Credit Card Payoff Calculator
Minimum payments are designed to keep you in debt longer. See exactly how much faster and cheaper it is to pay more each month — and compare credit card APRs across countries.
⚠️ The Minimum Payment Trap
A $5,000 balance at 22.99% APR paying only 2% minimum each month: 29+ years to pay off, $7,700+ in interest. Paying a fixed $200/month: 2.5 years, $1,200 interest. Same debt, $6,500 difference.
Credit Card APR by Country (2024)
| Country | Avg Standard APR | 0% Balance Transfer? | Regulation |
|---|---|---|---|
| 🇺🇸 United States | 22–25% | Yes (12–21 months) | TILA / CARD Act |
| 🇬🇧 United Kingdom | 20–25% | Yes (up to 30 months) | Consumer Credit Act / FCA |
| 🇨🇦 Canada | 19.99% | Yes (limited) | Federal / Provincial |
| 🇦🇺 Australia | 19.99% | Some cards | National Consumer Credit Protection |
| 🇩🇪 Germany | 14–18% | Rare | EU Consumer Credit Directive |
Frequently Asked Questions
What is a 0% balance transfer and how does it work?
A 0% balance transfer lets you move existing credit card debt to a new card with 0% APR for a promotional period (typically 12–30 months). You pay no interest during this time, letting you pay down principal faster. A transfer fee of 2–4% usually applies. If you don't clear the balance before the promotional period ends, the standard rate applies. The UK has the longest 0% transfer periods globally.
Does Canada have interest-free credit card periods?
Canadian credit cards typically have a 21-day grace period where no interest is charged if you pay the full balance. This is similar to UK and Australian cards. However, if you carry a balance, interest accrues from the purchase date — the "grace period" effectively disappears for cardholders who don't pay in full each month.