Credit Card Payoff
Pay only the minimum. Watch the years pile up.
The tool your relationship manager never showed you. Enter your outstanding balance and see how many years — and lakhs — you'd owe.
- Paying only the minimum, you'd pay 3.0× the original balance — ₹2,03,573 just in interest.
- Doubling the minimum alone saves 17.8 years and ₹1,78,308 in interest.
- Rule of thumb: if this balance is more than three months of salary, take a personal loan at 12–14% and close the card immediately.
We simulate month-by-month: interest is charged on the running balance, then the minimum payment (percent of balance, subject to a small floor) is applied. Late fees, GST on interest and reward offsets are not modelled — actual damage is usually a bit worse.
What is the minimum due trap?
Paying only the minimum (usually 5%) keeps the card active but the remaining balance racks up 36–42% interest per year. A ₹1 lakh bill can take 15+ years to clear this way.
Does paying minimum hurt my credit score?
Not directly — you're technically on time. But high utilisation (balance ÷ limit) does hurt. Keep utilisation under 30% for a healthy score.
How do I get out of card debt fast?
Move it to a personal loan at 11–14% and pay that in fixed EMIs. You'll clear it 3–4× faster and save lakhs in interest.
What's a balance transfer?
You shift the balance to another card with a low-interest promo period (usually 3–12 months). Useful only if you'll actually clear it in that window — after, rates jump back to 36%+.
Is EMI conversion better?
Sometimes. Card EMIs run 13–20% APR — cheaper than revolving but still expensive. Read the flat vs reducing rate carefully; flat rates are often 1.5× what they look.
We start with your outstanding, subtract your payment, then apply monthly interest on what's left. The loop runs until the balance is zero — or until 30 years pass and we tell you it never will be.
- You add no new spends to the card while paying it down.
- Minimum payment is 5% of balance or ₹500, whichever is higher.
- Interest rate is applied monthly (annual/12).
- Doesn't include late fees or over-limit fees, which compound the problem.
- Some banks compound daily — even worse than shown.
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