how much interest you'll pay over time if you don't pay off your balance in full each month, and how long it will take to be debt-free.
How Credit Card Interest Works
Credit card interest is typically expressed as an Annual Percentage Rate (APR). However, interest is usually calculated daily based on your average daily balance. If you carry a balance from month to month, you lose your "grace period," and interest starts accruing immediately on new purchases.
Strategies to Pay Off Debt Faster
- Pay More Than the Minimum: Minimum payments often barely cover the interest, keeping you in debt for years. Increasing your payment even slightly can shave months off your payoff time.
- Snowball Method: Focus on paying off the smallest balance first to build momentum.
- Avalanche Method: Focus on paying off the card with the highest interest rate first to save the most money on interest.
- Balance Transfer: Consider moving your debt to a card with a 0% introductory APR to stop interest from accumulating while you pay down the principal.