Find out exactly how long it takes to pay off your credit card. See the shocking true cost of making only minimum payments vs paying a fixed amount.
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The current amount you owe on the card.
Annual Percentage Rate from your card statement. Indian credit cards typically charge 36–42% APR.
What you plan to pay each month. See how increasing it dramatically cuts interest.
Each month, interest is charged on the remaining balance. The payment reduces the balance — but if the payment is less than the monthly interest, the debt grows. At 36% APR, monthly interest rate is 3%.
If you only pay the minimum (2% of balance), a ₹50,000 balance at 36% APR can take 15+ years and cost ₹80,000+ in interest. The minimum payment is designed to maximise interest earned by the bank.
Most Indian bank credit cards charge 36–42% APR (3–3.5% per month). Some premium cards charge 24–30%. Always check your card's most important terms document.
Pay more than the minimum — even doubling the minimum can cut payoff time by 70%+. Also consider balance transfer to a 0% interest card if available, or a personal loan at lower rate.
A late fee is charged (typically ₹500–1,200). Your credit score drops. Interest continues accruing. Some cards also increase your APR permanently after missed payments.
Pay more than the minimum — even Rs 500 extra per month significantly cuts interest. Target the highest-rate card first (avalanche method). Stop using the card while paying it off. Consider balance transfer to a lower-rate card.