Credit card calculator
Credit cards charge 18–29% APR. Pay only the minimum and a $5,000 balance takes 28 years to clear, costing $14k in interest. See your true number — and what extra it'd take to escape in 2 years.
Your action plan
Personalized insights based on your numbers above
A 0% balance transfer card could save thousands
With at least one debt above 18% APR, a 0% balance transfer (typically 12-21 months promo) could save $1,926+ in interest. Watch the 3-5% transfer fee and pay off before the promo ends.
4 debts? Snowball wins on momentum
With 4 debts, snowball method (smallest balance first) creates 4 quick wins to build momentum. Avalanche saves slightly more interest but has higher dropout rates. Behavior beats math.
When debt-free, redirect $200/mo to investing
The discipline that paid off $35,800 is worth more than the debt freedom itself. $200/month invested at 8% for 20 years becomes $1,098+. Turn the snowball into a wealth machine.
The minimum payment trap
Credit card minimums are typically 1–3% of balance (or $25–$35 floor, whichever is greater). At 2% min on a $5,000 balance at 22% APR:
- Month 1 minimum: $100. Of that, $92 goes to interest, $8 to principal.
- Year 1: paid ~$1,150 total. Balance dropped ~$45.
- Full payoff at minimums: 28+ years.
- Total interest paid: $14,000+ on the original $5,000.
This is by design — issuers profit from minimum payers.
Escape velocity — fixed extra payments
| $5k @ 22% | Pay/month | Payoff | Total interest |
|---|---|---|---|
| Minimum only | $100 (1st mo) | 28+ yrs | $14,000+ |
| Fixed $150/mo | $150 | 4.5 yrs | $3,043 |
| Fixed $250/mo | $250 | 2.2 yrs | $1,341 |
| Fixed $500/mo | $500 | 11 mo | $575 |
| Fixed $1,000/mo | $1,000 | 5 mo | $268 |
Three credit card escape tactics
- 0% balance transfer: move balance to a card with 15–21 month 0% intro APR. Pay it off in the window, save thousands in interest. Watch the 3–5% transfer fee.
- Personal loan consolidation: swap 22% credit card APR for 10–12% personal loan. Saves interest, fixes the payment, kills the revolving cycle.
- Avalanche extra payments: highest-APR card first, minimums on the rest, dump everything extra.