Guide
Calculate credit card payoff time and total interest with minimum payments vs fixed payments. Compare debt avalanche and snowball strategies for multiple cards.
The Cost of Minimum Payments
Paying only the minimum on a $5,000 balance at 22% APR can take 15+ years and cost over $6,000 in interest. Minimum payments are designed to keep you in debt as long as possible.
Fix a payment amount — even $50 above minimum — and stick to it. Our calculator shows how dramatically this shortens your timeline.
Multiple Card Strategies
Avalanche: pay extra toward the highest APR card while making minimums on others. Snowball: pay extra toward the smallest balance for quick psychological wins.
Balance transfer cards with 0% intro APR can accelerate payoff if you eliminate the balance before the promotional period ends and avoid new charges.
Key Takeaways
- Never pay only the minimum — it maximizes lender profit.
- Avalanche saves the most; snowball builds momentum.
- Balance transfers work with discipline and a payoff plan.
- Stop using cards while paying them off.