Credit
Credit Card Payoff Calculator
See how long it takes to pay off your credit card balance with minimum payments vs. a fixed higher payment. Visualize the dramatic difference in time and interest.
Credit Card Payoff Calculator
Compare minimum payments vs fixed monthly payments and see how much you can save.
How This Tool Works
How It Works
This calculator compares two strategies for paying off credit card debt:
- Minimum Payment: The bank's required minimum (typically 3% of balance or ₱500, whichever is higher)
- Fixed Payment: A consistent higher amount you choose
Why Fixed Payments Win
With minimum payments, as your balance drops, your payment drops too — so you barely chip away at the principal. A fixed payment maintains its effectiveness throughout.
Key Outputs
- Months to payoff: How long each method takes
- Total paid: Total amount including interest
- Interest paid: The cost of carrying the balance
- Time saved: Months saved with the fixed payment approach
- Interest saved: Money saved by paying more
Credit Card Interest
Unlike installment loans, credit cards use declining balance interest — charged on the remaining balance each month. The typical annual rate is 24-36% in the Philippines.