Credit card payoff calculator
See exactly when you'll be debt-free, what the interest really costs, and how much longer the minimum payment would keep you there. Pick a real card's rate from our database or set your own.
Typical minimum on this balance: $165/mo.
$165/mo, shrinking as the balance falls
A fixed amount every month
Paying a fixed $300/month instead of the shrinking minimum saves you $2,171 in interest and clears the debt 2 yr 10 mo sooner.
Minimum payments are modelled as interest plus 1% of the balance (a common Canadian formula), recalculated as the balance falls. Your issuer's exact formula may differ.
Interest accrues at APR ÷ 12 each month on your balance. Paying a fixed amount instead of the shrinking minimum is the single biggest lever — it can cut years off the payoff and save thousands in interest.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, your interest rate, and how much you pay each month. Paying a fixed amount clears the debt far faster than the minimum, because minimum payments shrink as your balance falls — stretching repayment over years and multiplying the interest.
Why is paying only the minimum so expensive?
A typical minimum is interest plus about 1% of the balance. Almost all of that first payment goes to interest rather than principal, and because the required amount drops as the balance drops, progress slows to a crawl. A $6,000 balance at 20.99% can take well over a decade and cost more in interest than the original purchase.
What is a typical Canadian credit card interest rate?
Most Canadian rewards and cashback cards charge 19.99% to 20.99% on purchases, and around 22.99% on cash advances. Low-interest cards run about 8.99% to 12.99%, usually in exchange for an annual fee and fewer rewards.
Should I use a balance transfer card?
It can help if you'll realistically clear most of the balance during the promotional period. Weigh the transfer fee (commonly 1% to 3%) against the interest you'd otherwise pay, and confirm what rate applies once the promotion ends.
Related tools
Researching and writing about Canadian credit and debt since 2026.
“Credit Card Payoff & Interest Calculator — VaultNerd” — VaultNerd, https://www.vaultnerd.com/tools/credit-card-payoff-calculator, updated August 2026.
- Issuer cardholder agreements and disclosed purchase APRs
- VaultNerd cards database
- Standard revolving-credit amortization (monthly interest accrual)