Credit Card Interest Calculator
Credit cards charge some of the highest interest around. Enter your balance, the APR and what you pay each month to see how long it takes to clear the card — and how much of your money goes to interest.
Your numbers
Result
- Interest this month
- $91.67
- Total paid
- $6,749.88
| Item | Value |
|---|---|
| Interest this month | $91.67 |
| Months to pay off | 34 |
| Total interest | $1749.88 |
Why credit card debt is so expensive
Card APRs average around 22% and can top 30%. Interest is charged on the balance each month, so a $5,000 balance costs roughly 5,000 × 22% ÷ 12 ≈ $92 in interest in the first month alone. Anything you pay above that chips away at the balance; anything below it lets the debt grow.
The minimum payment trap
Paying only the minimum (often 1–3% of the balance) keeps you in debt for years and multiplies the interest, because so little goes to principal. Paying a fixed, higher amount each month — rather than a shrinking minimum — clears the card far faster and for far less.
Cheaper ways out
If the APR is crushing you, look at a 0% balance transfer card, a lower-rate personal loan, or negotiating with the issuer. The goal is to stop the high-rate interest from compounding. This projection assumes no new charges and a fixed payment.
Informational and educational result. Not a substitute for professional advice.
Frequently asked questions
Sources
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