How long will it take to pay off your credit card — and how much will you pay in total interest?

Credit card minimum payments are typically 1–3% of the balance or a flat $25–$35, whichever is greater. As you pay down the balance, the minimum shrinks — which means less and less of each payment goes toward principal. On a $3,000 balance at 20% APR, the minimum might start at $75 and fall below $30 within two years. Because the payment tracks the balance down, you are always just barely outpacing interest. A fixed payment at any amount above the starting minimum will pay off the debt dramatically faster because the payment stays the same while the interest portion shrinks each month.

As of 2025–2026, the average credit card APR in the United States ranges from approximately 20–29% for standard purchase rates, according to Federal Reserve G.19 data. Rewards cards and cards for borrowers with excellent credit (750+) typically range from 18–22%. Cards targeted at fair-credit or subprime borrowers can exceed 28–30%. Retail store cards often carry 26–30%+ APRs. Promotional 0% APR periods are common for balance transfers and new card sign-ups but revert to the standard rate after 12–21 months. Use your actual APR from your statement for the most accurate calculation.

Most card issuers use the Average Daily Balance method with daily compounding: the daily periodic rate (APR / 365) is applied to your balance each day, and interest accumulates daily. The total interest charged in a billing cycle is the sum of all daily interest charges. This calculator uses monthly compounding (APR / 12), which produces a slightly lower estimate than daily compounding. The difference is small — for a $3,000 balance at 20% APR, monthly compounding charges roughly $50 per month while daily compounding charges approximately $50.14. For planning purposes, both methods give effectively the same payoff timeline.

If your card uses the Average Daily Balance method (most do), paying earlier in the billing cycle does reduce interest slightly because the payment lowers your daily balance for more days in the cycle. Paying on day 5 of a 30-day cycle rather than day 25 means your balance is lower for 20 extra days. The savings are modest — a few cents to a couple of dollars per month — but they compound over time. The bigger lever is the amount you pay, not the timing. Paying $25 more per month has far more impact than paying the same amount 2 weeks earlier.