Credit Card Payoff Calculator
Credit cards charge 3 to 4% a month, which is 42 to 48% a year. Enter your balance and what you can pay to see how long the debt takes to clear and what it really costs.
Works out to 42.0% a year
Debt-free in
1 year 1 month
Interest paid
₹30,000
Total paid
₹1,30,000
If you only pay the minimum due
Paying 5% of the balance each month would take 20 years 8 months and cost ₹2,27,000 in interest, on a balance of just ₹1,00,000.
Indian credit cards typically charge 3 to 4% a month, which is 42 to 48% a year. This assumes no new spending on the card and no late fees.
How to use
- 1Enter your outstanding card balance.
- 2Set the interest rate — most Indian cards run 36% to 46% a year.
- 3Enter what you can afford to pay each month.
- 4Read how long you will take to clear it, and the total interest that costs you.
Frequently Asked Questions
Why is paying only the minimum due so expensive?
The minimum is usually 5% of the balance, and interest is charged on the rest at 3 to 4% a month. Because the minimum falls as the balance falls, the debt drags on for years — often costing more in interest than the original purchase.
What interest rate do Indian credit cards charge?
Typically 3.0 to 3.75% per month, which works out to 42 to 49% per year. It is one of the most expensive forms of borrowing available, well above personal loans at 11 to 18%.
Does the interest-free period help?
Only if you clear the statement balance in full. The moment you carry any balance forward, the interest-free grace period is withdrawn and interest is charged on new purchases from the transaction date.
Should I convert the balance to EMI?
Usually yes. Card EMI conversion typically runs at 13 to 18% a year against 42%+ on a revolving balance. A personal loan or a top-up on an existing loan is often cheaper still.